RBI issued a moratorium period since March to\nprovide relief to loan borrowers. This moratorium period initially was for 3\nmonths and got extended for 6 months. This period ends on 31st August 2020.<\/p>\n\n\n\n
If you opted for a moratorium period, then you\nwill have to start paying your home loan EMI from 1st September onward. This is\nnot all. You will also have to repay the interest amount that has been\naccumulated in the moratorium period. <\/p>\n\n\n\n
Since this will become difficult for you, it’s\nhigh time that you start planning ways through which you can ease this burden\nand repay your home\nloan EMI<\/a>.<\/p>\n\n\n\n Ask\nyour bank to reduce interest rates:<\/strong><\/p>\n\n\n\n In the past 2 years, Banks in India have reduced the\nrepo rate by 225 basis points. Hence Home loans that were around 9% now have\ncome down to 7%. Even though this rate has come down, many customers to date\nare paying home loans at 9%. <\/p>\n\n\n\n Why must you pay your home loan at higher interest\nrates? You can now discuss it with your Bank and get your interest rate\nreduced. This will help you save a lot of interest money and you have to repay\na lower EMI.<\/p>\n\n\n\n E.g. Assume\nthat your home\nloan<\/a>\nis ongoing and you have to repay principal amount worth 30 lakhs in 180 months\n(12 years) @ 8.55% Interest rate. The EMI you will be repaying per month is\napproximately 29,600 rupees. <\/p>\n\n\n\n But if you discuss with the Bank and get your home\nloan interest rate reduced from 8.55% to 7.5%, your monthly EMI will reduce by\napprox 2,000 rupees per month. Here are 2 things you can do in such a\nsituation.<\/p>\n\n\n\n Situation\n1<\/strong>\n– You can repay your new home loan\nEMI<\/a>\nthat has become less due to interest rate shifts. This will reduce the burden\non you.<\/p>\n\n\n\n Situation\n2<\/strong>\n– You can continue repaying the old EMI amount as usual. Doing this will reduce\nyour overall home loan tenure by 21-22 months i.e. almost 2 years. Isn’t that\ngreat?<\/p>\n\n\n\n Should\nI opt for the moratorium period if it gets extended?<\/strong><\/p>\n\n\n\n As you now know, during the moratorium period, the\ninterest component is added to your principal amount. This will indeed increase\nthe burden on you later. Hence it’s highly advisable to not opt for the\nmoratorium period and try your best to clear your dues.<\/p>\n\n\n\n Is there any other solution to this problem?<\/p>\n\n\n\n Yes, loan restructuring is one famous way of\ngetting your Bank to discuss and change the terms of your loan. Here, the\nchanges will increase the loan tenure and lower your EMI amount. <\/p>\n\n\n\n If you wish to get the best deals and lowest\ninterest rates on home loans<\/a>, then Apply via\nRuloans today.<\/p>\n","protected":false},"excerpt":{"rendered":" RBI issued a moratorium period since March to provide relief […]<\/p>\n","protected":false},"author":1,"featured_media":5826,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_bbp_topic_count":0,"_bbp_reply_count":0,"_bbp_total_topic_count":0,"_bbp_total_reply_count":0,"_bbp_voice_count":0,"_bbp_anonymous_reply_count":0,"_bbp_topic_count_hidden":0,"_bbp_reply_count_hidden":0,"_bbp_forum_subforum_count":0,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-5825","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-home-loan"],"rttpg_featured_image_url":{"full":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2020\/09\/Here-how-you-can-manage-your-home-loan-after-moratorium-ends-614x414-1.jpg",614,414,false],"landscape":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2020\/09\/Here-how-you-can-manage-your-home-loan-after-moratorium-ends-614x414-1.jpg",614,414,false],"portraits":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2020\/09\/Here-how-you-can-manage-your-home-loan-after-moratorium-ends-614x414-1.jpg",614,414,false],"thumbnail":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2020\/09\/Here-how-you-can-manage-your-home-loan-after-moratorium-ends-614x414-1-150x150.jpg",150,150,true],"medium":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2020\/09\/Here-how-you-can-manage-your-home-loan-after-moratorium-ends-614x414-1-300x202.jpg",300,202,true],"large":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2020\/09\/Here-how-you-can-manage-your-home-loan-after-moratorium-ends-614x414-1.jpg",614,414,false],"1536x1536":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2020\/09\/Here-how-you-can-manage-your-home-loan-after-moratorium-ends-614x414-1.jpg",614,414,false],"2048x2048":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2020\/09\/Here-how-you-can-manage-your-home-loan-after-moratorium-ends-614x414-1.jpg",614,414,false],"blog-large":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2020\/09\/Here-how-you-can-manage-your-home-loan-after-moratorium-ends-614x414-1-614x272.jpg",614,272,true],"blog-medium":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2020\/09\/Here-how-you-can-manage-your-home-loan-after-moratorium-ends-614x414-1-320x202.jpg",320,202,true],"recent-posts":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2020\/09\/Here-how-you-can-manage-your-home-loan-after-moratorium-ends-614x414-1.jpg",614,414,false],"recent-works-thumbnail":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2020\/09\/Here-how-you-can-manage-your-home-loan-after-moratorium-ends-614x414-1-66x66.jpg",66,66,true],"fusion-200":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2020\/09\/Here-how-you-can-manage-your-home-loan-after-moratorium-ends-614x414-1-200x135.jpg",200,135,true],"fusion-400":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2020\/09\/Here-how-you-can-manage-your-home-loan-after-moratorium-ends-614x414-1-400x270.jpg",400,270,true],"fusion-600":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2020\/09\/Here-how-you-can-manage-your-home-loan-after-moratorium-ends-614x414-1-600x405.jpg",600,405,true],"fusion-800":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2020\/09\/Here-how-you-can-manage-your-home-loan-after-moratorium-ends-614x414-1.jpg",614,414,false],"fusion-1200":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2020\/09\/Here-how-you-can-manage-your-home-loan-after-moratorium-ends-614x414-1.jpg",614,414,false],"portfolio-full":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2020\/09\/Here-how-you-can-manage-your-home-loan-after-moratorium-ends-614x414-1-614x400.jpg",614,400,true],"portfolio-one":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2020\/09\/Here-how-you-can-manage-your-home-loan-after-moratorium-ends-614x414-1-540x272.jpg",540,272,true],"portfolio-two":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2020\/09\/Here-how-you-can-manage-your-home-loan-after-moratorium-ends-614x414-1-460x295.jpg",460,295,true],"portfolio-three":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2020\/09\/Here-how-you-can-manage-your-home-loan-after-moratorium-ends-614x414-1-300x214.jpg",300,214,true],"portfolio-five":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2020\/09\/Here-how-you-can-manage-your-home-loan-after-moratorium-ends-614x414-1-177x142.jpg",177,142,true],"menu-24x24":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2020\/09\/Here-how-you-can-manage-your-home-loan-after-moratorium-ends-614x414-1.jpg",24,16,false],"menu-36x36":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2020\/09\/Here-how-you-can-manage-your-home-loan-after-moratorium-ends-614x414-1.jpg",36,24,false],"menu-48x48":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2020\/09\/Here-how-you-can-manage-your-home-loan-after-moratorium-ends-614x414-1.jpg",48,32,false],"web-stories-poster-portrait":["https:\/\/www.rulo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Loan<\/a>","rttpg_excerpt":"RBI issued a moratorium period since March to provide relief 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