Home loan is a long term loan. Nowadays most of the people take home loan when they buy a house or flat etc. Home loan easily fulfills the need of money for the house and later the borrower keeps on repaying the loan through EMI every month. Since the amount of home loan is in lakhs, its monthly EMI is also quite good. It is very important to pay this EMI on the due date every month.

But sometimes people face such situations that it becomes difficult to meet the necessary expenses of the house. In such a situation, if you miss your EMI, you can be declared a defaulter, and your CIBIL score can also get affected by this. If you ever face such a situation, then do these 4 things in time, so that it does not affect your CIBIL score and problems do not increase for the future.

If the first installment bounces

If your EMI has bounced and you have not done it intentionally, it has happened due to some difficulty or adverse situation suddenly, then on the first installment bouncing, you should immediately go to the branch of the bank from where you have taken the loan. Go there and meet the manager and talk to him about it. Tell him your problem and assure him that this will not happen in future. If your point is reasonable then this problem can be solved easily. In such a situation, even if a penalty is imposed by the bank, it will not be so much that you cannot pay it.

If two consecutive installments are missed

If one or two of your installments have bounced, then talk to the bank manager and pay those installments and request the manager not to send a negative report to your CIBIL. Also, assure him that this will not happen in future. Let us tell you that if you have bounced the installment for three consecutive months, then your CIBIL score can be bad because the bank manager sends a report for CIBIL score when the installment bounces for three months. If the CIBIL score is bad, you may have trouble taking a loan next time.

If you are unable to pay EMI for a long time

If your problem is bigger and you feel that you are unable to pay the installment for some time, then you can apply to hold the installment for some time by telling your compulsion to the manager. After some time, you can pay the amount when you arrange the money. This will give you some relief in difficult times.

If EMI is bouncing due to late salary

If your salary comes late or you are unable to arrange the EMI money by the due date and due to this the EMI is bouncing, then you can talk to the manager for arrear EMI. The loan installment date is usually at the beginning of the month, it is called advance EMI. Most loan borrowers are given the option of advance EMI. But if you want, you can also take the option of arrear EMI. In this, you pay your installment at the end of the month.