Can not pay Housing loan EMI, what to do ?
25-Sep-2023 (In Banking / Finance Law)
housing loan was due for 4 months, after that paying regularly.last month they pasted notice and then we payed 75000/(normally EMI is 20000 only).now jobless. how i can deal with this situation?
Hi,
I understood the situation of the client/queriest as at present situation, he is without job AND hence unable to repay EMIs. At this juncture, you should negotiate with the financier and make him aware that he is liable to give you a breathing time (i.e;in a simple meaning, adequate time period) to settle the issue. HOWEVER, immediately YOU MUST SEND A REQUISITION to the financier for a Waiver for some months till you get a job as there after you can repay EMIs.
Regards,
RAJESH NEDUMPROM, Adv
I understood the situation of the client/queriest as at present situation, he is without job AND hence unable to repay EMIs. At this juncture, you should negotiate with the financier and make him aware that he is liable to give you a breathing time (i.e;in a simple meaning, adequate time period) to settle the issue. HOWEVER, immediately YOU MUST SEND A REQUISITION to the financier for a Waiver for some months till you get a job as there after you can repay EMIs.
Regards,
RAJESH NEDUMPROM, Adv
When the interest and/or instalments are overdue for more than 3 months banks will classify the account as overdue. /NPA and will initiate recovery proceedings. either by a suit or by invoking provisions of SARFAESI Act, or BOTH. There is no solution other than payment You may approach the Bank for some concession in interest or penal charges, if you want to sell of the house and pay off the loan. There is no legal remedy for inability to repay.
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