Can you just stop paying your home loan if you think you should not have bought that property in Mauritius ?
Suppose you took a home loan to purchase a plot a land, and a couple of months later, you decide that you should not have bought that land. Can you just stop paying for the loan and let the bank seize the property? Are there any other serious consequences to it?
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There is no minimum term or contract involved.
I'm not sure of the legal side of things but you could always try and sell it to get your money back to cover the loan. Surely that's better than being blacklisted?
Yes you can sell that property and this way you will easily repay the loan and at the same time you will not have any legal problem.
When getting a loan, you are legally bound to a contract which lays out the terms and conditions and you need to repay it in full (plus interest) to fulfil your responsibilities. Therefore, you cannot stop paying the mortgage, otherwise the land might be seized and you will be sued so that the lender can get their money back from you.
Before making any major purchase, you need to sit down and think carefully about the commitments.
What if the land being some problem and the bank didn't discover it, I think you surely have to stop paying the loan