Burdened with housing loan amount? Know few emergency options to pay home loans EMIs

Everyone wants a home of their own. Lots of savings are required to be able to own a dream house. Along with the savings people also take home loans to get their dream house ready or to purchase one. 

However, if you are taking loans then you must note that you also need to pay the home loan EMIs during the loan period. 

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The ongoing situation of the pandemic has financially affected people all over the world. Several people have lost their jobs, businesses have been shut, salary cuts, etc.  These all have increased the burden of repaying the loans. 

Here are some of the emergency options which one can use if he/she is facing difficulty in paying home loan EMIs, as per a report by india.com.

1. RBI Moratorium: A three-month moratorium was announced by the Reserve Bank of India (RBI) during the ongoing Covid pandemic. Under this, borrowers were allowed by the banks and other lending institutions to defer loan payment for three months. 

2. Mutual funds: People who have mutual funds can also utilise it for paying home loan EMI and maintaining credit score. You can check if the share value of the stock is up or not. If it is high, then you can get it en-cash by redeeming it.

3. PF Loan: Taking a loan from Employees’ provident Fund (EPF) is also one of the options one can opt for paying home loan EMIs. People can note that up to 75 percent of the provident fund (PF) savings can be availed as loan. 

4. Utilize severance pay from Company: When a company lays off employees then they pay a severance amount to them which is equal to the notice period salary. Those who have lost their job and have a home loan EMI to pay can use this fund for the same.

5. Liquidate Savings, Fixed Deposits: Saving is one of the most prominent things one does as soon as he starts earning. Some part of the savings and fixed deposits can also be used to pay the house loan EMI.