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COVID 19 – Moratorium

COVID-19 - Moratorium on Repayments of Term Loans

Dear Customers,
On account of COVID-19 pandemic, the Reserve Bank of India (RBI) has issued COVID-19- Regulatory Package through its notification - RBI/2019-20/186 DOR.No.BP.BC.47/21.04.048/2019-20 dated March 27, 2020. In this regard, lending institutions including housing finance companies have been permitted to grant a moratorium of three months on payment of all instalments falling due between March 1, 2020 and May 31, 2020.Pursuant to the COVID-19- Regulatory Package Ummeed Housing Finance Pvt Ltd is offering its customers an option to continue to make payment towards their loan or opt for moratorium/deferment of PEMI and EMI up to 31st May, 2020.

Customers can avail the moratorium of up to three months for payment of their EMIs/Pre EMIs due between March 1st and May 31st, 2020.This moratorium/deferment is only a temporary postponement of the payment of EMI/PEMI up to 31st May 2020

Interest on your outstanding loan balance will continue to accrue as per the rate specified on your loan contract during the moratorium period.The interest levied on the outstanding loan amount (during the moratorium period) will result in an increase of the loan tenure or an increase in the amount of existing EMI or will be taken as a bullet payment in the last installment.

To opt for the moratorium, customers can communicate to Ummeed Housing Finance by using any of the following options:

  • Mail us at customercare@ummeedhfc.com, mentioning your loan account no & contact no.
  • Call us at our customer service number (18002 126 127 or 8287991991) & record the preference through IVR.

We look forward to extending our full support during these difficult times. Please feel free to contact us via email or call for any further assistance Stay Safe, Stay Home. Together We Stand To Win

FAQ’s

Q1. What is moratorium?

Given the current COVID 19 crises, RBI has asked lending institutions to grant a moratorium of three months on payment of all instalments falling due between March 1, 2020 and May 31, 2020. Hence Moratorium is a period of 3 months wherein the borrower is not required to make repayment till 31stMay’2020. The interest, at the applicable interest rate, shall continue to accrue on the outstanding portion of the loan during the moratorium period.

Q2. Is this a waiver of EMI/PEMI?

No, this not a waiver of EMI/PEMI but only a deferment/Postponement of the EMI/PEMI.

Q3. Will the moratorium be applicable on principal repayment, interest repayment or both?

The moratorium will be applicable to both principal & interest components i.e. the moratorium is applicable on loans in which customers are paying either EMIs or PEMI. However the interest, at the applicable interest rate, shall continue to accrue on the outstanding portion of the loan during the moratorium period.

Q4.Will you present my EMI/PEMI for the month of April’20 & May’20?

Your EMI/PEMI will be presented through NACH/PDC for payment on the due date unless you specifically make a request for opting the moratorium.

Q5. Do I have an option to continue paying EMI/PEMIs as per the schedule during the moratorium period?

Moratorium is an option provided by Ummeed Housing Finance to its customers who are facing a financial difficulty or a liquidity crunch during this unprecedented situation. However customers who wish to carry on with the payment of their EMI/PEMIs as per their original schedule can do so.

Q6. How can I opt for moratorium?

You can opt for moratorium by either sending us a at customercare@ummeedhfc.com, (mentioning your loan account no & contact no) or Call us at our customer service number (18002 126 127 or 8287991991) & record the preference through IVR.

Q7. What will be the effect on my credit score, in case I opt for moratorium?

Your credit score will not be affected if you avail the moratorium period.

Q8. Should I avail the moratorium facility or keep on paying my EMI/PEMI as usual?

You should avail the facility of moratorium if your income is affected due to the COVID 19 crisis & and you have no ability to pay your EMI otherwise please keep on paying your EMI/PEMI on a timely basis. Paying your EMI/PEMI on timely basis will result in no additional interest charges.

Q9. At what rate will I be charged interest during the moratorium period?

The interest will be charged as per the applicable interest rate on your loan.

Q.10 What happens if I have already paid the March instalment?

In that case the applicable moratorium period will be for the remaining 2 months (April’20 & May’20).

Moratorium Policy - COVID 19