Legal Question in Credit and Debt Law in India

Inability to make personal loan repayments

I took 3 personal loans in addition to my home loan to buy my house because my home loan eligibility was not sufficient to cover the expense. Now, my financial situation is not favourable to make further EMI payments for the personal loans. I am continuing to pay the housing loan EMI. The personal loans repayment duration is 5 years [by EMIs]. I offered to repay the outstanding principal at the end of 5 years, but they refused to accept it. Worst case, I know I have to sell my house and I prepared to do that. But since it is my dream home, I dont want to let go so easily. I am aware that it is my moral and legal responsibility to repay all loans and I do not wish to shy away from making payments. But the truth is, I am stuck now and I need help. My question to the experts is, What are the worst legal implications and what are my ways of getting out of it? I am prepared to seek legal help and representation from an advocate.

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