It’s like a dream comes true to own a house. Among them are those who have been lucky enough to purchase their homes and now they are even considering about renovation. Whether to buy or to renovate, a lack of finance can become a real hindrance. However, several home loan schemes are available with the financial institutions including the banks.
Normally, there is always a high demands for home loans. But when it comes to be committed to the monthly loan or credit repayment, it is a real nightmare for some, the reasons can be unemployment, financial crisis, and divorce amongst others… these unpredicted mishaps can halt or curb the repayment capacity. But there is always a solution, we have some advices that may come to your help if ever you find yourself in such situations.
The Development Director of the Banque des Mascareignes, Ingrid Létimier explained that not all the loan cases are similarly treated; they are considered according to their level of difficulties. The customer service and the client advisory committee ensure that all the client’s queries are answered and they are even advised based on their conditions in cases of obstacles. It’s the initial step. An arrangement can be established between the bank and the client based on the client’s principles and assurance. Ingrid Létimier quoted: “We do not wish to mortgage any property; it’s not the goal of the bank as assumed by many people. Having a committed client with a good repayment capacity is what we look for, if ever there is an emergency that arise, together we can find an appropriate solution.”
It may happen that a client has to settle his/her monthly credit repayment with some delays, in this case, it is better that the bank is informed beforehand. It is strongly advised not to have an unpaid repayment. If this happens, a letter with all the rules of the bank will be sent to the client for notification that he should be in contact with the bank as soon as possible.
In real phase of difficulties, each client is privileged to have a personal attention, hence a peculiar solution. As a most common approach, the bank can propose the applicant to have a payment rescheduling, each bank has their own established procedures for credit or debt repayment.
Note that it is mandatory for all the clients wishing to be entitled with a home loan to apply for a life insurance, this will ensure that the spouse of the latter will not be indebted in case of death of the applicant. If there exist an insurance for employment termination, it is not as important as such, but the client can inquire about the modalities with his/her insurance officer.
It is obvious that the client will be in a great dilemma if the latter doesn’t pay the monthly credit. It’s in vain if they wish to consider this as a solution.
We would genuinely advise them to contact their respective bank if they are facing any crisis, it will work to offer them with the best solutions during their needy time.
