Three-month home loan EMI waiver hailed by realty sector; what they said

EMI Payment Waiver: Realtors have welcomed the RBI's decision of a 3-month moratorium on the term loan EMI payments. 

Three-month home loan EMI waiver hailed by realty sector; what they said

EMI Payment Waiver: The Indian real estate players have welcomed the Reserve Bank of India's (RBI's) decision of a 3-month moratorium on the term loan EMI payments. They are of the opinion that the decision will provide relaxation to the home loan borrowers and the Repo Rate cut would make the home loan further cheaper. They also said that the Repo Rate cut would lead to the lowering of the home loan EMI and all these things are expected to bring the real estate sector out of the Coronavirus impact.

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Speaking on the home loan EMI Farshid Cooper, MD, Spenta Corporation said, "The 3-month moratorium on the EMI’s is set to be a big relief for borrowers and they can also safeguard their credit score."  He added that the revised repo rate of 4.40 per cent will benefit a large segment of business and taxpayers.

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Terming the RBI move a bold step Shishir Baijal, Chairman & Managing Director, Knight Frank India said, "The apex bank has checked all the required boxes of the rate cut, liquidity infusion and moratorium. The moratorium of 3 months for all term loans and deferment of interest on working capital by 3 months will be very helpful at this point when most businesses are unable to have a steady cash flow."

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Dhruv Agarwala, Group CEO, Housing.com, Makaan.com and Proptiger.com said, "This will go a long way in reducing the massive pain being felt in all parts of the economy and especially in the rate-sensitive real estate sector. By reducing repo rates by 75 basis points, reducing reverse repo by 90 bps, infusing funds to the tune of 3.74 lakh crore in the banking system via various measures and by announcing a moratorium of 3-months on all term loans including home loans the RBI has shown its decisive intent to mitigate what could have been a severe economic fallout of the coronavirus pandemic." 

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Navin Chandani, CEO, CRIF High Mark said, "The three-months moratorium on installments payment of loans outstanding on March 1, 2020, comes as a great relief for borrowers. RBI also stated that credit history will not be impacted, as the deferment would not be categorised as defaults. We are optimistic that this will address the concerns of the borrowers and help maintain healthy credit scores and financial stability."

Written By: Asit Manohar
Edited By: Harish Dugh
Updated: Fri, Mar 27, 2020
03:16 PM IST
New Delhi, ZeeBiz WebDesk
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