Bengaluru man lost ₹1.2 crore flat after missing 3 EMIs, claims neighbour: ‘One layoff destroyed 8 years of payments’
A Bengaluru-based chartered accountant has shared the story of her neighbour, who lost his home after missing just three EMI payments. CA Meenal Goel claimed that her neighbour Rajesh lost his flat worth ₹1.20 crore after missing three EMI payments — the property was repossessed the bank and auctioned off for just ₹95 lakh. The unfortunate story, she said, serves as a cautionary tale about the importance of financial planning and having an emergency fund.A Bengaluru man was forced to give up his flat after missing 3 EMI payments, his neighbour claimed.3 missed EMIsIn a post shared on LinkedIn, Bengaluru-based CA Meenal Goel claimed that her neighbour Rajesh was laid off in October 2025. January 2026, he had missed three EMI payments.“The bank sent him a notice under something called the SARFAESI Act… Within 60 days, they auctioned his flat,” she revealed. “He bought it for ₹1.2 crore. They sold it for ₹95 lakhs.”After eight years of EMI payments, Rajesh got just ₹15 lakh back. The remaining ₹80 lakh went to the bank.One layoff destroys 8 years of work“The bank recovered their ₹80 lakh outstanding. Rajesh got ₹15 lakhs back after 8 years of payments,” said Goel.She added that the incident made her realise that one does not really own a home until the loan is fully paid off. Until then, it is merely a place that one rents from the bank.“Rajesh did everything right. Good job. Good salary. Good area. But one layoff destroyed 8 years of payments,” said Goel. She then advised homebuyers to maintain sufficient funds for an emergency and, in similar situations, come clean with the bank and try to get the loan restructured.(Also read:
