Home loans have become the most preferred choices for financing a home these days. And EMI is the obligation a borrower is under when obtaining a home loan. On instances that one fails to meet the EMI payment, he will be considered as a defaulter by the bank.
Below listed are some pointers on how to manage EMIs under financial crisis
1• Inform lenders – It is advised to let the lenders about the crisis so that one can ask for their help in dealing with the situation.
2• Spend wisely – Do not indulge in spending the money without setting aside finance for emergencies.
3• Consult financial advisers – Consult financial advisers or credit bureaus to get guidance regarding maintaining a good credit score or sorting out debts.
4• Quick repayment – Increasing EMI payment year-on-year is beneficial for lessening the financial burden. A quick repayment of the principal amount is also advised to reduce the interest burden.
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