Not Able to Pay Your Home Loan During this Pandemic? Read These Important Points - Loan Trivia


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Monday 6 December 2021

Not Able to Pay Your Home Loan During this Pandemic? Read These Important Points

housing loan in India

 COVID-19 has affected one and all either mentally, physically or economically. 

Talking about the adverse economic effects of COVID-19, many people have lost their jobs. On the other hand, the earnings of many have also been reduced. 

If someone has a home loan in India, then it may become increasingly difficult to manage EMIs. What’s next? 

Read on and know more!

  1. Talk to your lender 

Lenders consider genuine reasons like job loss, medical conditions and other issues. Hence, they may relax your repayments. Thus, you should discuss the matter with them and convince them with the below relaxations: 

  • Grace period – you may ask for a moratorium to resume repayments after a time. 

  • Loan restructuring – you can also request the lender to increase the loan tenor to reduce your EMI so that you can pay a small amount. 

  1. Go for severance pay 

Many companies pay severance while laying you off. The amount is almost equal to your notice period Salary. You can use this amount to repay your home loan in India EMIs up to an extent. 

  1. Liquidate investments 

You can also liquidate fixed deposits and recurring deposits to ensure making timely home loan repayment during this tough time. You can also seek a loan against your credit card, property and other assets and repay the EMIs. This way, you don’t have to liquidate assets and not lose interest earnings on them. 

  1. Seek help from your family and friends

It’s time to take some financial help from your friends and family members. This way, you don’t have to pay interest and fulfil any eligibility criteria. You also don’t have to worry about paying penal charges for delayed repayments. But, you should ensure timely repayments to avoid spoiling personal relationships. 

Considering these vital tips can help you to repay your home loan in India during this crisis time.    

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