A entity have taken home loan of 40 lakhs near a tenure of 25 years. What happen if he or she expires since..
What happens if he or she expires expires before paying bad the loan ? (say on the fifteenth year of the tenure) Who pays the rest of the amount ? Does the loan get transfered to family member of the deceased? Does the cause of destruction matter for the liabilities of the party, like if it is accident,suicide,already existing brutal illness; is it treated differently ?
Answers:
ideally he should lift an insurance covering the loan amount and it can be adjusted if he/she kicks the bucket. otherwise the loan is to compensated the person either by the heir or by selling and settling. the other surviving members can transfer the loan to their given name and service it if they have the credentials
The housing loan is collaterally secured: apart from the collateral,the borrowers income enjoy the surplus to pay the loan instalments: Before sanctioning the loan the mound will get the IT returns for the past 3 years, deposit details, legal opinion ,age of the borrower and etc: The departure of the borrower has to be informed to the Bankers (Accident,suicide,illness ).The official hairs should pay the amount: Transferring the loan to the official heirs name..it depends on the Banks discretion:
Bank will mortgaged the house for the loan amount. In case the personality expired, the legal nominee has to clear back balance loan amount, failing which wall will take possession of the house.
In case here is an insurance , taken by the person, the nominee gets the possession bebefit under insurance.
Most of the banks own home loan *** insurance policy which put very little burden on the nominee , in bag the main person expires.
Co-applicant or nominee has to pay the amount, or Bank will attach the property. Better to be in motion for Property Insurance.. if person dies, Insurance company pays that amount.. please check the details with Banks
if property is insured next insurance company has to pay the remaining amount,if then the guarantor has the responsibility to recompense the remaining amount.
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Answers:
ideally he should lift an insurance covering the loan amount and it can be adjusted if he/she kicks the bucket. otherwise the loan is to compensated the person either by the heir or by selling and settling. the other surviving members can transfer the loan to their given name and service it if they have the credentials
The housing loan is collaterally secured: apart from the collateral,the borrowers income enjoy the surplus to pay the loan instalments: Before sanctioning the loan the mound will get the IT returns for the past 3 years, deposit details, legal opinion ,age of the borrower and etc: The departure of the borrower has to be informed to the Bankers (Accident,suicide,illness ).The official hairs should pay the amount: Transferring the loan to the official heirs name..it depends on the Banks discretion:
Bank will mortgaged the house for the loan amount. In case the personality expired, the legal nominee has to clear back balance loan amount, failing which wall will take possession of the house.
In case here is an insurance , taken by the person, the nominee gets the possession bebefit under insurance.
Most of the banks own home loan *** insurance policy which put very little burden on the nominee , in bag the main person expires.
Co-applicant or nominee has to pay the amount, or Bank will attach the property. Better to be in motion for Property Insurance.. if person dies, Insurance company pays that amount.. please check the details with Banks
if property is insured next insurance company has to pay the remaining amount,if then the guarantor has the responsibility to recompense the remaining amount.
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