Home Loan EMI: The bank takes action step by step from time to time on not paying the home loan EMI. As the home loan (how to repayment home loan) installments keep bouncing, the problems of the borrower keep increasing. Most of the loan takers are unaware of the fact that the bank takes action after how many consecutive EMIs are missed (bank action on EMI bounse). Banks also have their own rules regarding this, let us know in the news after how many installments are not paid the bank will take action against the borrower.

If the first and second EMI is missed-

When the first EMI of the home loan is missed, the bank (Bank loan notice) does not take it seriously, but the customer comes to the notice. When the EMI is missed for the second consecutive time, the bank sends a reminder notice to the customer and asks him to pay the installment.

This will be the action in the third and fourth time-

If the loan EMI is missed for the third time, it will create problems for you. In this situation, the bank will send a legal notice. Even after this, if the installment is not paid, then the opportunity to pay the fourth and fifth installment is given. If the fourth and fifth EMIs are not paid, then as the fourth action, the bank takes forward the process of auctioning the house (property auction rules). For this, a notice of auction of the house is sent. It is written in it that if the outstanding loan amount is not deposited, then the house will be auctioned (property auction rules).

This action will be taken for the 5th time -

By not paying 5 consecutive installments, the bank has already taken action of notice etc. 4 times. As the 5th action, the bank auctions the house. With the money received from this auction, the bank recovers the outstanding amount of the home loan (Home Loan news). The remaining amount is returned to the loan creditor's account.

Take necessary steps to avoid losing the property -

If you feel that you may lose the property due to not being able to pay the installments of the home loan (home loan repayment tips), then take necessary steps to save it. You still have many options available for this time, for which you can avoid losing the property (property tips) by taking the right steps at the right time.

Inform the bank manager about the real situation-

If you face any problem in repaying the loan or its EMI (EMI rules for home loan), then you will have to inform the bank manager about your real situation and assure him of paying the EMI on time in future. Also, tell the bank (bank news) about your potential income. You can provide proof of the payments you have made on time earlier and can also mortgage it on the bank's demand. With this, you can be given all kinds of relief by the bank.

Take steps to get your home loan restructured-

You can get the home loan restructured by talking to the bank manager. In this, you can reduce the EMI amount by increasing the loan period. This will make it easier for you to pay the EMI every month, although the total interest increases with this.

In this situation, make sure that if the loan is taken on a floating rate, then the EMI will also increase due to the increase in home loan interest rates. In such a situation, you can choose the loan repayment period at a fixed rate. This can give you a new way to repay the EMI and avoid losing the property.

Giving property on rent may be better-

Despite this, when you are under pressure to repay the home loan EMI (home loan repayment) and you are unable to repay it, then you can rent the house or property. You can pay the EMI from the income you get from the rent of the property.

Apart from this, if you sell the house yourself instead of getting it auctioned by the bank (bank news), you can get more money. With the money that comes from this, you can save a lot of money while repaying the loan (how to repayment home loan), which can help you in doing new work.

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