Home Loan Tips: Do this when your home loan installment bounces, you will be saved from a big loss..

Home loan EMI Rules: It is often seen that a situation arises with a home loan borrower who is unable to pay the home loan installment. As soon as this happens two or three times, his trouble increases further. He also starts fearing action from the bank. As soon as such a situation arises, you need to take the necessary steps. If you do these special things after missing the loan installment, then neither your CIBIL score will be affected nor you will suffer any financial loss. Let us know about these special methods in the news.

1. If you are unable to pay the installment for the first time, do this-

If you are unable to pay the home loan EMI (EMI payment rules) for the first time, then you should immediately contact the bank from where you have taken the loan. There, tell the bank manager about the problem and inform him about the whole situation and if there is any compulsion of yours at the moment, then tell that too. Get the full assurance of not letting this happen in the future.

In such a situation, the bank manager will also know the situation and can understand the compulsion. If you go to the bank and tell the correct situation, then the penalty charge (penalty charge on EMI bounce) can also be minimized and your problem can also be solved. Let us tell you that your credit details remain with the bank every two months, later it is sent to the CIBIL agency. In such a situation, you should take immediate steps in time so that your CIBIL score is not affected.

2. Take this step if you do not pay the installment for the second time-

If this situation is happening to you for the second time in a row after the first time that you have missed paying the EMI (EMI bouncing rules), then try to find a solution by meeting the bank manager and paying those installments. You can also request not to send a negative report of the CIBIL score. You will also have to assure the bank manager that this will not happen again. If there are three such chances, the chances of a bad CIBIL score increase. After this, even the bank manager will not be able to do anything and he also has to send a report for CIBIL score if the installment is not paid for three months. After this, you will have difficulty in taking a loan in the future.

3. What to do if you are unable to pay EMI repeatedly -

If the EMI of a home loan is not being paid repeatedly (EMI bounce hone par kya kre), then the problem can deepen. In such a situation, you will have to consider holding your home loan installment and can apply and tell that there is some compulsion at the moment and later as soon as the money is arranged, this amount will be paid. After this application, you may get a chance to avoid banking action, although your CIBIL score will be affected.

4. If salary is the reason for EMI bounce, then find a solution like this -

Sometimes it also happens that the date of paying home loan EMI falls before your salary arrives. In such a situation, there is a risk of your EMI being due. In this situation, talk to the manager to get the option of arrear EMI. If you get this option, then you will easily pay the installment. Advance EMI is at the beginning of the month and most people are given this option by the bank while giving a loan.

If your salary comes late i.e. at the end of the month, then you can choose the option of arrear EMI without any worry. This will give you a chance to pay the installment without any loss when your salary comes. By adopting these methods, you will save your CIBIL score from getting spoiled and can save yourself from becoming a loan defaulter.

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