95 The thought of being fired and losing a way to make a living is scary for anyone, especially if the firing comes as a complete surprise. When someone loses their regular source of income out of the blue, it can be hard to keep up with their debt payments. This is especially true for EMIs on a home loan, which is likely the biggest part of a person’s total debt payments compared to things like a car loan or a personal loan. So, if you’ve also lost your job, here are some good ways to deal with your monthly EMIs. Ask the lender to make the housing loan last longer. If you lose your job, you won’t have any money coming into your home anymore. Even if the interest rate on your Navi Home Loan is low, it’s likely that you won’t be able to keep making the monthly payments on it. If you didn’t include these loan payments or EMIs in your emergency fund, you might have trouble. It is in your best interest to let your lender know about your current financial situation and ask for more time to pay back the loan. This means that your monthly payments will be less, and you can check this on the Navi Home Loan EMI Calculator. The EMI, in all likelihood, would be less if the loan was taken out for a longer time. This would be helpful if someone’s money is tight, and it might also help them avoid not paying back the loan. You can also check how the EMI is calculated with a house loan EMI calculator. It’s important to remember that extending the length of the loan will lead to a higher overall interest payment. If you have the extra money in the future, you should try to pay back the loan to reduce the overall interest cost. Use your savings for emergencies. If you used a Navi Home Loan EMI Calculator and found that you still owe a lot of money and have a long time left to pay it off, you should quickly use your emergency fund if you have no other choice. If you’ve been good about keeping an emergency fund with at least six times your regular expenses, including your home loan EMIs at the lowest home loan interest rate, this fund may be able to help you out of a tough financial situation like losing your job unexpectedly. Since even one day of late EMI payments can hurt your credit score and report, you should utilise that money from the contingency fund to repay your house loan EMIs until you find a new job. Once you start getting your regular income back, you should make it a priority to rebuild your emergency fund so that it will be enough not only for the current emergency but also for possible emergencies in the future. Request for a grace period If you are actually having trouble paying Navi Home Loan EMIs, you can ask your lender for a grace period (EMIs). A grace period is a time when you don’t have to pay back your loan. If you lose your job and are having trouble paying back your loan, the lender may give you a grace period. During this time, the borrower won’t have to make any EMI payments. This is to give them time to get back on their feet and find a new job. As soon as you get a new job and can pay your bills, you’ll be able to start making payments on your mortgage again. But before agreeing to your request for a grace period, the lender may use the Navi Home Loan EMI Calculator to see how your EMI might change when you start making payments again after a break. This is because interest may still be charged during the break, which could make your EMI go up. Go ahead and get rid of investments that don’t make much money. When home loan borrowers lose their jobs and can’t pay their EMIs, one of the first and most important things they can do is find their fixed-income assets that aren’t being used for important financial goals. Most of the time, but not always, their long-term returns are lower than those of other asset classes, like stocks. Also, the interest rates on such investments tend to be much lower than the interest rates on home loans. So, selling these fixed-income investments can help you if you are having trouble paying your large home loan EMIs and, more importantly, can help you avoid a possible home loan default. This is because these redemptions let you get out of situations where you can’t pay back your big EMIs. Also, when you cash in your low-yield investments to pay your EMIs, don’t forget to use the Navi Home Loan EMI Calculator to figure out how much you still owe on your loan based on how long you have left on it. So, you can figure out how much of your investment fund to use to pay off the loan until your income goes back to normal. If you can change your lender. Homebuyers who are having trouble making their monthly payments (EMIs) on their current Navi Home Loan may find that switching and transferring their balance to a new lender is a good way to make their EMI payments easier. First, use the Navi Home Loan EMI Calculator to see how much your EMI is likely to change. Then, before choosing a lender, it is best to compare a number of possible lenders using criteria like applicable interest rates, the length of time for which the loan can be taken out, any processing fees that may apply, and so on. So, by now, you must be pretty clear about how you can handle your housing loan repayment if a sudden job loss or loss of pay arises, which has been a common occurrence ever since the economies around the world have been coping with the pandemic and recession fears. #money\ 0 comment 0 FacebookTwitterPinterestEmail Uneeb Khan Uneeb Khan CEO at blogili.com. Have 4 years of experience in the websites field. 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