EMI bounce: The bank takes action when so many home loan installments bounce continuously, loan borrowers should know this important thing..

Home Loan: Paying home loan EMI is not easy for everyone. Many people also get their home loan EMI bounced (home loan repayment rules). The problems of the borrower do not reduce if the EMI bounces or gets missed, but increase further.

The bank does take action if the installment bounces (EMI bounce) but gives the customer a chance. Now the question is when how many EMIs (loan EMI repayment) bounce, the bank takes action? The loan borrowers need to know the answer to this question.

Banks take action in this way-

If the home loan installment or EMI is not paid, the bank (bank action no loan repayment) takes 5 types of action one by one against the loan borrower. Usually, the banks do not take the issue of missing the first installment very seriously, but the bank takes action if the second EMI is missed (EMI bounce).

The bank takes this step the second time-

When the second EMI of the home loan bounces (loan repayment rules), the bank sends a reminder notice to the customer to pay the EMI. If the customer misses 3 consecutive EMIs, a demand notice (bank demand notice) is sent. In this notice, a demand is made to pay the EMI and the outstanding amount.

Property auction notice comes for the fourth time-

If the fourth and fifth installments (loan EMI bounce rules) are also not paid, then the bank sends a notice for the fourth time to auction the house (property auction rules) as an action. In this notice, a warning is given to sell the house if the outstanding amount is not paid.

The house is auctioned when so many installments bounce -

After 5 consecutive installments bounce, the customer's trouble increases. The sixth installment is not awaited for, but the bank has a major action (bank news). This is the fifth action from the bank. If the customer does not pay the loan amount even after the notice of the property auction (property auction rules), then the house mortgaged against the loan is auctioned on his behalf. For this, the bank auctions the property by filing a civil case in court and recovers the outstanding loan amount (home loan EMI).

Keep an eye on the auction process -

When the bank takes steps to auction the house, the customer should keep many things in mind. Auction often fetches less amount for the property (property knowledge). Instead, you can talk to the bank and sell the house yourself and get a higher price. By doing this, you can easily repay the loan (home loan repayment rules). If the bank itself conducts the auction, then keep an eye on the auction process. You have the right to take back the amount above the loan amount.

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