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Old 1st April 2020, 17:36   #61
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Default Re: Covid-19: RBI allows 3 month EMI holiday, lowers interest rates & more

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Originally Posted by 14000rpm View Post
Layman's question - can anyone tell me what the default option at ICICI for opting in or out? I am having trouble with their site and I don't want to avail it.

I have keyed in my phone number and PAN but haven't submitted. Not sure if submitting means opting-in.
From what I have understood from the communication received - The link allows you to specify your option - OptIn or OptOut after you put in your details. However, if you do not do anything by default things will stay the way they are there. So your regular EMI will continue and there will be no change in your account.
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Old 1st April 2020, 18:45   #62
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Default Re: Covid-19: RBI allows 3 month EMI holiday, lowers interest rates & more

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Originally Posted by sunilch View Post
So your regular EMI will continue and there will be no change in your account.
Thanks. Thats how I'd rather leave it.
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Old 2nd April 2020, 17:08   #63
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Default Re: Covid-19: RBI allows 3 month EMI holiday, lowers interest rates & more

Got this from SBI Credit Cards division today.

Covid-19: RBI allows 3 month EMI holiday, lowers interest rates & more-screenshot_20200402_131903_com.android.mms.jpg
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Old 2nd April 2020, 18:24   #64
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Quote:
Originally Posted by sunilch View Post
From what I have understood from the communication received - The link allows you to specify your option - OptIn or OptOut after you put in your details. However, if you do not do anything by default things will stay the way they are there. So your regular EMI will continue and there will be no change in your account.
My ICICI home loan EMI was due yesterday. Has not been debited so far. I haven't opted for the moratorium. Maybe they are giving us time to specify our option.
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Old 2nd April 2020, 18:26   #65
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Default Re: Covid-19: RBI allows 3 month EMI holiday, lowers interest rates & more

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Originally Posted by civic-sense View Post
My ICICI home loan EMI was due yesterday. Has not been debited so far. I haven't opted for the moratorium. Maybe they are giving us time to specify our option.
Yesterday I can understand but ideally it should have got deducted today. Yesterday was Annual Bank Closing and many things were not allowed. Perhaps you should call up and clarify, if you don't want to opt-in.
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Old 2nd April 2020, 19:56   #66
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Default Re: Covid-19: RBI allows 3 month EMI holiday, lowers interest rates & more

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Originally Posted by varunswnt View Post
This is daylight robbery. Look at the money that needs to be paid if you defer, is this called relief by any chance?

Relief would have been, 3 months EMI not to be paid, your EMI tenure will extended by 3 months, no change in anything, just 3 months more duration.
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Old 5th April 2020, 09:56   #67
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Default Re: Covid-19: RBI allows 3 month EMI holiday, lowers interest rates & more

Ms Latha Venkatesh explains why we must not take the 3 month EMI mortarium if we are able to afford to make the payments.
She explains that the 3 months EMI will be added to your principal amount and either the term extended or rate of interest increased.

She also mentions at approx 3 minutes that you need to inform your bank that you are not availing the mortarium because the default option is that the bank / lending institution assumes that you are taking the mortarium. Hence you need to call up or go to the website and refuse the mortarium if you can afford to.

Do read & watch the video embedded in the article.

Quote:
If you have five years of residual EMIs, and you are paying around 50,000 per month, your repayment to the bank goes up by Rs 1 lakh.
At the end of the spectrum, if you have just begun your 20-year home loans, at Rs 50,000 per month, availing the moratorium costs you Rs 7.5 lakh.
Short point, the moratorium comes at a cost. Avail of it only if absolutely necessary.
Source Do not avail moratorium if you have the cash

Last edited by Ithaca : 5th April 2020 at 10:02.
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Old 5th April 2020, 11:33   #68
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Default Re: Covid-19: RBI allows 3 month EMI holiday, lowers interest rates & more

Here抯 an excellent tool to calculate the exact impact of the moratorium availed.

EMI_Loan_Calculator_and_Impact_assessement_v2 copy.xlsx

All you need to do is just input your loan amount, interest and balance tenor. And also the no of EMIs you抎 like to defer.

Last edited by Warwithwheels : 5th April 2020 at 11:47.
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Old 5th April 2020, 14:14   #69
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Default Covid-19: RBI allows 3 month EMI holiday, lowers interest rates & more

I have home loan with Axis bank. As per communication received, there are two categories of loans, and the default option is different for both.

From what I could understand, home loan is under second category where default option is OPT-OUT and one needs to OPT-IN to avail the moratorium. I am contemplating whether to avail or not, given that I only have few months of loan term left.

https://www.axisbank.com/avail-moratorium-on-bank-emi


Quote:
Originally Posted by Ithaca View Post
She explains that the 3 months EMI will be added to your principal amount and either the term extended or rate of interest increased.
I don't think rate of interest will increase, nor is it correct that entire EMI will be added.
If one avails moratorium, Interest will be computed on outstanding and will be added to the principal which increases the overall principal amount. After this, two things can happen:
1. Increase in loan tenure (because of moratorium period and increase in principal)
2. Increase in EMI if one wants to keep the tenure same

Copying example from Axis bank link above:
Quote:
Ms. B has a term loan of Rs. 25 lacs at 9% rate of interest p.a., EMI of Rs 22,493 for 240 months. Her Principal outstanding after 12 months as of March 31st 2020 is Rs. 24,53,182. If she avails 2 months moratorium for the months of April 2020 and May 2020, then principal outstanding from June 2020 would be Rs. 24,89,949.

Last edited by SilentEngine : 5th April 2020 at 14:27.
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