DHFL Auto Opts in Customers for COVID Moratorium Relief; Make Choice before April 7
Dewan Housing Finance Corporation Ltd. (DHFL) has announced three months Moratorium on payments falling due between March 2020 to Aug. 2020 for eligible customers. The decision comes on the outlines on RBI’s guidelines for granting EMI deferment to customers so as to ease their financial burden caused due to COVID-19 induced lockdown in the county.
The NBFC is sending personal messages to customers and sharing a choice to opt out of Moratorium. Those who do not respond to the lender’s communication or misses the payment are automatically opted in for Moratorium for June, July & August 2020. The bank will continue to process the auto payment instructions.
The leading Housing Finance Company has released its policy document, eligibility criteria, Moratorium request form, and FAQs for the customers on its website.
MyMoneyMantra has compiled Moratorium 1.0 information for borrowers here in this article. For Moratorium Extension check blog: DHFL’s COVID 19 EMI Moratorium Scheme from June to August 2020
The COVID Relief Package by DHFL
The DHFL Moratorium on your loan repayments will be available for all dues falling due between the 1st of March, 2020, to 31st of August, 2020. Those who have already paid for March can avail of the Moratorium for the remaining 5 months- April, May, June, july, Aug. There is no late payment charge or penal charges for delaying under this period.
You can opt for the Moratorium in 3 ways:
- Clicking the link: https://www.dhfl.com/emi-request
Choose the option: “I would like to opt for Moratorium” or “I would not like to opt for Moratorium”
Respond as per SMS received on your registered mobile number
Respond as per message received on your registered email id
As you opt for Moratorium, the residual tenor will be extended for the same number of months.
The interest will continue to accrue on outstanding loan as per the loan contract. After the completion of Moratorium, the borrower will be liable to pay the unpaid EMIs and accrued interest on the basis of the revised schedule.
No penal interest charge or cheque bounce charge will be applicable for this period. The Moratorium will not be reported to any of the Credit Bureaus and thus will not impact your credit history.
The customer is free to choose the following options to pay for the deferred EMI and/ or interest:
(a) Immediately after the moratorium period
(b) In between the loan tenure
(c) As residual liability at the end of the loan term
The eligibility criteria:
None of these Moratorium benefits are available for overdue prior to 1st March, 2020. In order to avail of the benefit of the COVID 19 repayment deferment scheme, pay out previous dues.
Thus to avail of the EMI deferment benefits, the account should be marked as a standard account.
✅ What are all products eligible for the DHFL COVID19 Moratorium relief package?
All existing DHFL retail loans like Home loan, Mortgage Loan, and SME Loans and Project Finance Loans are eligible for this temporary Moratorium benefit.
✅ Will I get a refund if I have already paid March 2020 instalment?
No. You can opt for Moratorium for the months of April, May, June, July, Aug.
✅ A moratorium is available on what types of instalments?
All instalments involving a principal and/ or interest components, bullet repayments, and Term Loan EMIs are eligible for DHFL Moratorium.
✅ Is there any impact of Moratorium on my Credit Rating?
No. This Moratorium will not have any impact on your credit rating. However, if you have any dues prior to March 2020, it will be reported to the Credit Bureau and hurt your credit score.
✅ How can I “opt-in” or “opt-out” for the Moratorium?
To opt-in or opt-out for moratorium click on the link: https://www.dhfl.com/emi-request
The Housing company is also sending SMS and email to the customers. Make an appropriate choice on or before 7th April 2020*.
*The HFC may update the last date, as mentioned in its official media note.
All those who have not made any selection will be automatically provided the deferment of repayment, except for the Accounts where customers have provided auto-debit instructions such as NACH, SI, ECS, or PDC. Also, if any of the automatic debit instructions fails, the customer will get relief under the Covid19 package.
✅ How do I cancel request after opting for Moratorium for a month?
You cannot cancel or reverse the moratorium request.
✅ What happens to my previous overdue in the account?
This Moratorium relief is not available to overdues prior March 1, 2020. However, if the loan account is standard but has past dues, customers are requested to clear the overdue amount immediately. The account will slip into the NPA category.
✅ How to apply for Moratorium for multiple DHFL loan accounts?
If you have multiple accounts, you need to send a request for each account separately on the website. If opting in through an email, mention all account details in your message.