look news india
Home Loan EMI: The dream of owning a house is now being fulfilled rapidly through loan. People are buying their houses by taking easy loans.
Taking loan has now become easy with the help of some documents. Among them, an increasing number of NBFCs and financial services are offering loans at higher rates with less documentation. But do you know that if you are unable to repay the home loan, the bank can seize your dream house in about six months.
Action on non-payment of EMI
Banks cover home loans under secured loan category. That means the bank gives home loan by mortgaging the property. So if the borrower fails to pay the EMI, the mortgagor seizes his property and auctions it to recover the loan dues.
debt restructuring
If you are in financial crunch and unable to pay the home loan EMI, you can approach the bank for restructuring of the loan. The bank restructures your home loan based on the discussion about your financial position. In which you can submit documents. By restructuring the loan, you do not have to pay the loan EMI for a few months and you can also reduce the EMI amount as per your capacity. However, this increases the tenure of the home loan.
Give priority to home loan
People take large amounts of home loans to buy their houses. To avoid losing your dream home, always give priority to home loan. In this financial hustle and bustle, keep paying your home loan EMIs on time even with your investments. So that your CIBIL score also remains maintained. And other loans may also be available in future.
What to do if a recovery agent threatens you?
If you have failed to repay the loan EMIs and you are receiving threats and pressurizing you from the recovery agents of financial services companies, then you can file a complaint against that company in the police station. Since the dispute over non-payment of loan EMI falls under a civil case, no threat or pressure can be exerted on the defaulter. You can also complain to RBI.