Mortgage loan death claim
Dear Sir,
My father(Venkat Rao age 56) took a loan of Rs:25,00,000 from Shriram city union in the year 2014. As per loan agreement he has to pay 45,00,000 through repayments until March 2019. But in October 2017 he died due to pancreatic cancer. Till then, he has already paid Rs 34,00,000.
So, I (Karthik s/o venkata rao) applied for a death claim. Initially, they have assured me that we will get total claim as we have already paid more than half amount. But, now they are saying, as per his age we only get a claim for 4,00,000 and have to pay remaining Rs 7,00,000 to release the mortgaged property.
It seems totally unfair, as we are paying a high rate of interest and have paid more than half of what we took. I believe we could get a full claim in such instances.
Please advise sir.
Karthik, Vijayawada
Asked 6 years ago in Criminal Law
Religion: Hindu