Friday, April 24, 2009

Banks Ease Home Loan Repayment Norms for Job-Loss Victims

Debt restructuring packages:
1) Extending the loan tenure
2) Waiver of part-interest
3) An EMI holiday

Banks are taking a considerate view on home loan repayment by job-loss victims, thereby helping borrowers retain their homes.

Although the March 31 deadline set by the Reserve Bank of India for receiving loan restructuring applications has expired, banks continue to consider such proposals from home loan borrowers.

The relief offered by banks include granting EMI holidays to borrowers faced with job losses and pay cuts.

“We are open to such restructuring proposals, including EMI holidays, even now and are mulling other options,” confirmed a senior official with a leading private bank, on condition of anonymity.
To read more, please, visit - IndianRealtyNews

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