My friend had a housing loan from a private bank for one year and was remitting the Equal Monthly Installments for the last year. Recently, he expired in a road accident. What happens to the EMI now?
The laws of the jurisdiction in which your friend resided will determine that. Generally, such a debt becomes an obligation of the decedent's estate, just as his home would be an asset of the estate. It becomes the responsibility of whomever settles the estate to satisfy the loan. In some cases, the dwelling has to be sold in order to have sufficient funds to pay off the loan.
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The laws of the jurisdiction in which your friend resided will determine that. Generally, such a debt becomes an obligation of the decedent's 