nabishek

Hi Alex,

Try your level best not to default.It will affect your credit ratings.It will show on your credit history and reflect poor on your credit worthiness.This may affect your any future possibility of seeking other loans and any form of credit like cards from any banks.

If you think you will come out of the current situation in 2 months.Try to somehow arrange funds to meet the commitment during this period.

Applying your mind and by not panicking You can think of various way to generate the money.

Some of my suggestion would be

1.Ask the bank to increase the tenure to reduce the EMI.
2.Put up the case to the bank and get exemption to pay only interest component for few months, reschedule the loan.
3.Transfer your loan to some other bank with lower interest rate.
4.Break PF/FD's/savings or pledge some gold to generate money.
5.Sell unwanted High end luxury items.Cut down all unnecessary expenses.
6.If the property is under construction,ask the builder to cancel the booking and transfer it to someone else and give you the money.
7.Ask the builder on the possibility of absorbing the pre-EMI burden if its under construction and if bank is doing partial disbursement and you have not started paying back the principal.
8.If the house is ready for occupation.Rent out the house and use the advance money to meet the Installment.

Meanwhile, If you are not sure that situation will change in 2, 3 months time.Contemplate pulling out immediately by selling the property and settle your home loan.You will have to close the deal fast.

Holding the house is not worth all the ordeal you will have to face in the hands of the bank.

All the Best.