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Generally, the majority of loans are repaid in installments known as Equated Monthly Instalments (EMI). These installments are fixed amounts that are to be paid by the borrower to the bank every month, till the end of the loan tenure.
A bank classifies a home loan to be in default if the borrower hasn’t made any repayments for 90 days. In other words, if you don’t pay three consecutive EMIs, then your loan will be classified as a default.
However, it is to be noted that when you default your home loan the bank won’t immediately seize your assets. First, they will send a notice to the borrower stating the EMI payment that has been missed and strict action will be taken on default. If the borrower approaches the bank with valid explanations for loan defaults such as financial crisis, accident, medical emergency, etc then the bank will try to understand the authenticity of the borrower’s claims and provide assistance accordingly.
If the borrower is successful in providing evidence related to the default to the lenders then the bank restructures the EMI and extends the loan period on the request of the borrower. The bank will not seize the property, thus, giving the borrower time to repay the EMIs on time.
It is only when the borrower is unable to pay even during the grace period or doesn’t respond to the notices sent by the bank, the lender will proceed to auction the assets to compensate for the loan unpaid.