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.
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.
If you do not repay the home loan on time, the bank reports your CIBIL, which affects your CIBIL score.
The bank notifies you in the first few months, this process continues for 3 months.
If you do not pay the loan EMI on time for 3 months, then the bank declares you a defaulter.
The bank categorizes such loans as non-performing assets (NPAs).
While taking the loan, you mortgage your house, which the bank undertakes to recover your money under the SARFAESI Act, 2002.
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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