Has the Reserve Bank of India given 3 months's time on really paying EMI...?

If seen, it could have been a matter of relief, after the lockdown such a demand was also being made.

But really you have got 3 months' time to pay EMI...?

What do you mean? Didn't the RBI say about the 3-month deferment on repayment of EMI...?

This moratorium (moratorium) does not provide any relief to the outstanding payment cycle of your EMI. On Friday morning, RBI Governor Shashikant Das Ji announced a cut in the repo rate. It was at that time that he spoke about the EMI Moratorium. It is a matter of relief that if you take this moratorium then you will not be informed as a defaulter.

Banks have the right to allow a moratorium of three months, but there is no obligation. The bank may also allow it. This would include home loans, personal loans, car loans, educational loans, etc. - Anything that has a fixed duration. Interest will continue to be received. Meaning, you will pay interest on the outstanding loan.

Why can't banks pay interest? When it is not said about EMI, it is called a moratorium (moratorium). It is not about giving you an interest free period, but it is to help cash flow. Further, if the bank is to waive the interest, it will not pay any interest on its deposits. But it is not acceptable for us not to take any interest on our fixed deposits (FD). Therefore, you should not have any unilateral argument - therefore banks will not forgive interest.

>Example

Imagine that a home loan of 30 Lakhs is run for a period of 20 years at an interest rate of 7.5%, with an EMI of around 24,000

You have to pay the first installment in April, but you choose to take the moratorium. This means, on the principal of 30 Lakhs, you will get interest of up to 21 thousand at the interest rate of 7.5%. That is, by the end of April, your loan amount will be 30 lakh 21 thousand.

If you do not pay even in the month of May, then at the end of the month of May, your total outstanding balance will be around 30 lakh 42 thousand and after three months your new principal will be around 30 lakh 43 thousand.

Due to any payment in three months, there is an additional 63 thousand in Akapek principal amount. So either you have to increase the EMI, or after three months, you can pay this rupee, you can pay 73 thousand to the bank and start back from 30 Lakhs.