Smoothly you are driving and all of a sudden you run into a pothole - a skipped home loan EMI. We all know the feeling that leaves us baffled, but no need to be anxious! 

So to manage your finances efficiently you must aware of your monthly commitments.

Below are some drawbacks of missing your Home Loan EMI payment:-

1. Late Payment Fees: Not making an EMI payment on time often conditions that fees are levied as if it were a speed bump on the way to home ownership. Even though it hurts the pocket, it rivals every other sort of one.

2. Impact on Credit Score: Your credit score suffers whenever there is a default in Home loan EMI payment. This has a devastating impact on your way to pursuing other big ideas like home loans or car loans. You may face difficulties in getting loans and cards in the matter of single digits which is the score.

3. Legal Ramifications: The reluctance to make continuous payments from your side may be perceived by the lender as the default, which could result in the legal action of the lender and consequently in the judicial proceeding that you most probably do not want to go through.

Below are some solutions:-

1. Communication Is Key: If you are a newbie and meet a bump, do not turn away from the course you have plotted out. Talk with your lender as soon as you can. The usual step would be to come up with the answer such as reconstructing the installment plan or postponing the due date for a while.

2. Getting Back on Track: The road to recovery will be long and arduous, but there is hope on the horizon. Take proactive measures like budget fixation, more income generation, and financial advice to get back on the right track.

However, keep in mind that submitting an EMI is not the end of the world and your dreams to become a homeowner could still be realized. Admittedly, this is challenging, but the most important steps are to acknowledge the issue, communicate with your lender, and do what you can to work your way back from the brink by actively taking steps to solve the problem. 

For more details, Go & check out the financenu site.

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