Missing home loan EMIs can lead to default, bank penalties, credit score decline, and property auction.
If you retire while still serving a home loan, you have a greater chance of defaulting on your loan repayment.
Create a low-priority corpus to liquidate funds for loan repayments. Ensure timely repayment of future loan EMIs to avoid bank action.
Consider selling an asset you do not currently use, such as gold jewellery or a car, etc., to buy some time for the next EMI.
Restructuring your loan terms by increasing the tenure and decreasing the EMI amount can get you relief on payments.
Getting a moratorium would give you a few months' break on EMI repayments.
You may get in touch with a financial advisor for a more specific solution.