Buying a Home through Home Loans is the norm of the Day.
Days are past when being a Debtor was considered a Sin and attracted social ostracism.
Now if you do not have a Credit card or Loan EMI, you do not belong to the uppity group.
Now that you have availed of Home Loan, it is prudent to know what action to take in case of unforeseen default.
1.Temporary problem in Repayment of EMI.
This might arise due to unexpected loss of job or expenses incurred in the Family due to Death, Illnesses.
In these cases represent the cases to the Lender the details in writing and request them for a minimum break from payment of EMI.
This may not be possible,
However ,depending on your credit rating, the managers may use their discretion in granting you relief.
This also may not be enough.
Make sure , if this request is granted, to stick to accepted schedule of payment.
You may also request them for a reduced EMIs at longer period of repayment.
This may be considered favorably ;this depends on your credit rating, qualifications company you work for or the number of years you have served in a company.
2.Permanent Failure to pay EMI.
You have no other option but to ask the Creditor to realize the mortgage and debit your account the balance if any.
Handling Collection Agents.
Inform th Collection Agent the position and confirm the details in writing to the Creditor.
Do not use abusive language.
In case the Collection Agents behave rudely including use of abusive language, report to the Link provided here below.
RBI is very clear on this.