New Delhi: Home Loan EMI – Owning your dream home is one of ultimate goals of our lives but it comes with a price. If you have purchased the house by availing home loan then Home Loan EMIs must be paid during the loan tenure or period. The ongoing pandemic has affected several people financially. Businesses have been hit badly, jobs losses, salary cut was reported. So many people are facing difficulties in mitigating the mandatory home loan EMIs. If you are facing difficulties in paying home loan EMIs, then you look for these emergency options.
PF Loan
You can take loan from your Employees’ provident Fund (EPF). You can avail up to 75 per cent of the PF savings as loan. This will help you pay the Home Loan EMI.
RBI Moratorium
Reserve Bank of India (RBI) had announced three-month moratorium during the ongoing Covid pandemic. Under this, banks and other lending institutions are allowing borrowers defer loan payment for three months.
You Can Utilize severance pay from Company
There are reports that several companies have been laying off employees. However, they are paying severance amount which is equal to the notice period salary. One must utilize this fund for home loan EMI payment.
Liquidate Savings, Fixed Deposits
You can use some part of your savings and fixed deposits to pay the house loan EMI.
Mutual funds may come handy
If you have a mutual fund and share value of that stock is up, the you can en-cash by redeeming it. This can pay your home loan EMI and maintain your credit score.