Unable To Pay Home Loan EMI? Tips for Home Buyers

Options left for you

When you are unable to pay EMIs, there should be a proper reason, it can be losing your job or thereof. And, if you lost your job then it should be due to layoff or health related issues but not because you were fired from your job.  On the other hand, if you are positive enough to secure a different job to avoid defaults then bank can offer relaxations on the loan repayment. Besides, if you are in cash crunch situation due to reasons like soaring EMIs, increase in interest rates then you can report bank to restructure your loan by decreasing the EMI or by keeping it at the same level.

Other options to pay EMIs are from your retirement savings and redeem other investments, if you are broke. But, if you think that the situation would not recover even after six months then the best option is to sell off the property. You can always approach to the bank and make use of the sale profits to pay your loan dues.

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