Indiabulls Housing Finance Ltd Extends Moratorium Relief till Aug 2020
In cognizance with the Reserve Bank of India’s decision to extend COVID 19 Moratorium relief to borrowers, Indiabulls Housing Finance Ltd (IHFL) has extended the benefit of Moratorium to its customers until August 31, 2020. The IHFL’s repayment relief is now offered for a total of six months, i.e. from March 2020 to August 2020.
The Board of Directors has approved the revised moratorium policy and shared the details on its website. Here are the highlights of updated guidelines for COVID deferment Policy.
- Originally the Moratorium was available to all term loans as well as working capital facilities that were due from March 1, 2020 up till May 2020. After the extension the benefit is extended for EMIs or PEMIs falling due between June 1, 2020 to August 31, 2020.
- The Interest will continue to accrue during the moratorium period.
- The borrowers are required to pay the capitalised interest liability. A fresh amortisation will be drawn by IHFL.
- For Term Loans, this additional interest can be paid out either by extending the residual loan term or by stretching out the EMI size or both. As for working capital facilities, the accumulated interest will be due after the moratorium period.
- The moratorium of repayments will not impact the status of loan accounts. For, it will not be considered as a delay in payment. There will be no impact on credit history.
In order to avail of the moratorium benefit, customers are required to send a request to the company. This is applicable for all, irrespective of the fact if they opted for Moratorium previously or not.
The lender will review the application and accepted on case basis.
Apply for EMI Moratorium here: https://www.indiabullshomeloans.com/contact-us/emi-deferment-request-new
Withdraw from Moratorium here: https://www.indiabullshomeloans.com/contact-us/emi-deferment-withdrawal
Frequently Asked Questions (FAQs)
✅ How do I apply for Moratorium at IHFL?
To apply for India Bulls Moratorium on Home Loans, you are required to share your Loan Account number here: https://www.indiabullshomeloans.com/contact-us/emi-deferment-request-new and verify the account. It is simple, one-step process.
✅ Can I apply for Moratorium by sending email or contacting Indiabulls staff?
No. The lender has requested customers to raise requests through online link only. Requests received from other channels will not be considered.
✅ Will I get automatically registered for Moratorium?
No. Each customer is required to send an online request through Indiabulls website only. No customer will be registered automatically for EMI payment relief.
✅ Are any documents required for Moratorium?
No documents are required for COVID Moratorium. However, a fresh NACH mandate may be required.
✅ Is there any deadline to apply for Moratorium?`
You are required to apply for Moratorium at least 7 days before the EMI due date.
✅ I have multiple accounts? Can I make single request for all LANs?
No. Separate requests need to be made for each account through the link provided above.
✅ Can I withdraw from Indiabulls Home Loan Moratorium?
Yes. You can withdraw by filling up Withdraw Form here: https://www.indiabullshomeloans.com/contact-us/emi-deferment-withdrawal
✅ When do I need to pay accrued interest?
After the expiry of the Moratorium period, i.e. August 31, 2020, the accrued interest will be payable as per new repayment/ amortisation document. There will be no change in Terms and Conditions of the Loan Account due to Moratorium.
✅ Will all 6 EMIs be payable in September?
No. The residual tenure will be increased according to the additional liability. You will be required to pay one revised EMI only.
✅ Can I request for refund for March, April & May EMIs?
No. You can not apply for refund. Though you can apply for Deferment of EMIs for June, July and August 2020.
✅ How will EMI deferment impact my CIBIL score?
The COVID 19 Moratorium relief will not impact your CIBIL score.
✅ Are there any charges for overdue during Moratorium Period?
No overdue charges are applicable to eligible customers, between March 1 to August 31, 2020 for missing their repayments.