Harrasment from reliance and piramal for delay in one month emi payment
1 year ago
I have taken housing loan on property at Baroda which is incomplete as it is since last 3 years, also i have taken a LAP aginst my residing properties, due to recession as well as COVID situation employer has not paid me salary of almost 20months, till last month i have paid the EMI's but this month i could not, now birh are harrasing me and my family members by continuous calling and Reliance Housing Finance has kept their person stnding on my door since last 3 days, which is embarrassing me infront of my neighbours even my childrens feel embarrassed talking to neighbours and childrens in society. What will be repurcation if i do not pay this month or more two months emi. Kindly advice and help me in getting legal advice.
In my humble opinion, non-repayment of EMI for a couple of months may have the following consequences:
1. Impacts the credit score negatively - When you don’t make the EMI payment on time, it’s marked as a minor or major default on your credit profile. As a result, your credit score goes down. Maintaining a high credit score is essential when you apply for a new loan.
2. Late fee penalties- Several lenders levy late fee penalties when a borrower misses paying an EMI on time. The penalty charged is usually around 1% to 2% of the EMI. You will have to pay the missed EMI along with the penalty and the next month's EMI, in the next cycle.
3. Harassment by recovery agents- As currently happening with you, this is the worst-case scenario. Finance companies sometimes send recovery agents to visit you at your residence to collect the due amount from you. Generally, most lenders opt for recovery agents only when the loan is classified as an NPA, a loan for which the interest payment remained overdue for a period of 90 days. Usually, lenders send a 60-day notice to borrowers before they consider the loan as an NPA.
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