NHHFDL EMI/PEMI Moratorium policy in view of COVID-19 Pandemic

In order to ensure the continuity of viable businesses, RBI issued notification number DOR.No.BP.BC.47 / 21.04.048 / 2019-20 dated 27th March 2020 announcing regulatory measures to mitigate the burden of debt servicing brought about by disruptions on account of COVID-19 pandemic. For terms loans (including agricultural term loans, retail and crop loans), RBI permitted, all commercial banks, co-operative banks, all-India Financial Institutions, and NBFCs (including housing finance companies) (“lending institutions”) to grant a moratorium of three months on payment of all installments falling due between March 1, 2020 and May 31, 2020. However interest shall continue to accrue on the outstanding portion of the term loans during the moratorium period. Accordingly in line with the above referred notification and in respect loans outstanding as at 1st March 2020, New Habitat Housing Finance And Development Limited propose to provide the borrowers an option to avail the moratorium for the EMI falling due between 1st March’ 2020 to 31st May’ 2020.

Kindly do check below on details of the EMI/PEMI moratorium package and also guidance on how you can avail the EMI/PEMI moratorium.

1. What is the EMI/PEMI moratorium provided for HL/LAP loans under this policy?

RBI has permitted all Indian Banks / Indian Financial Institutions/NBFC/HFCs to offer its customers up to 3 months moratorium on their EMI/PEMI payments falling due between Mar 1st, 2020 to May 31st, 2020 in view of the current COVID-19 pandemic. However please note that this is not any waiver of installment instead this is only a deferment of installment to help customers tide over the current cash flow situation. Interest on the loan shall continue to accrue during the moratorium period and shall be recovered either by increasing the tenure/EMI or both after the end of the moratorium period.

2. Who is eligible?

All NHHFDL customers whose EMI/PEMI falling due between March’20 to May’20 are eligible. However the borrowers whose accounts are declared NPA as on 29th February’ 2020 shall not be considered for moratorium under this policy.

3. What will happen if I choose the EMI/PEMI Moratorium?

If you choose EMI/PEMI moratorium,

-NHHFDL will not ask for any EMI/PEMI Payment till May 31st 2020.

-Interest will continue to accrue on the principal outstanding for the period of the moratorium at the contracted rate of interest. 

–   The interest accrued during the moratorium period shall be added in the principal amount at the end of the moratorium. Accordingly the number of EMI/PEMI payable shall also increased corresponding to the months of moratorium availed by the customers. Also EMI/PEMI amount shall increase as per new amortization schedule.

–For example, if a customer is having loan outstanding of Rs 18,49,988/- & balance tenure (balance EMI payable) of 188 months on 1st March’ 2020 and he/she opt for the March, April & May’ 2020 moratorium , his/her total tenure (Number of EMI payable) from 1st June’ 2020 shall increased to 191 months. Also his EMI amount shall increased from Rs 25621 to 26459/-

4. If I do not want the EMI/PEMI moratorium, what should I do?

If you do not want the EMI/PEMI moratorium, no further action is required from your side. We will continue to bank your repayment instructions.

We encourage customers with adequate funds to continue paying during this period to avoid the extra interest charges and tenor extension.

5. Why was my account debited when the RBI has announced a moratorium?

Opting for the Moratorium is entirely the customers’ choice. We understand that all our customers may not opt for the Moratorium given that there is an additional levy of interest payable under the terms of the Moratorium.

6. What charges will I pay, if I avail of this EMI/PEMI moratorium?

If you avail the EMI/PEMI moratorium, there will be a levy of interest at the contracted rate of the loan for the period of EMI/PEMI moratorium on the loan outstanding. Such interest will be collected by extending the original tenor, EMI/PEMI amount or both as per example given above in point number 3.

7. How do I get this EMI/PEMI moratorium?

You will have to provide your consent to NHHFDL through mail at info@newhabitat.in or send a scan copy of the application through WhatsApp as per draft application available on our website. You can send the scan the scan copy of the request on WhatsApp number 9810370618

8. I have more than one loan from NHHFDL. Can I get EMI/PEMI moratorium for both the loans?

Yes, you can opt for EMI/PEMI moratorium for each loan that you have availed from us. Please remember that additional interest for the EMI/PEMI moratorium period will be applicable for each loan separately.

9. Does the moratorium affect my Credit Rating?

No. Opting for the EMI/PEMI moratorium will not affect your Credit Rating or Score.


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