Finding It Hard To Disburse Home Loan EMI’s? Tips For Home Loan Aspirants

by Aman Jawanda Financial Service Provider

Possessing a house is like something worthy of recognition for most of the people and there is no doubt about it. It can be taken as one of the most costly investments in an individual’s life and even there are many people who invest their whole savings to buy or construct a home.

People usually look for a house loan to have the funds for a house. Now a dilemma arises among most of the people, what if you fall short to refund the loan amount? Will the bank acquire your property taken as collateral? The bank prefers refunding of the loan amount than grab the property, which banks usually keep as their last choice

The bank always performs like a big financial helping hand when a customer wants to borrow money to build or buy a dream house but, the same financial helping hand can turn into a home taker if one fails to disburse equated monthly installments EMIs of home loan. Usually, if a customer fails to pay the installment once, a bank may ignore to take any action. A bank permits one non-payment of EMI, but if a client fails to make reimbursement for the second time then the bank will surely launch you a reminder mail of your delayed payments. A bank always prefers to send a demand notice only after three consecutive non-payments to bring your attention to pay your pending EMIs as early as possible.

Tips To Disburse Home Loan EMI’s

1. 1. When a borrower is unable to pay his EMIs, there should be an appropriate reason behind it; it may be any financial crunch due to lose of job or failure of the business. And, if a client lost his job then it should be due to suspension or issues related to health but, not because that he is sacked from the job. In that case a bank can give some liberty

2. 2. On the other side, if a borrower is sure enough to get another job to avoid non-payments then the bank can present some relaxation on the loan refunding.

3. 3. If the borrower is in a money crunch condition due to reasons like rising figure of home loan interest rate and increase in EMIs, then he can bring this thing to notice of the bank to reorganize the home loan by lessening the EMI amount or by maintaining it at the same level.

4. 4. Other alternatives to repay the home loan amount are from the savings of retirement and trade with other investments if the customer has gone penniless.

5. 5. If a customer thinks that the situation would not get better even after the period six months then the best alternative is to sell the possessions, belongings or property. One can always move towards the bank and utilize sale profits to pay off pending loan amount.