Once exactly how many missed EMI’s will the financial institution get their hands on your property and put you from the jawhorse? Just what are your own rights given that a consumer and you may what are the latest actions mixed up in foreclosure techniques?

When we purchase a home that have home financing, there is lots off warmth even as we are getting the property owner your dream household, and coming appears bright, but the facts away from every day life is that there exists of a lot home owners just who deal with financial hardships within their life on account of work losings, crashes, problems that they’re struggling to pay their property mortgage EMI’s for almost all days and finally enter into a situation if they are unable to pay-off straight back.

#step 1 After you miss purchasing 90 days EMI

It may takes place you are skip 1-dos EMI money because of some need, in which particular case the lending company gives you a reminder about they or render a little caution to blow right back the latest missed EM next month. But if you skip make payment on EMI to own step three successive months, that is a big red laws and at this point, your loan membership would be marked given that NPA throughout the lender’s guide.

This will be a critical condition. The financial institution usually mark your since the an excellent defaulter as well as the lender will be sending you a notification about it.