I have taken loan from Bajaj Housing
9 months ago
I have taken loan from Bajaj Housing but due to Financial crunches I am unable to make payment for 3 months, out of these 3 months I paid one month in very impossible conditions , I am writing mail to CPGRAMS, National Housing Board and senior authority of Bajaj too to hold 2 months EMI, but all are silent and no one to take interest. Collection calls are regular coming, Please suggest what should I do?
A.Dear client,
Contact your bank and initiate a discussion on how you will manage to pay the missed EMIs. Gather all your home loan documents including EMI payment receipts, as you may need them during the discussion. Create a convincing financial plan to help the bank understand your financial strategy.
Contact your bank and initiate a discussion on how you will manage to pay the missed EMIs. Gather all your home loan documents including EMI payment receipts, as you may need them during the discussion. Create a convincing financial plan to help the bank understand your financial strategy.
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A.Dear Client,
Once the EMI against a loan is not repaid for consecutive 3 times by the borrower for any reason whatsoever, it is treated as NPA. Accordingly, Bank sends notice to Borrower asking him/her for repayment of the entire dues lying against your loan offering suitable terms. In the absence of any response from the Borrower, they started the routine process of action prescribed under relevant laws for recovery of debt lying outstanding against the Borrower. You can make a prayer to the Bank for some more time to settle the dues but cannot escape yourself from your liability of repayment of your loan for any reason whatsoever. Both Supreme Court and Regulatory Authority, RBI issued orders/advisories refraining Banks/FI strictly from taking any coercive or forceful action deploying the recovery agents to recover the dues from the defaulter loanee. Being a defaulter of a loan, in case you are getting such kind of threat calls or messages from recovery agents or any unknown entity, you need to get in touch with an Advocate with all your papers/document for guidance and for taking necessary steps to resolve the issue in accordance with the provision of relevant laws.
Once the EMI against a loan is not repaid for consecutive 3 times by the borrower for any reason whatsoever, it is treated as NPA. Accordingly, Bank sends notice to Borrower asking him/her for repayment of the entire dues lying against your loan offering suitable terms. In the absence of any response from the Borrower, they started the routine process of action prescribed under relevant laws for recovery of debt lying outstanding against the Borrower. You can make a prayer to the Bank for some more time to settle the dues but cannot escape yourself from your liability of repayment of your loan for any reason whatsoever. Both Supreme Court and Regulatory Authority, RBI issued orders/advisories refraining Banks/FI strictly from taking any coercive or forceful action deploying the recovery agents to recover the dues from the defaulter loanee. Being a defaulter of a loan, in case you are getting such kind of threat calls or messages from recovery agents or any unknown entity, you need to get in touch with an Advocate with all your papers/document for guidance and for taking necessary steps to resolve the issue in accordance with the provision of relevant laws.
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