Home Loan: Building your own home is everyone’s dream. For that people use to save money and dream of making a home for themselves. People nowadays are unable to buy homes or built them in a single go. In that case, they need a home loan. A home loan is termed a secured loan. It means that until you repay the whole amount of the loan through EMI, the land belongs to the lender. If you are unable to pay three continuous EMI, the loan company will send a reminder to you. Still, if you are unable to pay EMI, the lender has the right to sell your property via auction.
Moreover, this will decrease your credit score which will be a hindrance in your future loans. So, everyone is looking for the finest way to overcome these situations. Here are some ways or tips that can help you in repaying the Home Loan EMI.
Repay the Home Loan EMI
Make Use of Loan Insurance
Loan insurance is the best way that can help in repaying your Home loan EMI for a short term period. You can make your home loan insured which will also be helpful in case of job loss. But you have to pay the loan.
You can explore the other options for funds, in case you are unable to pay EMI and don’t have any emergency funds. These are your assets that include PPF money, car, bike, electronics, gold, etc.
Use emergency fund
It is good to save money for crucial situations, which is known as an emergency fund. This fund will help you at the time you are unable to repay the EMI of your home loan. Also, in case of financial setbacks and job losses, this emergency fund will act as a saviour.
Negotiate with Lender
If you don’t have any funds or assets, then you have to talk to the lender and discuss the problem faced by you that makes you unable to pay the EMI. You can take more time or even reduce the EMI amount by increasing time tenure by negotiating with the lender.