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Lending institutions give up to 90% of the project cost as home renovation loans. These loans are obtained for repairs or expansion of an existing property. Because buying a home does not necessarily mean purchasing a new plot or a newly constructed house. You can go in for an already existing one.
The Covid-19 pandemic saw various relief measures being approved by the RBI to ease the financial burdens of individual borrowers. These measures were then implemented by banks and other financial institutions to reach each and every eligible borrower.
Though loan restructuring and refinancing may sound similar, they are two different processes that are often mistaken as the same. In this article, we explain the similarities and differences between these two processes, so you can take the right decision for your loans.
The success of loan restructuring is primarily dependent on how creatively the lenders can implement it. It is also to be seen how well the economic activities restart and consumer demand jumps back to pre-COVID levels.
The State Bank of India (SBI) recently launched an exclusive online portal for retail borrowers to restructure their ongoing loans. It aims to provide additional relief to borrowers during these trying times. This is as a result of the financial impact resulting from the novel coronavirus pandemic.
The Coronavirus pandemic has caused major financial distress among borrowers. In such extraordinary times, banks such as ICICI Bank continue to stand by their customers and offer help to those impacted by this pandemic.
The COVID pandemic has affected the lives of people in more ways than one. As part of the relief measures for borrowers, RBI announced a loan restructuring scheme on August 6, 2020. The primary objective of the central bank is to ease the financial stress due to the COVID -19 pandemic.
The RBI recently announced that it would allow a one-time restructuring of loans across all sectors. This move has been hailed as a much-needed lifeline for borrowers struggling to repay their EMIs due to the economic fallout of the Covid-19 pandemic.
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