I have availed a Home Loan of Rs 16,50,000/- in 2005. The interest rate has more than doubled and stands at 14% p.a. today. I have sequentially accelerated my payments by increasing the emi voluntarily which is Rs 30,000/- pm now. The current outstanding principal is around Rs 11,00,000/- . I had been paying the emi regularly for last 6+ years. Had I continued the same, my loan would be closed in than 5 years from now.
Despite job loss and subsequent unemployment, I had managed to pay the emi for last 18 months but am finding it difficult lately and could not pay for last two months. I have officially informed the same and had requested the Bank to reschedule the outstanding loan and reduce the emi but to no avail. I am 41 years old now. If the loan is reschuled for next 15 years, emi would be around Rs 16000/- pm, which I can pay but the bank is insisting on payment of lumpsum amount (2 Lacs) before they can reschedule. Not sure, if they would agree for 15 years tenure.Please suggest how to convince the bank authorities as they have threatened to send demand notice. Thanks !
