How can you avoid defaulting on home loan EMIs? – CRN

By: Pramod Khaturia, Founder and CEO, Easiloan

Home loans play a vital role in achieving your dream of owning a home. However, being able to continue enjoying every moment in your home depends on paying EMIs on time. Many people find it difficult to pay for their IMEs in the event of an emergency, such as job loss or medical issues. Failure to pay EMIs on time can mark you as a defaulter and affect your credit score. So, to ensure your happiness doesn’t stop, we’ve highlighted some strategies to avoid an EMI default and maintain your creditworthiness.

Plan your investment carefully before taking out a home loan

It is wise to consider all the details regarding your income and expenses before applying for a home loan. This will give you an idea of ​​your monthly expenses and help you determine how much loan you can afford. You can then design a home budget and apply for a home loan based on this information. You could start investing your excess profits in a high-yield option to make repayment easier. This will provide you with financial security in an emergency, allowing you to make your EMI payments on time.

Opt for the early repayment of the loan

A prepayment is the payment of an EMI before the due date. Making frequent prepayments can go a long way to lowering the overall interest on your loan and allowing you to pay off the home loan faster. Therefore, it is preferable to make a prepayment whenever possible. You can use additional funds as they help reduce your EMI burden.

Consider the Loan Refinance Option

In case interest rates have increased and you cannot afford the increased EMI. It’s best to talk to your bank about restructuring or refinancing your home loan. They can help you by extending the term of the loan, which will lower your monthly payment. Choosing to refinance will make you pay more money; it’s better than losing possession of your dream home.

Choose a lender with affordable interest rates

Home loan interest rates may differ from lender to lender. So do your homework and evaluate all your possibilities. Also, when looking for a home lender, look for one that has a low interest rate. Understand the distinction between fixed and variable interest rates and choose the one that best suits your needs. You can take advantage of the online home loan EMI calculator to calculate your possible EMIs and compare your options until you get the one that meets your needs.


You should carefully consider your finances before applying for a loan and during its repayment. Managing your home loan in a planned way can save you from financial difficulties. Also, the methods mentioned above will help you avoid defaulting or delaying your NDEs. Also use the digital lending platform to compare and choose the right lender that offers pre-approved home loans with easy terms and a competitive interest rate.