FREQUENTLY ASKED QUESTIONS - RESOLUTION 2.0

The Reserve Bank of India (RBI), on 27th March 2020 and 23rd May 2020, announced various regulatory measures to mitigate the burden of debt servicing brought about by the disruptions on account of the spread of the COVID-19 virus. Please read the FAQs below to understand how it impacts your loan.

RBI has permitted various financial institutions including JM Financial Home Loans Ltd JMFHLL to grant moratorium of up to three months on payment of all instalments (EMI/Pre-EMI) falling due between March 1, 2020 and May 31, 2020 for all term loans. Hence, JMFHLL will not be raising any instalment demand and borrowers will not be required to make any payment during this period. Further, in view of the extension of lockdown and continuing disruption on account of COVID-19, the financial institutions have been permitted to extend the moratorium period by another three months i.e. from June 1, 2020 to August 31, 2020.

Moratorium will be applicable to all Borrowers with an outstanding ‘term loan’, which includes both home loan or loan against property.

If you wish to avail the moratorium, you will have to send an e-mail request at services.homeloans@jmfl.com before your payment due-date. No communication will be construed as your consent to pay your regular instalment.

No. The moratorium offered is just a deferment of payment to help the borrowers tide over the current financial stress. Please note that the interest will continue to accrue even in the moratorium period on the principal outstanding at the prevailing rate of interest.

The accrued interest will be added to the principal outstanding at the end of the moratorium period. The residual tenure of the loan will be increased by the number of months the moratorium was granted. For example, if residual tenure as on March 01, 2020 was 100 months and the moratorium granted was six months, then the residual tenure as on September 01, 2020 will still be 100 months thus effectively increasing the overall tenure by six months. EMI will then be re-calculated based on residual tenure and principal outstanding plus accrued interest. In certain cases, the residual tenure of the loan can be increased by more than six months also if the customer wants his/her EMI to remain constant.

If you have sufficient cash flow to service your instalment, you should continue to pay your instalment as usual. Please note that moratorium is not an interest free period. Opting for moratorium will result in increase in your outstanding loan amount as accrued interest will be added to the principal outstanding.

No. Grant of moratorium till May 31, 2020 does not guarantee extension of moratorium till August 30, 2020. If you want to avail the moratorium beyond May 31, 2020, you will have to make a fresh request by sending an email to services.homeloans@jmfl.com.

Borrowers who have already paid the instalment for the month of March, 2020 shall be granted moratorium on payment of instalment for the months of April and May, 2020 only. There will be no refund or extension of moratorium beyond May 31, 2020.

If you do not want to avail the moratorium and want to pay your regular instalment, then you do not need to do anything. We will assume that all customers who have not opted for moratorium through an email request want to pay their regular instalment. We will therefore debit your EMI on your due date.

Yes. We will offer moratorium extension for one month at a time. For example, you will be initially granted moratorium for the month of June 2020 only. In case you want to opt out of moratorium in the month of July 2020 and start paying your instalments, you can do so. However, if you want to extend the moratorium in July as well, you will have to send a fresh email request to us.

No late payment charges or penal interest will be charged for non-payment of instalment during the moratorium period. However, in case you have opted out of the moratorium facility, any delay or non-payment will attract usual late payment charges and penal interest.

No. There will be no adverse impact on your credit score on account of non-payment during the moratorium period. However, in case you have opted out of the moratorium facility i.e. chosen to continue paying EMIs in April and May, any delay or non-payment will impact your score.

You could write to services.homeloans@jmfl.com or call the Customer Service number: 080 6993 5050

Stay indoors, stay safe, be a responsible citizen.

CORPORATE ADDRESS

JM Financial Home Loans Limited, 3rd Floor Suashish IT Park, Plot No 68E, Off Datta Pada Road, Borivali East, Mumbai - 400066

REGISTERED ADDRESS

JM Financial Home Loans Limited, 7th Floor, Cnergy, Appasaheb Marathe Marg, Prabhadevi, Mumbai - 400025

CIN

U65999MH2016PLC288534

IRDAI Corporate Agent (Composite) Regn Code

CA0991

(Valid till 05-Nov-2027)

080 6993 5050

services.homeloans@jmfl.com

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What exactly is the regulatory measure announced by the RBI?

Will I eligible for the moratorium?

What do I need to do to avail the moratorium?

Is the moratorium an interest free period?

What will happen after moratorium period ends?

I have the cash flow to pay my installment. Should I opt for the moratorium?

I was already granted moratorium till may 31, 2020. Will I get the moratorium extension automatically?

If I have already paid the installment due in march 2020, Will I eligible for a refund or an extended moratorium beyond may 31, 2020?

What if I do not want to defer my installments? How do I opt out of the moratorium facility?

Can I change my stance of opting out of the moratorium after a month or vice versa?

Will there be any charges for non-payment of installment?

Does non-payment of installment during moratorium period affect my credit score?

If I still have doubts whom do I contact?

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