Unable To Pay Home Loan EMI? Tips for Home Buyers
Bangalore: Owning a house is like a feather in the cap for most individuals. It is one of the most expensive investments in one’s life and even there are several people who invest their entire savings to buy one. People also seek home loans to afford a house. Now a question arises, what if you fail to repay the loan amount? Will bank take over your house? Bank usually prefers repayment of the loan amount than seizing the property, which banks keep as their last option, reports Amit Shanbaug of Economic Times.
Bank always acts like a helping hand when you want to borrow money to buy your dream house. But, the same helping hand can turn out to be your home snatcher if you fail to pay EMIs (Equated Monthly Installments) on home loan. Home loans are accessible from banks but the problem arises when you are unable to repay the loan.
Usually, if you fail to pay the EMI once, a bank may overlook the act but the bank will start sending you reminder mail of your late if you miss it again.