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My father had taken a loan, with the mortgage in my mother's name and the insurance in my elder brother's name. Unfortunately, my father has now passed away. I am not in a position to repay this loan, so please guide me.
If your father took the loan but you are not a co-borrower, you are not personally responsible to repay it. The bank can recover the loan by selling the mortgaged property in your mother’s name. Your elder brother should claim the insurance to clear the loan. If pressured, you can complain to the bank or consumer forum. For further legal assistance contact us on our helpline number.