Home Loan Pay home loan EMI on time, otherwise you will have to face these problems…

Home Loan EMI: The home loan amount is generally higher as compared to other loans. By depositing this amount on time, your image remains and also improves. Timely depositing of monthly installments (EMIs) in the bank improves your credit score and makes it convenient to take more loans from the bank in future. The bank […]
 


Home Loan Pay home loan EMI on time, otherwise you will have to face these problems…

Home Loan EMI: The home loan amount is generally higher as compared to other loans. By depositing this amount on time, your image remains and also improves. Timely depositing of monthly installments (EMIs) in the bank improves your credit score and makes it convenient to take more loans from the bank in future. The bank warns if you do not pay the EMIs on time for the first few months after taking a home loan. But even if you do not pay the EMI on time, the bank still includes you in the list of defaulters.

Impact on credit score

If you forget to repay the home loan, it affects your credit score. A lender sees you as a high risk individual. Apart from this, if you need a loan for some other work in the future, then you may face difficulty in getting that loan. Even after this, if you get a loan then you may have to face many complicated rules and regulations (rules and regulations) with that loan.

Legal notice received from bank

Loans from banks and financial institutions have been included in the category of non-performing assets after three consecutive defaults in EMI. Thereafter recovery of dues by the bank under SARFAESI Act, 2002 is initiated. Thereafter legal notice is given to the defaulter and it is important to settle the liabilities within 60 days.

 

What are the rules of possession?

While taking a loan, borrowers keep their assets as collateral. In such a case, as per the rules of SARFAESI Act, 2002, if you do not settle your EMI within 60 days, the bank has the right to take possession of your property without going to court.

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