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#1
29th August 2016, 06:13 PM
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What will happen if I could not pay on time the installment of an education loan which was taken against the house property?
Hello sir, I have taken an education loan against my house a sum of 3 lakh to study Electrical Engineering from NIT. What will happen if I could not pay the installment on time?
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#2
30th August 2016, 08:13 AM
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Re: What will happen if I could not pay on time the installment of an education loan which was taken against the house property?
There can be two scenarios in this occasion.
1. You miss to pay certain installments while repaying education loan. In this scenario, there will be a penalty due to which the rate of interest will increase for the outstanding amount. 2. You fail to repay the education loan missing consecutive installments inspite of warnings from bank. The bank will go for auction your house to get the education loan which is outstanding. |
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#3
30th August 2016, 05:03 PM
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Re: What will happen if I could not pay on time the installment of an education loan which was taken against the house property?
In case if you should not pay installment of loan on time then after waiting of few months or year bank will send a notice to you. After ignorance of that notice regularly bank will file case in court and then court pays banks their money by making auction of your property. That is why my advice is that you should pay installment of loan to bank on time.
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