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Home loan repayments can be costly; Lawsuits can be brought against you News WAALI


Mumbai: Everyone wants to have a nice house. For this, many people are constantly struggling to build or buy their dream house by adding money. Currently, house prices are so high that you cannot achieve your dream of owning a home by saving. Therefore, most people take out a loan from the bank and go live in the right house. Once a loan is taken out, it must be repaid on time. If you can’t repay the loan, it may be time to sell the house at auction. The bank can also take action against you. Loans granted for construction, the purchase of a house or the purchase of a car fall into the category of secured loans. Because while taking this type of loan, you have to keep the collateral with the bank as security.
The warning is given before the actionIf for any reason you are unable to pay the loan’s EMI, the bank will notify you in advance. If the bank is in arrears for three consecutive weeks, a legal notice is sent regarding the loan. If the entire EMI is not paid even after the formal notice, the bank declares the borrower concerned as defaulting that is to say defaulting. After that, you will never be able to get a loan from the bank again. If we fail to repay the loan on time, our financial record deteriorates and the credit rating also deteriorates. Also, no loans are available from the bank. If you decide to take out a loan using ID, you must take out a loan at a higher interest rate under the bank’s strict rules and conditions.
…so the loan account is considered NPAAfter taking out a loan from a bank or financial institution, if payment is not made for three consecutive weeks, the bank warns of action. If this is also ignored, the bank’s loan account is considered NPA. In the case of other financial institutions, the deadline is a maximum of 120 days. In such a situation, a legal notice is sent to the defaulting account holder. He asks to pay the dues within a limited time. However, if the account holder is unable to repay the loan, the mortgaged property is auctioned off.
The property can be sold at auctionBy taking out a secured loan, the property is mortgaged. If the borrower does not repay the loan, the property is sold. If the loan is not repaid, the bank can seize your property. According to the law, it is the right of the bank. You must therefore repay the loan taken out with the bank to save the mortgaged property. If the loan is repaid, the property will not be auctioned.
The bank offers many opportunitiesThe borrower is given a lot of time by the bank to repay the loan taken. But if he still does not repay, the bank sends him a reminder notice. If there is no response even after that, the bank attaches its property and it is auctioned off and the loan amount is recovered from it.

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