Quote:
Originally Posted by ks2071746
Dear friend,
HDFC is a customer friendly organisation. You may approach them about your temporary difficulties explaining your genuine problems, in delaying/skipping 2 months EMI and seek their guidance.
They will definitely help you.
ks2071746
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During normal times your bank would not have thought twice about this reschedule.
But in these times, you need to prepare your case more carefully to convince the manager that yours is a sound case. This is because everyone, especially your bank, is scared that this is the early sign of distress on the part of the borrower.
These are some of the questions you need to have convincing answers for:
1. Exactly why did you have to miss your payment?
The Bank wants to know if, a. You just had a temporary problem that will get resolved in 2 months, or b. You have a much bigger problem that will really take much longer.
Examples of the bigger problem:
1. Salary cuts
2. Possible job loss
3. Excess debt - having too many EMIs going out monthly and coupled with a declining income, the two ends do not seem to meet.
4. You have built up an excessive amount of CC debt.
Please do not be afraid of looking at it from every angle. Sooner you do it, easier it will be for you in the next few months.
Finally, if your home is higher priced than you bought it at, or if the outstanding loan amount is less than the value of the house and you see your problem as a longer-term one,
do not hesitate to take the ultimate plunge and square off the home and come out with some cash in hand!
If you really have a serious problem, like cancer, hiding from it is the worst response. Take early action and save yourself a ton of trouble in the future.
Good Luck.
cheers