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Date : Feb 23, 2009

Question

Dear Sir, I have availed Home Loan from ING Vysya Bank few months back. I have paid EMI for 6Months, but unfortunately I lost my job and not in a position to pay the same now. The Total cost of the Flat is Rs 23,3000/- plus registration charges Rs 1,05,000/-. I availed loan of amount Rs 17,30,000/- and Home Insurance (Life cover for 20 years) Rs 41114/-, so the total loan amount is Rs 17,71,114/- and paying an EMI of 18880/- per month. Now that I am not in a position to pay my EMI what will happen to my Flat? Can I avail Loan Holiday period of 1 year within which period I can search for new job and get back to work and start paying my EMI? If not what will be the minimum price the Bank would fix and pay me when they take back the flat? Can you kindly help me. Thank you. Kindly respond I am in trouble..

Answer

Its unfortunate that you have lost the job, but you continue to have the liability of repaying the loan. Approach the bank to make a payment arrangement. Read a related: Loan defaults, what happens next?

 

 

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