There are certain benefits to home loans but there also certain problems related with it. There are certain basic things that a person must keep in mind while buying a home on loan. And amongst them is the question as to what happens if one is not able to pay back. This is how the procedure follows.
If a person who bought his home on loan and is unable to pay the equated monthly installments (EMI) , then after a few months the bank has to right to sell the property in order to recover back the debt.
If a person is not able to pay the EMI the borrower will receive legal notice from the bank, Informing the lender that the loan amount will be recovered by the bidding of the property. Even then if the borrower is not able to pay back the installments the he receives a final notice after 60 days.;
However to avoid such a situation the borrower is left with some options. Either he can repay the pending 50% of the installment amount and challenge the bank by filing an appeal to Debts Recovery Appellate Tribunal (DRAT). Then the property can not be sold until the case remains sub-judice.
Or if the borrower already know that whatever he does he will not be able to pay the installments then the can sell the property on his own with in best possible rate and pay the debt of the bank. The choice of option can vary from person to person.
But as it is said loss for someone is an opportunity for the other. Here’s some exciting prospect for the buyers. Before the auction, the bank circulates advertisements in the local daily. So if he thinks the property is of any use to you you can participate in the auction and there are always chances that you can get possession over the property with lower price then it actually costs.
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