RBI allowed Banks/NBFCs/HFCs to offer three months moratorium to the borrowers in repayment of instalments falling due between 1st March 2020 and 31st May 2020.Further in view of the deteriorating situation due to COVID-19, the RBI on 22nd May 2020 allowed Banks/NBFCs/HFCs to offer moratorium to borrowers for an extended period of three months i.e. 1st June 2020 to 31st August 2020.
In line with the RBI guidelines Hero Housing Finance is also extending the relief measure to our customers who are seeking the moratorium.
1. Just like the previous COVID 19 Moratorium policy, the interest will accrue on your principal outstanding during the moratorium period
2. To avail the moratorium from June’20 to August’20 you will have to apply afresh (even if you have availed of the previous moratorium which will end on May 31st 2020)
3. Effect of moratorium will be given by extension in tenor of loan unless an EMI increase is requested by you in writing. However, where extension of tenor as a result of moratorium leads to negative amortization, the EMI would be increased.