Do we need to pay EMI for this month?
If you opt for the moratorium extension, you need not pay the EMIs for 6 months i.e. March, April, May, June, July and August. However, this does not mean that the six months’ EMIs have been waived. It is only a grace period.
What happens if one month EMI is not paid?
The most obvious consequence of defaulting on loan payments is a decrease in your credit score. Most lending agencies require borrowers to have a CIBIL score of 750 or more to be eligible to apply for a loan. Missing even 1 EMI payment can result in the borrower’s credit score dropping by 50 to 70 points.
Can husband get mortgage on Wife property?
Yes, husband can claim ownership of property bought in wife’s name provided the funds used for buying the property is from known sources and legal.
Can moratorium be extended till December?
If you opted for a moratorium in 2020, you will be eligible to get a new moratorium under which your remaining tenure can be extended up to a total of 2 years including the period utilised in the first moratorium.
Can RBI’s restructuring facility include a moratorium on bank dues?
However, whether the restructuring facility allowed by the RBI could include a moratorium, would be at the banks’ discretion. The move by the RBI came over a month after a plea was filed in the Supreme Court, seeking a moratorium of six months on the repayment of bank dues owing to the second wave of COVID-19.
What is the new EMI restructuring option by RBI?
Earlier, the Reserve Bank of India proposed to provide restructuring options for the pandemic-afflicted borrowers, instead of a new version of the EMI moratorium. The restructuring 2.0 option is available to individuals and small businesses who had availed of the restructuring earlier too.
Will there be an EMI moratorium in September 2021?
There are predictions of that happening in the month of September 2021. Earlier, the Reserve Bank of India proposed to provide restructuring options for the pandemic-afflicted borrowers, instead of a new version of the EMI moratorium.