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Umy father and his five brothers took a loan of 10 lakhs from a loan from a bank for business and after some time my father expires so the other five brothers are not paying the loan so will my civil be effective I am the son of my father currently studying will my civil score be effected by it , and can bank force me to pay
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UNo. Bank loans are solely the responsibility of the individual.
India does not have Zamindar system anymore, loans die with the person who took them.
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UDo you know the terms of the loan? Was you father’s property put up as collateral for the loan? What did the other brothers put up as collateral?
5 brothers took loan, your father’s portion of the loan was 1/5. If you are inheriting your father’s property, then his portion of the loan – 1/5 will need to be paid first from his property. Since you inherit his property you can sell it and pay his share or you can have th bank sell the property, take their 1/5 portion and send the remaining to you. You can work with the bank to work out what works best.
Work with a lawyer to make sure the bank understands that your inheritance will not pay the entire loan back, your inheritance will only pay 1/5 of the loan amount. Loan documents will have to be checked to figure out how many brothers signed the loan agreement, what was the split, how were interest payments made, what collateral was put up, etc
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ULoan documents will need to be reviewed by a lawyer. You definitely don’t have to pay back the loan your dad took from your personal funds – that much we know for sure. But depending on what the loan documents say – his portion of the loan amount could be deducted from the inheritance you will receive from your father. But because there are co-borrowers on the loan – I believe they will be liable for the full 10lacs before the bank even looks at your father’s assets (land, house, etc.)
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