How to proceed in the event that you can’t spend your property loan EMI

Purchasing a home is one of high priced purchase you are likely to make, in the form of a loan so you may need help in funding it. What invest the a home loan, but as time passes, end up struggling to spend the EMIs ? There may be a few good reasons for this, from losing your work to depleting your cost cost savings for a exigency that is medical. Will the lender seize your property in the event that you skip 2-3 mortgage repayments? No, maybe maybe not instantly, however, if you continue to default for 6 months, the lender takes your house over.

loan providers are able to negotiate

Attaching a residential property may be the final thing a loan provider would like to do. This is the last step they prefer to take though banks have the power to enforce the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, (SARFAESI) to recover non-performing assets without the intervention of a court of law.

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