Don’t panic if you are unable to repay the bank loan, you also get some rights

People fulfill many dreams by taking a loan from a bank. Although unable to repay the loan. He has faced many problems. Unable to repay the loan, people often get stressed out and take wrong steps. However, the borrower also has some rights. Many people are not aware of this right. You do not need to panic if you know these rights.

Today we want to tell you about the rights available to a loan defaulter or a person who is unable to repay a loan in case of failure to repay the loan.

No bank employee can threaten you not to repay the loan. Or it can do you no harm. If he sends a third party to you, they may also ask you to repay the loan. No one will be able to abuse you. It is also important to know that those people can only come to you during the day.

If you have taken a home loan and you are unable to pay the installment, you need not panic. In this case, according to the terms, they can auction the house. However, it is not that you have not paid some installments and auctioned off your house. For this, the bank has to go through the whole process.

If you are unable to repay the loan, the bank sends you a notice and then gives you time to repay it. If you are unable to repay the loan installments within the time given by the bank, the bank takes action to sell your property and even then you are given 60 days notice.

If a bank sells your property in the event of non-payment of a loan installment, you can keep the remaining rupee yourself. Suppose you owe Rs 10 lakh to the bank and your property is sold for Rs 20 lakh, then the bank will keep Rs 10 lakh and return the rest to you.