Unable To Pay Home Loan EMI? Tips for Home Buyers

The final stage is when a borrower receives a notice from the Debt Recovery Tribunal, if the home loan amount exceeds 10 lakh. If the borrower has the will to pay off the dues to reclaim the property then it is necessary to attend the tribunal hearing. Here, bank tries to understand the reason for defaults.

According to Rajiv Raj, Director of CreditVidya, "Most lenders take a practical view of the situation and understand how critical the house is for the individual. So they will closely interact with the borrower to understand the reason for the financial hardship."

"Even if the auction date has been announced, the borrower can come in at any stage and pay the dues to save his property. However, if the bank has incurred any charges for announcing the auction, the borrower will have to pay these," remarked Kulkarni.

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