Defaulted on home loan EMIs? Relax! Bank can’t seize your house if you follow these RBI protection rules Financial Express
You take a home loan for a longer duration compared to other credit facilities. You pay them off over periods that can sometimes span 20 to 30 years. Because of this longer duration, it also brings some uncertainties regarding repayment of the loan, as 20 or 30 years is a considerable amount of time during which you may experience various financial ups and downs. You get a loan from any bank or financial institution based on your present income and repayment capacity, but nobody knows about future circumstances. You may encounter some financial challenges like losing a job or facing a health crisis, especially considering the long duration of your home loan. These challenges can lead to difficulties in repaying the housing loan.
