Home/Finance/Home Loan/I've a home loan of 50 lakhs at 9% for 20 years? I've not availed the moratorium offered by the bank due to Covid distress. Do you think I should skip EMIs, how will it impact my repayment schedule?
Q.
I've a home loan of 50 lakhs at 9% for 20 years? I've not availed the moratorium offered by the bank due to Covid distress. Do you think I should skip EMIs, how will it impact my repayment schedule?
Hello,
A few months ago, in the month of March, the Reserve Bank of India had announced that you can opt for home loan EMI moratorium. This decision was taken due to the current pandemic situation. Three options were provided to the customers:
Option A: The borrower can make a one-time payment in June of the interest that accrues in April and May.
Option B: The interest is added to the outstanding loan. This will increase the EMI for the remaining months.
Option C: The EMI can be kept unchanged but the loan tenure will be extended. The number of additional EMIs will be based on the age of the loan.
This relaxation was later extended till 31st August 2020 so that people could benefit from it. There are several unconfirmed reports of the extension of this moratorium. However, there has been no official announcement by the RBI as of now.
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I've a home loan of 50 lakhs at 9% for 20 years? I've not availed the moratorium offered by the bank due to Covid distress. Do you think I should skip EMIs, how will it impact my repayment schedule?
Ganesan
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September 3, 2020
2020-09-03T13:07:25+00:00 2020-11-11T18:37:08+00:00Comment
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Home Loan
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