Know what will happen if the home loan EMI is not paid on time?

Every person loves his home, so pays the EMI of the house at the right time.

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If for some reason you are not able to pay the home loan EMI on time, then let us know what action the bank will take against you.

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If you do not repay the home loan on time, the bank reports your CIBIL, which affects your CIBIL score.

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The bank notifies you in the first few months, this process continues for 3 months.

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If you do not pay the loan EMI on time for 3 months, then the bank declares you a defaulter.

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The bank categorizes such loans as non-performing assets (NPAs).

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While taking the loan, you mortgage your house, which the bank undertakes to recover your money under the SARFAESI Act, 2002.

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After this the bank sends you a legal notice, which has to be settled within 60 days. If you do not, the bank takes possession of your house without the intervention of the court.

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Click on Learn more below to know about Loan

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