A home loan is the biggest requirement for buying a house. While taking a home loan, one has to go through many types of documentation processes. Through this, the bank tries to find out whether the person can repay the loan after taking it or not. Home loan is given to the person only after checking all the documents and the CIBIL score of the person. It is worth noting that employed people get loans easily. Flat culture has increased significantly in cities in the last years. Due to this, there has been an increase in the number of people taking home loans. At the same time, after the Corona epidemic and the Russia-Ukraine war, the pace of inflation in the global economy has increased significantly. To control rising inflation, the repo rate has been increased several times by RBI. Due to this, interest rates on personal and home loans have also increased significantly.
In such a situation, people who have taken personal loans or home loans. His EMI has also increased significantly. This is having a bad effect on people's pockets. Many times it is seen that in case of non-payment of loan, financial institutions send a recovery agent to the person taking the loan.
Recovery agents try to recover loans by threatening people. Many cases of arbitrariness by loan recovery agents keep coming to light.
If you are also being harassed by the recovery agent in case you are unable to pay the home loan installment. In such a situation, you do not need to panic. You can complain about it.
If someone is unable to repay the loan installment. In such a situation, it comes under the scope of civil dispute. In such a situation, the financial institution cannot do anything arbitrarily with the default. If the loan recovery agent is harassing you. In such a situation, you can complain about it to the police. Apart from this, you can also give a written complaint to RBI.
(PC: ISTOCK)
