In the month of March, the RBI had announced that home loan borrowers can opt for a moratorium on EMIs for three months. This was later extended up to 31st August. However, the economy and people’s income due to the current COVID-19 situation hasn’t still improved.
Hence, to lend a helping hand to such home loan borrowers may be further benefited by EMI deferment from their banks as part of a loan restructuring after 31st August. According to a report, many banks including SBI, are constantly striving towards the restructuring of the home loans. It also mentions that the overall tenure of the loan cannot be extended by more than 2 years even after relaxing the repayment schedule.
However, it is not quite sure when this will come in to action and you will also have to look if your bank will provide this facility.
Your Feedback Matters! How was this Answer?
Thanks ,We got your reaction
Shifting, House?
✔
Lowest Price Quote✔
Safe Relocation✔
Professional Labour✔
Timely Pickup & Delivery
Intercity Shifting-Upto 25% Off
Check Prices
Intracity Shifting-Upto 25% Off
Check Prices
City Tempo-Upto 50% Off
Book Now
Can i ask my bank to lower my home loan interest rate in covid situation?
Vinay
358 Views
1
5 Year
2020-09-11T11:36:28+00:00 2020-09-11T11:36:28+00:00Comment
Share