APPLY FOR MORATORIUM

Pursuant to RBI Covid-19 regulatory package, you may apply for moratorium of you HDB Loan repayment.

In case your request for moratorium is approved, the instalment and payments due on your HDB loan for the month of June-Aug 2020 will be postponed and the applicable interest on the amount outstanding will continue to accrue during the period of moratorium.

 

Click here to apply for EMI Moratorium 2.0

 

Please Note:

• At present you can apply for Moratorium for the month of August 2020 only and this application can be made before August 15, 2020.
• You need to submit your moratorium request at least 2 days before EMI due date.

 

MORATORIUM CALCULATOR

Now you can download our Moratorium Calculator Excelsheet. You can use it to calculate the additional amount payable if you opt for the EMI Moratorium.

It is very simple to use, just edit the information in the yellow cells as per your loan and you will instantly get results.

 

Moratorium Calculator

FAQs

English हिन्दी मराठी ગુજરાતી தமிழ் తెలుగు

Frequently asked questions on COVID 19- regulatory package offered by RBI

 

What is the relief RBI has provided under COVID 19- regulatory package?

• RBI has permitted NBFCs to grant a moratorium of up to three months on payment of Instalments falling due between June 1, 2020 and August 31, 2020. (Round 2 of Moratorium)
• During this period, NBFCs are permitted to defer collections of Instalments due between June 1, 2020 and August 31, 2020.
• Accordingly, the residual tenor of the loan (repayment schedule) will be extended.

 

What is meant by a moratorium on term loan?

• A moratorium is a ’postponement’. It is a temporary deferral for payment of the Instalments during the moratorium period.
• For example, in case the instalment falls due on June 1st, 2020, and the lender has granted a moratorium till 31^st August 2020, then the revised due date for repayment shall be September 1st, 2020

 

Is HDB offering Moratorium to its borrowers?

• HDB is offering moratorium to its borrowers with consistent loan repayment track record.
• To become eligible for a moratorium,
  • Your loan should be booked on or before March 31, 2020
  • You should have consistent loan repayment track record
  • You should have no more than one EMIs overdue in any of their loans as of February 29, 2020.
  • Remaining tenure of loan should be greater than 12 months
  • Balance loan outstanding greater than 1 Lac (as on May 31, 2020)
  • You should be able to demonstrate disruption in cash flow due to the pandemic / lock-down

 

For which months’ EMI can I request a moratorium?

• Currently, you can apply for a moratorium for your instalment due in June 2020.
• If you wish to avail a moratorium for July and August 2020, you need to re-apply after June 25th, 2020 by visiting our website.

 

I have a cash flow problem due to the lockdown. How do I place a request for Moratorium?

Click here to raise a request for Moratorium.

1. Please login and authenticate yourself
2. Answer 4-simple questions
3. Agree with the Terms & Conditions and submit the request
4. We will inform if you request has been accepted or rejected

In case you DO NOT opt for a moratorium by responding on the website or your moratorium request is rejected, your loan instalments will continue to be debited every month as per existing process.

 

When can I place a request for Moratorium?

• All the requests received 2 working days before EMI due date (not later than by 15th of the month) would be offered EMI moratorium for that month if the request is approved.
• If EMI is debited before the requested date and your moratorium request is approved, we shall refund the EMI amount to your account within seven working days.

 

I have availed moratorium during the period “March 2020 to May 2020” (Round 1 of Moratorium).  Will my old request continue to hold in this round?

• If you wish to avail moratorium from June to August 2020, you will have to place moratorium request once again for each month.

 

Is it advisable to avail the moratorium? What should I do if I have adequate funds for repayment of my loan?

• We advise you to take the benefit under this package only if there is a disruption in your cash flow due to the pandemic / lock-down.
• You must take into account that the interest on the loan continues to accrue in your account and results in higher costs.
• For example, if you have a Personal Loan (Loan Amount – 5 Lac / 36-month tenor) with principal outstanding of Rs 4,79,000/- as on March 1, 2020, additional interest of Rs 25,000/- will be added to your outstanding at the end of the moratorium.

 

Will I be given moratorium for all my active loans with HDB or do I have to give separate request for each loan account?

• If you are eligible for a moratorium, you will be offered a moratorium on all your active loans with HDB.
• You must provide confirmation that you are ready to bear the cost of applicable interest for the period of moratorium

 

Will I be required to submit any documents, fresh NACH debit mandate?

• You may need to furnish fresh NACH debit mandate as may be required by the company
• The Company will advise you in this regard after checking your existing ACH request

 

Will my EMIs get debited from my bank account during the moratorium period?

• If your request for moratorium is accepted, we shall, on a best effort basis, defer banking the instalment, subject to the receipt of moratorium request 2 days before the EMI due date.
• For others, Instalments would get processed as per repayment schedule

 

What will happen to the accounts which are delinquent/ in default/overdue as on March 1, 2020?

• The Instalments / other amounts overdue on or before March 1, 2020, will have to be paid in order to avoid penal charges, down-gradation of account and slippage in credit rating.