If you are not able to pay the home loan EMI then follow these methods
Many people dream of buying a house but are unable to buy a house with their own money, so they need to take a home loan. People take loan from bank or housing finance company but it becomes very difficult to pay its EMI, due to which they have to face many problems but we will tell you some such ways due to which you will not have to face these problems, so this Do read the Full article.
1) Can collect money like this
If your salary is not so high that you can pay the EMI of your home loan along with running the expenses of your house, then in such a situation, if you submit money in a long term investment plan, then withdraw the money from it for home loan. EMI can be paid. Apart from this, you can consider selling your other luxury items. Apart from this, you can also apply for part time jobs.
2) Talk to the finance company
From whichever bank or housing finance company you have taken a loan, tell them about your problem, so that they can find some solution to your problem. Along with this, he will also give you many other options. Let us tell you that the company may also see the records of the loans taken by you earlier and if they find that record correct, then they may also give you some time to pay the EMI of the home loan.
3) You can take help of grace period
You can also get the grace period by talking to the bank or housing finance company. This can give you some relief from paying home loan EMIs for a short period of time so that you can collect money to pay the EMIs for a longer period of time. Let us tell you that if you talk to a bank or housing finance company, then you may get to pay a lower interest rate with some conditions.
Apart from this, you can also get the option of refinancing from the bank, considering your problem and checking the past records, the bank can also increase the period of your EMI.
In this way, you get this facility when you have disbursed the loan in the correct period in your previous records.
This is how you can pay the home loan EMI.
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Utilization of backup stash
Absence of pay is the greatest obstruction to your home credit reimbursement. You might deal with this issue on the off chance that you lose your employment or different kinds of revenue reserve funds evaporate. Hence, it’s prudent to keep a backup stash by either keeping the sum in an investment account or in some obligation instrument like fixed stores.
Preferably, this asset ought to be no less than multiple times your ongoing month to month pay. You could go for a greater backup stash reserve funds on the off chance that you ..
The Reserve Bank of India had announced the floating interest rate rule for home loans on October 1, 2019. Most banks consider the repo rate as the benchmark for loans. At present, it is at the lowest level in the last two decades. In such a situation, the borrowers will continue to get the benefit of cheap loans. There will be no change in EMI of existing home loan holders.
Most of the home loan borrowers are those whose major part of their income goes as EMI every month. In such a situation, if the main earner of the house becomes unemployed, then the difficulties increase significantly. If this happens to you too, then understand that the interest amount gets added to your overall balance every month. This will increase the tenure of the loan as well as can lead to many other difficulties. In such a situation, first of all contact your bank and tell them openly about your situation. If you have a good credit history and you have paid EMIs consistently, then the bank will definitely give you a moratorium. The bank also reserves the right to extend the tenure of your home loan, which will reduce the EMI.
If you miss one or two EMIs, the bank does not take immediate action. If you miss three consecutive EMIs, the bank issues you the first notice. If the borrower does not pay the EMI for six consecutive months, then the bank will give you a grace period of two months for the last time so that you can release the EMI again. Even after all these efforts, if the EMI is not deposited, then the bank declares such loan as a loan performing asset ie NPA. Now the bank can seize your property and proceed with the process of auctioning it.
The borrowers have a chance to get their property till the day the bank announces the auction date. They can stop this auction process by paying dues to the bank. Apart from this, due to the announcement of the auction process by the bank, some charges will also have to be paid separately.