Not able to pay your home loan during this pandemic? Read these important points

India witnessed an economic downturn in 2020, and it also continued in 2021. 

It happened because of the first and the second wave of the Coronavirus (COVID-19). 

Many people lost their sources of income and are finding it tough to carry on like earlier. 

Hence, many people who had availed of a home loan faced issues in repaying their home loan EMI on time. 

If you are also stuck in this situation, you can consider a few tips to repay your home loan EMIs. Read on!

1. Liquidate your assets

You can liquidate your assets to get funds and pay your home loan in India EMIs. Many people are left with no options but to liquidate their assets during this crunch time. 

2. Take a loan against assets 

One can also avail of secured debts like the loan against property or a mortgage loan to get a considerable amount. The rate of interest on a loan against property is lower, and that means saving on repayments. 

3. Withdraw from your provident fund 

The Employees’ Provident Fund Organization declared on 31st May 2021 to withdraw from PF accounts. You can take a non-refundable withdrawal. It includes the basic Salary and DA for the next 3 months, or up to 75% of the balance – whichever is less. Also, this amount is also credited into your account within 72 hours of application. 

4. Get in touch with your lender

Lenders may consider genuine reasons like loss of payment or other issues not letting you make a home loan in India repayments. Thus, you should discuss the matter with your lender and convince them to allow your relaxation. It may include a grace period and restructuring your loan. 

You can follow one of these tips to help you manage your home loan in India repayments.