During the Corona pandemic, the RBI instructed financial institutions to offer a moratorium on all loan types to provide interim relief to borrowers.
Edelweiss home loan borrowers could avail of this moratorium offer during the stipulated period.
Customers who are eligible may request a deferral of any payments due between March 1, 2020, and August 31, 2020. From March 1, 2020 to August 31, 2020, instalments would comprise the following payments:
- Principle and/or interest
- Bullet repayments
- Equated Monthly Payments
Additional Read: Everything about RBIs Moratorium Scheme
Home loan borrowers must first go into their Edelweiss account and select the moratorium option. Edelweiss will also send this link to the eligible borrowers' registered email addresses and phone numbers, allowing them to opt-in to the moratorium.
Customers who want a deferment must sign a permission form consenting to the moratorium's terms and conditions, as well as the new repayment schedule.
Points to remember: The customer can choose to have the moratorium lifted at any moment throughout the moratorium period, for example, for all three months, solely for April and May 2020, or only for May 2020. Instalments that have already been paid will not be reimbursed. The customer will have the option to opt out of such a moratorium by submitting a request to the Company via any method of communication, such as letter or email.