What to do if you can’t pay your home loan

Buying a home is the foremost big-ticket purchase you’re possible to form, therefore you’ll want facilitate in funding it within the sort of a loan. What if you are taking a equity credit line, however once a while, end up unable to pay the EMIs? There may well be many reasons for this, from losing your job to depleting your savings for a medical exigency. can the bank seize your property if you miss 2-3 mortgage payments? No, not at once, however if you still default for 6 months, the bank can take over your house.

Lenders are willing to barter

Attaching a property is that the very last thing a loaner needs to try to to. tho’ banks have the facility to enforce the Securitisation and Reconstruction of monetary Assets and social control of interest Act, 2002, (SARFAESI) to recover non-performing assets while not the intervention of a court of law, this can be the last step they like to require. A bank typically lets one mortgage payment default go by, by, except for successive one, it’ll mail you a reminder to tell you that your payments are late. once 3 defaults, the bank can send a requirement notice, asking you to pay your dues as before long as doable.

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