PNB Housing Finance Limited Offers EMI Moratorium till Aug 2020

Following RBI’s guidelines on extending the window of moratorium on loan repayments in wake of ongoing COVID 19 situation, the PNB Housing Finance Limited has offered three months repayment deferment offer till August 31, 2020 to its customers.

Thus, all PNB Housing Customers who choose to avail of moratorium extension benefit can skip their payments towards EMIs/Pre EMIs for period between June to August 2020. According the repayment schedule will be extended by another three months, informed the NBFC.

In its notification to customers, the PNB Housing finance highlighted that moratorium is not a waiver of interest. By opting for this repayment holiday, customers’ loan outstanding and EMI amount will increase. Thus, as far as possible customers should pay out their EMIs. The NBFC has requested customers to clearly understand the cost of Moratorium before making the decision.

Read PNB housing finance Moratorium FAQs here:

✅ What is Moratorium?

A Moratorium is a loan holiday, i.e., the duration of loan where you do not make any instalment to the lender. 

✅ What is PNB HFL COVID 19 relief moratorium?

Under COVID-19 relief package PNB HFL is offering customers an option to opt for Moratorium of 6 months. During this period, you need not make any instalment, and there will be no late payment or cibil downgrading for the same. However, the interest will continue to accrue at the contracted rate. The accrued interest will be payable after the end of the moratorium period.

✅ Is this waiver or deferment of EMIs?

A moratorium is essentially delay of payments. It is not a waiver, and customers are liable to pay the EMIs as well as accumulated interest later on.

✅ What is the process to opt for COVID 19 Moratorium?

To opt for Moratorium, you are required to request the same. You can apply through the following modes:

1. Website link
   https://www.pnbhousing.com/covid-19-moratorium-regulatory-package-rbi/
2. Shortcode SMS 
   In response to communication received on your registered mobile.
3. Email

✅ Is there any last day to apply for Moratorium?

No. You can apply as per your convenience, up till the last day i.e., 31^st Aug 2020.

✅ Can opting for Moratorium affect my CIBIL score?

No. As Governor of RBI noted, the rescheduling of payments due to the COVID-19 Moratorium will not qualify as a default. It will also not be reported to credit bureaus. So, delaying your EMIs will have no impact on your credit score.

✅ Is it possible to apply for a home loan and opt for a Moratorium?

No. The current Moratorium relief is available only for existing loan accounts before March 1, 2020.

✅ Is Moratorium applicable on principal or interest?

The Moratorium is applicable on instalments falling due from 1.03.2020 to 31.8.2020, including:

1. Principal and/ or interest
2. Bullet repayments
3. Equated monthly instalments

✅ Which PNBHFL loans are eligible for Moratorium?

All term loans (both housing and non-housing loans) customers are eligible for Moratorium benefit. The loan EMIs outstanding as on March 1, 2020, till Aug 31, 2020, are eligible for EMI break.

✅ Can I pay in between the moratorium period?

Yes. It is a relief package. If you deem fit to repay, do so and reduce the interest.

✅ Can customers with multiple loan accounts apply for EMI break?

Yes. A customer can apply for Moratorium for multiple accounts.

You can share your queries by email: customercare@pnbhousing.com

To opt for Moratorium, communicate back to bank’s communication or opt in via website link.