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Home Loan 60% Paid | JobLess | Covid

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sunnie

Suppose if, someone had a home loan. Tenure of 20 years..

7+ yrs pending..

Earning got impacted due to Covid (No job now)

Already opted for moratorium.

But now not in a condition to pay further EMI also.

Any idea what shall be done in such case by banks.

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Deal Subedar Deal Subedar
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Bank will take possession of the property, sell it on auction, any money in excess from the sale proceeds, after settling their dues and penalty will be credited to your bank account.

Blogger Blogger
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The best option would be to sell the property and keep the difference coz bank will do a distress sale and your share will be too less

Deal Subedar Deal Subedar
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flawlessking wrote:

The best option would be to sell the property and keep the difference coz bank will do a distress sale and your share will be too less

The property belongs to the bank and not you, you have no right to sell, unless you clear the dues first.

Deal Subedar Deal Subedar
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there must be a solution on this…

Deal Cadet Deal Cadet
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flawlessking wrote:

The best option would be to sell the property and keep the difference coz bank will do a distress sale and your share will be too less

I dont think you can do that .. the papers will be with the bank

Deal Subedar Deal Subedar
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One option could be find a buyer and ask him to take over your loan and pay the difference to you.

In case of bank takes over there will be penalty charges, delay (interest), legal charges, auction charges and these assets are sold in auction so may not get proper market value.

Blogger Blogger
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teriab33 wrote:

The property belongs to the bank and not you, you have no right to sell, unless you clear the dues first.

That’s already understood, negotiating with buyer who will clear dues at one go and pay the rest to the current owner.

Deal Subedar Deal Subedar
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Does the said person have any saving or other means to survive for few months and pay the EMI? Eg if he/she has car..sell that off and use money to pay EMI and survive. Or Gold .

Selling house under such situation will take lot of time and will be difficult to get the proper value.
Best of luck to get new Job

Deal Captain Deal Captain
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If you are sure of getting a job back in few months then raise some funds from friends/family that’s sufficient to pay off those few months of EMI

Deal Subedar Deal Subedar
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raghupro wrote:

If you are sure of getting a job back in few months then raise some funds from friends/family that’s sufficient to pay off those few months of EMI

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Deal Cadet Deal Cadet
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Can you share more details about the loan, principal and outstanding amount, property location and bank interest etc.

I know someone who can be a help.

Blogger Blogger
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Sad to here it bro.

Solution is to focus on finding new job rather than focusing on home loan. Yes I know it’s hard to find new job in current scenario but believe me latter is harder than this.

If u have reserve amount, FD, any other investment or unused/unnecessary items lying in home try to monetize it & repay 1 or 2 EMI & meanwhile try to find new job.

Deal Cadet Deal Cadet
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Leverage side effect: cash flows not as expected, distress sales

Please don’t take unnecessary loans. SAVE 50% INCOME and then spend

And spend time with family will bring more happiness than monetary assets to show off on social media to people who don’t matter

Deal Subedar Deal Subedar
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sunnie wrote:

there must be a solution on this…

Borrow money from your relatives explaining your predicament. Even if you’ve to pay little interest to your relatives, it would be worth retaining the property. Try and pay in lump sum if they lend you money.
You then have multiple options to pay your relatives.

Deal Cadet Deal Cadet
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Sincere advise
When u don’t have job don’t borrow from someone else to repay previous loan. Just talk to bank and reduce emi amount and extend tenure of loan .
But if you are not getting a job last resort would be to sell the property .

If property is in prime location u will get good price

Deal Subedar Deal Subedar
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My suggestion to OP @sunnie .

1)Dont do any thing, keep quiet until the bank decides what to do. Bank takes at least 12 months to decide what to do in your case.
2)Just check loan docs for insurance some thing like doing 3/6 months EMI wavier (HDFC/ICICI does it) for job loss (not resignation).
3)If you want to sell and pay back the loan in next one year, just find a buyer. Buyer needs to pay the cheque to clear the loan, which is a standard process.
4)Any way govt is going to pay you some extra money for having housing loan (decision will be taken govt in one/two months).
5)If you are smart enough, just strike a deal with banker agent (you know what I mean).
6)Negotiate with the banker agent to pay back only principle amount (without the interest). You should not tell them that you got a buyer. You need to tell them you are using your savings from PF etc.
7)Your cibil score is already screwed hence you will not get any loan for next 6/7 years. So take wise decision and follow the point 5 and 6.

Shopping Friend Shopping Friend
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@sunnie

be merry and marry dolby sound one..
or some1 with good income..

Banks are offering restructuring. find the same on banks website.

Deal Lieutenant Deal Lieutenant
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U don’t use credit cards? that wil help u if u use wisely

Blogger Blogger
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You can plead your case

Request for rephasement or restructure

There is no guarantee for same for to done

As powers lies with the higher authority

Branch can only recommend

You have to clear all yout dues as on date for any chance. Of this.

Deal Subedar Deal Subedar
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rogerthat wrote:

You can plead your case

Request for rephasement or restructure

There is no guarantee for same for to done

As powers lies with the higher authority

Branch can only recommend

You have to clear all yout dues as on date for any chance. Of this.

all banks have started restructuring?

i think, sc decision is awated. 2nd nov

Deal Cadet Deal Cadet
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Get settlement letter from bank negotiate hard to get good waiver or talk to third party agents to get maximum discount on principal. Then find the buyer and sell the property.

Deal Subedar Deal Subedar
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Restructure the loan, it will reduce emi and increase tenure……. Also for small jobs at the moment to pay emi and home expenses…. Distress sale would be denting on financial health and mental health as well

Deal Subedar Deal Subedar
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--AJ-- wrote:

Get settlement letter from bank negotiate hard to get good waiver or talk to third party agents to get maximum discount on principal. Then find the buyer and sell the property.

Any such settlement with bank mean …you will get fixed time duration to pay out the loan. Plus..I don’t think banks will settle here..as his property is surely worth more than the remaining loan…he don’t have any hard points to negotiate.

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