Friends, today the expenses of a person have become so much that his income has started falling short, then he takes a loan to fulfill his needs, be it a car loan, home loan, bike loan etc., we take steps towards home loan to build our house, but sometimes such situations arise in life, when we are unable to repay the installment, in such a situation can the bank snatch away our house, know what RBI's rule says-

RBI's support for struggling borrowers

To prevent borrowers from falling into default and reduce financial stress, RBI has given several guidelines for loan restructuring:

Loan Restructuring Options:

If a borrower is unable to pay their EMI, they can request the bank to restructure their loan. This means that the loan terms – including the EMI amount and repayment period – can be modified.

Flexible EMI adjustments:

For example, if your monthly EMI is ₹50,000 and you are unable to manage this amount, you can restructure the loan to reduce the EMI

Avoiding loan default:

Restructuring helps borrowers avoid becoming loan defaulters, which protects their CIBIL score and overall credit health.

Why it is important to maintain a good credit score

If you don’t repay your loans, your credit history and CIBIL score are affected.

A poor credit score can limit your access to future loans, credit cards and even impact employment in some sectors.