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Q.

What is moratorium period?

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3 Year

Comment

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0 2022-03-30T17:11:24+00:00

Availing a housing loan to buy your dream house is a big financial step. However, it isn’t always a feasible option to start repaying the loan almost immediately considering your other monetary responsibilities. Plus, you may want to defer your housing loan repayment if you have to deal with a construction-related delay. In such circumstances, you can take advantage of the moratorium period on your housing loan allowed by your lender.

What is Moratorium Period

A moratorium period is a time period when the borrower does not have to pay the housing loan EMIs. This means that you don’t have to begin repaying your housing loan as soon as you get the loan. Instead, you can take an EMI holiday and start making EMI payments after a break.

For example:

Considering the temporary financial hardship caused by the coronavirus pandemic, the RBI on 27-03-2020, said every lending institution, including every housing finance company and bank, will have to give their borrowers a 3-month moratorium on term loans. The moratorium was for making payment of all installments falling due between 01-03-2020 and 31-05-2020. As per the RBI, the deferred installments under the moratorium would consists of these payments falling due between the mentioned period:

  1. a) principal or/and interest components

  2. b) EMIs

  3. c) credit card dues

  4. d) bullet repayments

Advantages of a moratorium period

Having a moratorium period at the beginning of your housing loan offers you enough time to plan your finances well. During this period, you can plan your expenses and income to consider your housing loan EMIs. You can use this period to make payments for other house-related expenses like brokerage, registration charges, and such as stamp duty, etc.

Read more:

What is moratorium in banking?

What is loan moratorium?

How to pay the EMI after the RBI loan moratorium ends?

What is the RBI’s moratorium on loan EMIs?

I hope now you know what is moratorium period.

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