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COVID 19-Payment Moratorium Policy

EMI Moratorium

EMI Moratorium

Background and Objective

The outbreak of Covid-19 pandemic has caused a major disruption to economic activities across all the sectors and industries .The government has been forced to impose a lockdown to control the spread of the virus and the resultant restrictions on the movement of people and goods have brought about a nearly complete halt to all the business activities. The cascading effect of all this is that the cash-flow and earnings may have been badly impacted, causing a constraint to some of our borrowers in their ability to service the loans availed by them.

Taking timely notice of this situation and its adverse impact on people having loans and the EMIs, the Reserve Bank of India has y come out with a relief package to mitigate the burden of debt servicing brought about by disruptions on account of COVID-19 pandemic and to ensure the continuity of viable businesses.

The Reserve Bank Of India through its circular dated March 27, 2020 and bearing number RBI/2019-20/ 186 DOR.No.BP.BC.47/21.04.048/2019-20 (“RBI COVID-19 Circular”)has announced certain measures to bring immediate relief to the loan borrowers,.

Board of Directors of Indiabulls Housing Finance Ltd (IHFL) has approved the moratorium policy as explained below

Eligible Borrowers

This policy shall be applicable to all term loans and/or working capital facilities outstanding as on March 1, 2020

Key highlights of policy

  • The moratorium / deferment of repayment shall be applicable for EMI/PEMI due between 1st Mar 2020 to 30th May 2020 i.e max 3 EMI’s.
  • Interest shall continue to accrue during the moratorium period and the borrower will be liable to pay this accrued interest as per fresh amortisation drawn by IHFL.
  • This interest recovery can be done either by extending the balance term or by increasing the EMI or both as feasible to IHFL.
  • In case of any working capital facility, the accumulated accrued interest shall be payable by the borrower(s) immediately after the completion of the moratorium period.
  • Such deferments will not be considered as a default or delay in payment and shall not adversely impact the credit history of the borrower.
  • Customers willing to avail the moratorium, should send a request for the deferment to the company.

Process to apply and approve moratorium

  • Borrower will have to apply for EMI/PEMI moratorium through appropriate mode
  • IHFL will review the application/request of moratorium which shall be offered to the eligible borrowers keeping in view, inter alia, the credit & risk parameters of the borrower and any other related factors.

This policy shall be subject to, and read with, the RBI COVID-19 Circular and/or the other Applicable Laws.

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