Simple and Practical Tips to Avoid Becoming a Home Loan Defaulter

Opting for a home loan has made it easier for us to buy a house at a young age. But many times, buyers fail to repay their EMIs on time. This can lead to many adverse consequences, and in the worst cases, when the loan borrower does not repay the mortgage on time, the bank can seize his property. To avoid such consequences, you should plan the loan amount rationally. In no case, repaying the EMI would become a headache for you, and it must not come in the way of your family's requirements. Here, we have suggested some simple tips to avoid becoming a loan defaulter.

  1. Keep some savings for adverse situations- You should keep at least three months of EMIs in your saving account. This will help you repay it on time, even in case of a job loss or accident. You can also keep this amount as a fixed deposit.
  2. Postpone the EMIs- If at any instance, you feel unable to repay the EMIs, it’s better to discuss your problem with your bank. In most cases, the bank employees will support you in enhancing the tenure of loan repayment.
  3. Use your fixed asset- If you are not able to repay your EMIs, then instead of asking your bank to wait for a long time, you should pay the amount by selling your fixed assets like gold and shares.

Conclusion- The above-mentioned tips will help you avoid the non-repayment of a home loan. However, if after trying every means, you are unable to repay the mortgage, then you should sell your property. In this way, you will be able to arrange the pending amount of loan and also gain a profit from the deal.

 

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