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What to Do after Becoming Defaulter?

· Finance,home loan emi,home loan

We all know that purchasing any real-estate property only with the help of savings is a difficult task. To address such situation, an individual avail a Home Loan to purchase his dream property. Availing a Home Loan is easy yet tricky, so you should be aware of the whole process. In fact, the real work starts once your Home Loan application is approved and the amount is disbursed to your account.

After getting the loan money, you immediately start paying the EMIs on your Housing Loan. But, sometimes you may face difficulty to pay the EMI at the initial level and to manage your finances properly. You may also face difficulty in the later stage. Then, what will happen?

  • In the first month, the financial institution will send you a reminder.

  • In the third month, the loan will be declared as a Non-Performing Asset if you fail to repay the EMIs for 3 consecutive months.

  • In the fifth month, if you still fail to acknowledge the notice, the lender will send you another notice stating the seizure of the property and its auction. The value of the property will be included in this notice along with the auction date which is set one month after the notice is sent.

Also Read: Know How Do Banks Calculate the EMI for Home Loan

This is the ultimate situation and you should not reach upto such situation.

  • Seek a grace period from the financial institution

  • Restructure your Home Loan

  • Transferring your Home Loan

These are some of the best ways to handle such situation. To know in details, read:

  Things You can do When You are not Able to Pay your Home Loan

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