With the Reserve Bank of India (RBI) allowing all commercial banks operating in the country to offer its customers a moratorium of three months for repayment of term loan, many lenders have swung into action. As per the RBI directive, banks are offering moratorium on instalments which fall between 1 March and 31 May.
Those banks which have rolled out the moratorium to its customers are informing them about it, how to go about the deferment of Equated Monthly Instalments (EMIs), the payable interest etc. in a bid to reduce the impact caused to them by the outbreak of coronavirus.
Here, we look at some pros and cons regarding home loan moratorium. Read on to know more about it.
Many lenders like State Bank of India, HDFC bank, Bank of Baroda, etc. have come forward and offered moratorium to its customers under the central’s bank relief package. While many public and private sectors are offering moratorium, experts feel that pay off the EMIs now is better in case you are able to pay it. Even the banks have stated this and urged its customers to clear the EMIs, if possible. Remember, moratorium comes at a cost. Avail it only if it is absolutely necessary.
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