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Home Loan Recovery Rules: With the changing times, there have been a lot of changes in the banking system. Nowadays it has become very easy to take loan from banks. Many banks also provide online facility to their customers to apply for Home Loan, Business Loan, Personal Loan. You can easily apply for the loan through the online app. In such a situation, if you are also thinking of taking any kind of loan, then know about the important rules related to it. It is commonly seen that people think that if a person has taken a loan from the bank and that person dies before repaying that loan, then in such a situation the bank waives that loan, but These are not.
The heir has to repay the loan
Let us tell you that if a person dies after taking any type of loan from the bank such as car loan, home loan, business loan etc., before repaying it, then the bank does not waive the loan. After the death of the borrower, his successor has to repay the loan. The bank has made many different rules to recover such loans. Nowadays, most of the home loans, car loans etc. get term insurance done at the time of disbursing it. Due to this, if a borrower dies, then the remaining amount can be made debt free by paying the remaining amount from the term insurance money.
This is how the home loan is recovered
After the death of any person, all his property goes to his heir only. In such a situation, the heir has to bear the burden of repaying the debt along with the property. In such a situation, if there is insurance with the loan, then the loan can be easily repaid with the money that can be insured. If term insurance is not done at the time of buying the property (home loan), then in such a situation the bank attaches the house and auctions it and recovers its loan money.
The rest of the loan is recovered like this
If a person has taken a home loan from the bank and dies, then in such a situation the bank first checks whether his family is able to repay this loan or not. If he is not in a position to repay the loan, then the bank recovers his loan through the property, gold, shares, fixed deposit, etc., which have been kept as a loan guarantee while taking a business loan. Many take insurance while taking a loan, in which case the remaining amount is recovered through this insurance. At the same time, credit cards like BIN will also have to be paid to the heirs of the deceased. At the same time, the same rule is followed in personal loans as well.
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