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To invest in a property is among the most costly purchase you are likely and also make, so you may need assistance in funding it about function out of that loan. Let’s say you like it take a mortgage, however, after some time, end up incapable of afford the EMIs ? There is several reasons for which, off losing your job so you’re able to using up your coupons to own a medical exigency. Will the financial institution seize your house for individuals who miss 2-3 mortgage payments? Zero, maybe not quickly, but if you always standard to possess six months, the bank will need more your home.

Attaching a house ‘s the last thing a lender desires manage. Even if finance companies have the power to enforce the fresh new Securitisation and you will Repair off Monetary Possessions and you may Administration from Safety Appeal Work, 2002, (SARFAESI) to recover low-undertaking property without the intervention away from a court, this is basically the past step they like to take. A bank always allows you to definitely homeloan payment default sneak by the, but for another you to, it can send you a reminder to let you know that costs is actually later. Shortly after about three non-payments, the lending company will send a demand find, asking to expend the dues as soon as possible. Continue reading →