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What to do if you have defaulted on a home loan


Synopsis
In case the bank decides to name the borrowers as defaulters, it will then send a full and final 60 days’ notice under a law called SARFESI Act. Selling the home can be a better option than auction by the lender.
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When the Choudharys bought their dream apartment with a home loan, the future looked bright. Then the pandemic hit and like many homeowners, the Choudharys are now facing financial difficulties after a job loss. Plagued by poor health and resultant high medical bills, they have been struggling to service their home loan EMIs for the past few months. Things are so bad that they wonder if they can ever repay the loan. They are not aware what happens on non-repayment of EMIs. They wonder how many missed EMIs will prompt the lender to take over the flat and throw them out. They want to know what exactly are the steps involved in the foreclosure process and what are their options in this difficult situation. So far their credit history has b ....

Financial Assets , Security Interests Act , நிதி சொத்துக்கள் , பாதுகாப்பு ஆர்வங்கள் நாடகம் ,

IBC and the 'de-stressing' of India Inc - The Hindu BusinessLine


IBC and the ‘de-stressing’ of India Inc
Key law: The IBC is a one-stop solution for resolving insolvencies×
Thanks to the bankruptcy code, distressed firms are able to better access short- and long-term debt funds
The Covid-19 pandemic has been driving corporate failures around the world, including in India. In the absence of the much-needed institutional arrangements in many developing countries, following default, a given firm’s management, capital and labour would come to a standstill, pushing it into liquidation.
A sound bankruptcy process can rapidly resolve such a default scenario resulting in more entrepreneurship, greater risk taking, and better access to debt markets. Amid lockdowns and economic shutdowns, we evaluate India’s bankruptcy law in terms of its effectiveness for financially distressed firms. ....

Queen Mary University Of London , Sick Industries , World Development Indicators , World Bank Doing Business Data , University Of Essex , Companies Act , Debt Recovery Tribunal Act , Financial Assets , Security Interests Act , Bankruptcy Code , World Bank , Doing Business Data , Corporate Insolvency Resolution Processes , Economic Survey , Queen Mary University , ராணி மேரி பல்கலைக்கழகம் ஆஃப் லண்டன் , நோய்வாய்ப்பட்டது தொழில்கள் , உலகம் வங்கி செய்து வணிக தகவல்கள் , பல்கலைக்கழகம் ஆஃப் எசெக்ஸ் , நிறுவனங்கள் நாடகம் , கடன் மீட்பு தீர்ப்பாயம் நாடகம் , நிதி சொத்துக்கள் , பாதுகாப்பு ஆர்வங்கள் நாடகம் , திவால்நிலை குறியீடு , உலகம் வங்கி , செய்து வணிக தகவல்கள் ,