News
SBI offers repayment relief for home loans


State Bank of India will provide relief to home and retail loan borrowers impacted by COVID-19 in the form of either a moratorium of up to 24 months or by rescheduling installments and extending the tenure by a period equivalent to the moratorium granted.
The moratorium period can be extended by a maximum of two years, the country’s largest lender said, setting the tone for other banks.
In line with RBI’s one-time relief, the scheme is available to borrowers who had availed of a home loan before March 1, 2020, and was regular in repayments until the COVID-19 lockdown.
But the borrowers will have to demonstrate that their income has been hit because of the pandemic.“For the purpose of restructuring, the bank will depend entirely on the customer’s assessment of when they expect their income to be normalized or to get employed,” said CS Shetty, Managing Director, SBI, while announcing the scheme.
The country’s largest lender has been the first to roll out a protocol for restructuring loans of retail borrowers who were affected by COVID-19.
-
News1 week ago
Prateek Group Demands High-Level Inquiry Against Another Developer for Illegal Diversion, Blockage of Drainage Path
-
Guest Column1 week ago
War’s Effects on Indian Real Estate When Conflict Meets Concrete
-
News2 weeks ago
DLF’s 116-Acre Integrated Township Takes Shape in Gurugram
-
News4 weeks ago
Exploring the Surge in Luxury Residential Demand Along Dwarka Expressway
-
News3 weeks ago
Spectrum@Metro Mall Conducts Mock Drill as Part of Emergency Response Readiness
-
News2 weeks ago
Rishab Rikhiram Sharma’s Sitar at Omaxe New Chandigarh, Downtown, Moves Audience
-
News4 weeks ago
Manish Jain Takes the Helm as New President of CREDAI Pune Metro
-
Guest Column3 weeks ago
Yamuna Expressway: Catalysing Growth in Noida and Greater Noida’s Real Estate Landscape