Let me tell you if can we stop home loan EMI for few months. Yes, by choosing a moratorium or restructure, you can ask for a brief suspension of your EMI payments. Interest may still accrue during this time, though, as it is contingent on the policies and consent of your lender. I have shared more details below.
Can I Stop My Home Loan EMI For Few Months?
Borrowers can ask for a moratorium in the event of an emergency, such as a natural disaster, illness, or loss of employment. For example, to alleviate the financial burden during the COVID-19 pandemic, the Reserve Bank of India (RBI) implemented a six-month moratorium on EMIs. However, these policies are subject to RBI regulations and might not always be accessible.- If you experience ongoing financial troubles, you can also ask for debt restructuring. This procedure entails changing the loan terms, including extending the period or temporarily lowering the EMIs.
- Although restructuring provides relief, the longer loan period results in a higher total amount of interest required.
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Can We Stop Home Loan EMI For Few Months?
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2024-12-26T19:50:34+00:00 2024-12-26T19:50:35+00:00Comment
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