Not in a position to pay Home loan

Sanction letter wont provide you with much of the details to decide anything about the loan. Its better you have the full loan agreement from the bank. They must provide you a copy of the same, even if they had provided you the same before.

just relax & go through all the terms & conditions. Make sure about the availability of insurance cover either for individul or in joint name.

Hi All,

just a small clarification, the charges on Pre closer of loan account is called forecloser charges and in the past there was a RBI guideline on it that there should not be any forcloser charges levied (SBI and some other banks do not levy). Penal Interest is the interest on outstanding interest.

DJ

@ Deejey : I thought penal interest means foreclosure amount only. Thanks for clarification.

@ Sunil : Just now I requested for the copy of the home loan agreement from the bank. After receiving the copy I will have clear idea what are the rules and regulations.

Thank you so much all your guidance.

Originally posted by : Swathi
	Hello, My husband(Main applicant) and me(joint applicant) took a home loan for 20 yrs. My husband is passed away now. I am a house wife and in a position to pay EMI. I want to sell the property also I need to get the Legal hiers from court.It will take approx 2-3 months. My daughter is a minor that's why again i need to get permission from the court to sell the property. it will take 3-4 months. This is the information i got from some advocates and friends. Please correct me if i am wrong. Now i am not in a position to pay emi for 5-7 moths. Please tell me the different options what can I do? What the bank will do if i stop the payment? Thanks in advance.

its a great sorrow to have this news 

ICICI does not disburse any home loan without HomeAssure/HealthAssure, a single time payment insurance which covers the entire EMI period. so u can get relaxed by now, 

Get copies of loan application and disbursement documents from bank, inform them the status with death certificate copy, i feel that they will not bug u anymore on the issue but will ask your co-operation to file the claims.

Regarding the "succession" of legal heirs, its not so simple process, as u have to file the same at your local court, and court may give you, "Letter of administration", but i am afraid to say that in case of minor child, the sale power will go delayed unless the minor get majority, or the court makes you appointee to the wealth and properties of minor child", so don't think too much positive on this side, but try to settle the bank chapter as soon as possible. 

We didn't take any of the HomeAssure/HealthAssure options. My husband didn't show any interest in those. In the bank they said it's optional to take insurance. If we are interested we can go for HomeAssure/HealthAssure provided by ICICI Prudential Life Insurance Company.

Thanks.

Originally posted by : Swathi
	We didn't take any of the HomeAssure/HealthAssure options. My husband didn't show any interest in those. In the bank they said it's optional to take insurance. If we are interested we can go for HomeAssure/HealthAssure provided by ICICI Prudential Life Insurance Company. Thanks.

then they must have some genuine guarantee / guarantor for the loans,