What To Do If You’re Unable To Pay Back The Loan?

In case you are unable to pay the loan due to the EMI being too high, you can approach the bank for the following:

Request a reduction in the EMI rate
Requesting a no payment period
Extending the loan tenure.
Apply for a loan subsidy
Avail a gold loan
If the above points do not work, you can provide your collateral to the banks

Banks generally do not encourage loan defaults; however, when a customer cannot genuinely pay back the loan, exceptions can be made.

Ensure that you keep the loan amount in a separate bank account
A home loan can last for up to 30 years, and so you should be able to cut your costs wherever possible.
Increasing the payment for the loan every year is an excellent option to have.

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Gold Loans

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