Missed Your Home Loan EMI Payment? Do This Next.

preview_player
Показать описание
Knock knock!
Who's there?
Gunda
Gunda who?
Gunda who's going to break your legs if you don't pay off the home loan EMIs.

Home loan is probably is the biggest loan which we will take in our lifetimes.

We spend close 20-30 years trying to repay this loan. A bulk of our income goes towards paying this loan. Naturally, if shit hits the fan (such as job loss or health ailments) we are most likely to default.

If you miss 3 instalments, the bank will send you a final 60 days notice under the SARFESI Act.

As per this, the bank has the right to seize your property without going to court. I know brutal 🙂 The bank is going to auction your property to recover the loan and kick you out.

What should you do?

1) Bribe the branch manager. Just kidding 🙃 Try to explain your situation. If you have a good credit score and have a genuine short term reason he/she would give you some more time.

2) Increase the loan tenure to reduce the EMI cost and make it more manageable. Always try to keep the EMI within 40% of your income.

3) Liquidate your provident fund to repay the loan. You can liquidate up to 3 years of income form the PF. This will give you enough time to sort out your situation.

4) If all of this still doesn't work, try to sell the home by yourself. Bank doesn't have your best interests at heart. It's a distress sale for them. They will sell it just enough to get their money back. You can protest but it still won't get the best market price.
.
.
.
.
.
.
.
.
.
.
.
#financewithsharan #homeloan #homeloans #loanofficer #loan #moneymanagement #savemoney #personalfinance
Рекомендации по теме
Комментарии
Автор

Plz share God damn bank's CEO's channel name. he seems to kno more than sharan.

satadrub
Автор

The employee wanted to follow Sharan who missed 3 EMI’s on house loan …… 🤣🤣🤣 ….. Just Kidding 😄

brpawankumariyengar
Автор

now i subscribed...
I am going through the same situation...
thanks for giving me the clear picture...

chirichkilipaaripresents
Автор

Disclaimer : These rules are only applicable on middle class. Malya, Neerav and others are exempted.

whatsmyname
Автор

perfect. no rubbish talks and lectures. straigt to the point and entertaining. India is in safe young people hands.

ratnakararumugam
Автор

The CEO be like - do you want me to follow this saran who can't even pay his home loan EMI??

Mani-cclo
Автор

When you take home loan, it's never really your own house until you payback

nooptions
Автор

His reels are crazy and the best part is his every video gives us the best finance advice with a joke included in it. His sense of humour is really great 👌😊

siddhu
Автор

I commented on your vdos a month or two ago to change the I follow my man part and you changed it. Now the vdos are complete. I love it as it is now peaceful and informative.

spandanmishra
Автор

Hey.. Im from Kerala n I work at a financial institution and I think the process is much complicated than what Mr. Sharan has described.
Once the account becomes NPA, we usually sent a recal notice which states the borrower to close the entire loan within 7 days of receipt.
After that we will be sending Demand Notice( sec13/2) which gives the borrower to close the loan within 60 days time.
Once the 60 days notice period is over, we need to file sec14 at CJM Court (chief judiciary majistrate) and wait to appoint an advocate commission by the court. This advocate commission is required to assist and provide support in taking possession of the property

sanjayramachandran
Автор

I know someone who took loan from Bajaj finance. He lost his complete business during covid. He had to start another business. He tried to restructure the loan but they straight away refused. The collection agents used to torture him. They would call him 4 to 5 times in a day. Sometimes they would come to his home.
He had taken a loan against his property. They were ready to sell the property in distress but he somehow managed to repay the loan or else his home would have gone.

Don't take a loan from these nbfc's.They will eat you alive.
And don't take a loan if you can't manage the money.
Do full proof planning before taking a loan.

devharwani
Автор

Why to follow finance with sharan who can't even pay home loan 😂😂

pclover
Автор

Lite

In Andhra pradesh.. Raghu ram Raju tdp coward, Susana chowdary, cs Ramesh all these MPs doing the same and managing banks, officers
Keeping law in their pocket

bjohnrajesh
Автор

Actually he can approach the DRT and pray for a stay if the bank is not impeccable in implementing the Sarfaesi action, following that he can also send an OTS to the bank asking to settle at a lower amount. Also this last quarter banks put out schemes to settle NPA accounts and there are some pretty good discounts.

advsahaab
Автор

Your Bank head character speak like Cho Ramaswamy 😂

venkatesh
Автор

No secured creditor shall be entitled to take all or any of the measures under sub-section (4) of section 13, unless his claim in respect of the financial asset is made within the period of limitation prescribed under the Limitation Act, 1963 (36 of 1963).

anilkumarhma
Автор

Restructuring is completely discretionary to bank and if the secured property is in a good place then bank would not be interested in Restructuring. It would rather sell your property and that too pretty fast. Secondly after the 60 days notice under SARFAESI the bank still has to approach the chief metropolitan Magistrate for possession and sale orders.

It seems Sharan himself is not too clear with the concepts.

Note: I am a bank lawyer so know it quite too well

samakshkhan
Автор

It seems sharan himself is in distress. How can I take financial advice from him ??😂

hypeengineoverload
Автор

There is Insolvency & Bankruptcy Code, 2016 which is much better and fast acting law compared to SARFAESI Act. I beleive, banks (financial creditor) use IBC nowadays and SARFAESI Act.

journal_of_a_time_traveller
Автор

Ye content acha a banker undertand the gravity of think ye pehla content hoga jo sahi info dene ki koshish kar raha h as other videos mn kewal one liners hote h Jo ander se dhokha hote h jaise 10 rupaye mn crorepati bane aj hi invest kare😂

Real_mutual_fund_guide
visit shbcf.ru