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Author Topic: bank loan guarantor for a flat purchased by my late son  (Read 2612 times)

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Offline shibu

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bank loan guarantor for a flat purchased by my late son
« on: April 28, 2012, 09:10:08 AM »
My only son died childless in May, 2009, after repaying three instalments of a loan of Rs

10 lakh from a nationalised bank for a flat. I am the guarantor. I asked the bank to sell off

the flat to adjust the outstanding loan amount. They have done nothing so far. The flat is

lying vacant and my daughter-in-law does not keep in touch with us. How can we get rid of

this anxiety at the earliest?

Offline advamrita

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Re: bank loan guarantor for a flat purchased by my late son
« Reply #1 on: April 28, 2012, 09:10:50 AM »
You should wait for the bank to take legal measures in accordance with law. Since the flat

had been taken on loan and it is a secured asset, the bank may attach and subsequently

auction it in keeping with the Securitisation and Reconstruction of Financial Assets and

Enforcement of Security Interest Act, 2002, to recover the borrowed amount. Since your

daughter-in-law is your sonís legal heir, she would have a claim over the property and will

have the right to object to the bankís action under such circumstances. If she does not

object the bank may proceed accordingly.

 

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