If the co -pplicant dies in a joint home loan, then who will fill the EMI, whose property will be?

Buy house Most people take home loans. The number of people taking joint home loans has increased rapidly after the price of the house increases significantly. The reason for this is that banks give more money on joint home loans easily. People usually make their wife, parents or siblings-co-applicants in joint home loan. But what will happen if the co-applicant suddenly dies for some reason? Who will repay the remaining EMI of the loan? Who will be the legal heir of the property? Let’s answer all your questions.

Whose responsibility to repay EMI?

If a joint home loan has been taken and there are 2 co-applicants, one of them dies, then it is the responsibility of other co-burore to repay the remaining EMI. While signing the paper while taking a home loan, the responsibility is decided that if one is not there, the entire responsibility of repaying EMI is on another person.

What will happen if EMI is not filled?

If no EMI is filled, the bank can seize the property under the Sarfaesi Act. The amount will be repaid from the amount that will be received from the auction and the remaining amount will be returned to the successor. This ensures that no one will have to make additional payments privately.

If there is a loan insurance, there is no tension

In today’s time, most of the banks give home loans and insures it. This is called loan protection insurance, which pays the outstanding loan on the death of the co-applicant. If such insurance is taken and the claim is approved, then there is no burden on the family.

Who will get the ownership of the house?

If the co-applicant was also a co-owner, the successor gets part of it under the succession law. If there was a decision sole owner, the succession certificate or will is required to transfer the property.

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