Things to do if you cannot pay your home loan

We don’t live that financially stable or secured all the time considering our era is unprecedented and anything happens at any point of time.

If you are having challenges to pay off your home loan, consider these options.

Consult with your bank manager and understand if there is any possibility to change the terms of your home loan. Know whether you can extend your loan tenure or is there any other feasible option.

You can replace your existing home loan with a new one with new rules. Refinancing is a good option to lower your payments and spread it for a longer period of time.

Family and friends are always needed to deal with challenging situations. If you have good financially off family members or social network, think about asking money from them to less interest rates to pay off your home loan.

By Sahana Iyer

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