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MOur credit card and home loan is with the same bank. Our loan EMI is paid every month and that is clear. However, our credit card payments have not been paid for the last three months and their blackmailing us that if you do not pay minimum balance for both credit cards then home loan will also be class as NPA after which they start recovery by selling the house.
We haven’t got any notices except for Statement of Account to pay and WhatsApp messages or calls.
I’m planning to pay minimum balance of one card but won’t be able to pay for the 2nd one which will continue to keep my accounts in NPA as per bank representative.
Please can someone help what options do I have in this scenario?
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WYes if one loan goes bad with a bank and even if the remaining loans are good, they classify all the loans to be bad this is RBI regulation. banker is trying to keep all your accounts good so he is worst case scenario of selling the house to recover the CC dues
possible solutions are
1.Please ask the bank to restructure the home loan, to reduce your emi amount and increase the tenure, the remaining amount can be paid to the CC.
2. try to obtain a overdraft loan in your existing homeloan banks offer this facility, if they offer close your CC
3. IF you have gold mortgage it, and close you CC.
4.MF/Equity etc sell it off and close your CC.
5. Take some money from friends and family who are ready to help you to close the CC and REPAY them back.
I guess you are using the CC to the maximum limits. please reduce it and limit the utilizationthe charges on CC are always on the higher side upwards on 36% plus the non payment penalties, overdue interest, etc so kindly pay your CC bills without any fail.
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