{"id":27320,"date":"2013-11-21T12:39:10","date_gmt":"2013-11-21T07:09:10","guid":{"rendered":"http:\/\/www.bharatestates.com\/blog\/?p=27320"},"modified":"2020-06-15T03:30:36","modified_gmt":"2020-06-14T22:00:36","slug":"unable-pay-home-loan-emi","status":"publish","type":"post","link":"https:\/\/www.bharatestates.com\/blog\/unable-pay-home-loan-emi\/","title":{"rendered":"Unable to Pay Home loan EMI? What to do?"},"content":{"rendered":"

\"homeloan-emi\"<\/a>The growth of the real estate market is attributed to the demand of the properties which is exponentially growing, especially the residential real estate market is rising high on the demand and supply graph of the country. With increasing real estate growth, buying a dream house has become the most expensive purchase which you make in your lifetime. People usually take various financial aids to achieve the ownership of the perfect home; funding a house through home loans is the most common mode of buying a home as it gives you significant ease for return payments. Once you get a home loan, you just pay it back through EMI\u2019s, but what to do if some way you find yourself unable to pay the EMI\u2019s? Losing job, depleting savings, medical exigency of any kind reason may be many but this may lead you to lose your dream home. Such situations may raise during your home loan EMI\u2019s; here we note down a few tips which may help you overcome this EMI situation with securing your home from taken away.Try negotiating with Lenders<\/b>Banks have the power to enforce the Securitization and reconstruction of financial assets and Enforcement of Security interest Act 2002(SARFAESI) on you to recover the given home loan amount, but banks never easily get attached to the property as it raises thousand other complications for them. A bank usually waits for three EMI\u2019s and will keep on informing you about your outstanding EMI\u2019s during this period but after three outstanding EMI\u2019s it issues a demand notice to you asking you to pay the outstanding amount as soon as possible. Once the bank invokes SARFAESI act it gives two months period to pay the dues to bank. And at the last stage borrower gets a notice from the debt recovery tribunal which makes you compulsory for you to attend the hearing of the tribunal. In this hearing, if you are still serious about paying your home loan, the bank may offer you a leeway for the repayment of the amount.<\/b>You can always check for these options<\/p>\n