How does a property foreclosure work?
Due to the continuous economic upheaval in India caused by the new Corona virus outbreak, more house loan EMI payments have failed, causing banks to turn to various recovery methods. One of these is the complicated and upsetting procedure of property foreclosure, in which the bank sells the property on the open market to recoup the money owed to them by the borrower.
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What is a foreclosure on a home? The fundamental premise of foreclosure is straightforward. A foreclosure is defined by the Oxford Dictionary as "the process of taking ownership of someone's property since they have not paid it back money borrowed to buy it." If your EMI default duration exceeds six months, your house loan agreement contains a clause that provides the lender the ability to repossess and sell your home. After three missing EMI payments, banks usually start sending letters concerning property seizures. The borrower has 60 days to file an objection. If the borrower fails to do just that, the property will be repossessed and the foreclosure procedure will begin.