Buying a home is one of the most important financial goals in one’s life. People adopt a home loan option to buy their home. If you have taken a home loan from a bank. So it is your moral responsibility to repay it. In such a situation, sometimes such situations are created that there is a problem of money in the house. Due to which there is a problem in the installment of loan given every month. But even after all these, we manage the EMI of the house first by managing somehow. Today we would like to tell you that if you too are unable to pay EMI in a month. In such a situation, which options should you take, so that you can get out of this trouble.
Emergency Fund is very helpful
You should always maintain an emergency fund. So that sometimes an incident happened to you unfortunately. In which you had a problem of money. Or you suddenly missed a job. Then this emergency fund is useful for you. Always keep emergency funds 6 times your salary. You can pay your installments through this emergency fund.
Collect funds from own property
Usually, there may be a shortage of cash in the houses, but sometimes the property is quite good. In such a situation, you calculate your property and see what property is there, which is valuable but productivity is very less. In such a situation, you can repay the loan by selling that property. Although this is a bit difficult. Because your property can be jewelery, land, car or any other expensive items.
Contact your bank
Once you have taken a loan from the bank, meet the bank manager and explain your problem. Also, assure the manager that you want to pay the loan. But at present, due to some difficulties, you cannot fill the loan. Talk to the bank manager to hold your EMI. As soon as you have money, you pay EMI. The thing to note between all this is that if you have not paid EMI for 3 months, then your CIBIL score will deteriorate. Due to poor CIBIL score, you may face problems in credit card etc. in future.
Do insurance
Getting a loan insurance provides some relief. When you are unable to pay EMI for two months. So this is the insurance of loan.
Must fill EMI amount in this time period
When you take a loan from a bank, till then you are paying EMI. In such a situation, the owner of that property is with the lender. As soon as your loan is filled, your property will be sold to you. According to experts, when you do not pay EMI for three months, then a notice is sent from the bank. Banks want to see if you want to take a loan or not. If you have money problems, then tell the bank everything. You get 60 days after receiving notice from the bank. If you are unable to fill the loan during this time period, then another notice is received. There is 30 days to respond to this notice. In total, you have to fill the loan within a time period of 90 days. Even after this, if you do not fill the loan, then the lending bank has the right to auction the property.