A housing loan is a type of loan with a long term and requiring regular payments. Before you start using the credit, you must determine your income and payment structure well. Otherwise, your payments may be delayed or you may not be able to make your payments completely due to some income problems. You can make your budget and credit comfortable with a payment plan that will be prepared considering various problems. However, let’s say you are paying your loan with a delay or you can no longer pay it.
Credit from Your Plus Account
If you are paying your loan on a delayed basis, you will also pay an overdue interest, excluding the loan interest. Mostly, banks open an account plus a loan amount at the opening of the loan. You can use your plus account at any time, and when your credit is delayed, the bank will withdraw your credit from the plus account. There will be no delay in your credit, but you will have paid more interest to your account than the credit interest.
Pay an Installment
Delayed loans are mostly due to irregular income or mismatch with loan installment day. In such cases, changing your credit payment plan will incur additional charges. As a solution, if possible, you can overpay one loan installment and ensure that all other installment payments do not delay. It is worth noting that you should choose your payment plan according to all aspects of your income.
You have two options when payment cannot be made
There are two ways to follow if you are unable to make credit payments due to a number of disruptions. The first is to reduce your monthly payments. You can extend your term to reduce monthly payments. To do this, you can move your credit to another bank and change your payment plan. However, you will have to impose a 2% early payment penalty to your old bank. A second solution to a loan that you can’t pay for is to sell your home unfortunately.
You can close your debt with the money from the sale. Otherwise your house will be execution and will be sold already. Since your house will be sold with low value in case of execution, the money you receive will not cover the bank’s interest or loan amount. So selling your house without execution would be the most logical choice.
When does Legal Tracking Begin?
Credit debt monitoring takes place in two different ways: administrative and legal follow-up. While administrative follow-up is carried out by banks, the Central Bank is involved in the legal follow-up process. For delays up to 90 days only interest is processed. If the debt is paid for 3 months until the expiry of this period, ”credit delay” is not applied. If the process starts, you will not be able to get a new loan or your accounts may be blocked.
90 days after the payment of the loan debt, as a legal right to the debtor is withdrawn and asked to pay the debt within 7 days. At this point, it starts in the administrative follow-up and the bank tries to form a new payment plan by contacting the consumer before transferring the work to the lawyer in case the debt is not paid again. However, if the consumer does not approach this, legal proceedings begin and the receivable can be moved to the court and even enforcement proceedings can be initiated.