হোম লোনে মোরাটোরিয়াম পিরিয়ডের অর্থ কী?

When you are taking out a home loan, a moratorium period is a facility that you can access. Here is everything you need to know about the moratorium period meaning in home loans.

মোরাটোরিয়াম পিরিয়ডের অর্থ কী?

মোরাটোরিয়াম পিরিয়ড কী? ‘Moratorium’ means “a state of temporary inactivity”. A moratorium period meaning is a duration usually at the beginning of your EMI repayment schedule where you don’t have to pay your monthly instalments. In essence, it is an EMI holiday period. Lending institutions usually offer this to customers availing student or home loans. For example, students are offered a one-year-long moratorium, at the beginning of their EMI repayment schedule as there may be a time gap between the completions of their course and finding employment.

মোরাটোরিয়াম পিরিয়ড এবং হোম লোন

Often, there are delays in the delivery of housing projects. In such a scenario, house buyers are forced to cope with the double burden of meeting the expenses of their present accommodation (rent) as well as with the responsibility of paying their EMIs. A moratorium is offered to home buyers to relieve them of this double burden. Additionally, they can use the home loan moratorium to plan their finances and prepare for the upcoming additional monthly expense (EMI).

Also, read – Loan for Buying Plot? Here’s All You Need to Know!

মোরাটোরিয়াম পিরিয়ড বনাম গ্রেস পিরিয়ড

গ্রেস পিরিয়ডের সাথে এটি বিভ্রান্ত করা সহজ. গ্রেস পিরিয়ড হল সাধারণত লোনগ্রহীতাকে যে কোনও বকেয়া পে করার জন্য দেওয়া একটি বর্ধিত সময়. গ্রেস পিরিয়ডের মতো মোরাটোরিয়াম আপনার অ্যাকাউন্টে সুদ জমা হবে এবং সাধারণত যে কোনও ডিফল্ট এবং বকেয়া জমা হওয়ার সম্ভাবনা প্রতিরোধ করার জন্য অফার করা হয়.

মোরাটোরিয়াম পিরিয়ড কীভাবে আপনার EMI-কে প্রভাবিত করে?

You can opt to pay the moratorium interest as it is charged, that is, during the period itself. In such a scenario, your EMI won’t be affected as you have already paid the interest. Another payment method which won’t have any impact on your EMI is by opting to pay the moratorium period- interest after the original EMI schedule. This way, your EMI would remain the same and only your tenure would increase.

আপনি যদি উপরে উল্লিখিত পদ্ধতিগুলি নির্বাচন না করেন তাহলে আপনার EMI প্রভাবিত হবে. তারপর, অর্জিত সুদ আপনার EMI বাড়ানোর মাধ্যমে অ্যাডজাস্ট করা হবে. এই ক্ষেত্রে, আপনাকে ছুটির সময়ের মধ্যে কিছু পে করতে হবে না.

এটি সুপারিশ করা হয় যে আপনি EMI বা মেয়াদের উপর মোরাটোরিয়াম পিরিয়ডের প্রভাব মূল্যায়ন করার জন্য আমাদের ওয়েবসাইটে উপলব্ধ EMI মোরাটোরিয়াম ক্যালকুলেটার ব্যবহার করুন.

You must, however, check with your lending institution and be thorough with the terms and conditions because some institutions might increase the interest rate after the holiday period to compensate for it. This usually happens with home loan sanctioned on floating interest rates.

Tata Capital has flexible terms and conditions when it comes to the moratorium period in home loan, so if you think you would plan your finances better then Tata Capital loans are the way to go! Want to learn more about the moratorium period in home loans? Download Tata Capital’s Home Loan app today!

এছাড়াও, পড়ুন: লোনের মোরাটোরিয়াম পিরিয়ড 2 বছর বাড়ানো হয়েছে: সরকার

Types of Moratorium Period in Home Loans

You can apply for different home loan moratorium types. They work as a breathing room during your tough times.

Here are some moratorium period options that can make your repayments easy:

• Emergency moratoriums: You can apply for an emergency moratorium during an economic crisis.
• Structures moratoriums: These are for project loans that involve construction phases.
• Seasonal Moratoriums: These are for seasonal businesses like agriculture.
• Voluntary moratoriums: You can negotiate for a moratorium with your lenders during your temporary difficulties. You can also choose to pay only the interests in the moratorium period and skip the principal.

এছাড়াও, পড়ুন – হোম ইক্যুইটি লোন বনাম মর্টগেজ লোনের মধ্যে পার্থক্য কী?

Interest Accrual During Moratorium Period

When you pause your loan, you must understand how moratorium interest accrual impacts your repayments. Here’s what happens with home loan interest during moratorium and the interest calculation moratorium process:

• Interest continues to accumulate on the outstanding principal during the moratorium.
• The unpaid interest may be added to the principal, increasing your loan’s total cost.
• You don’t pay EMIs during this period but expect higher EMIs later unless you extend your tenure.
• Check with your lender for the exact interest calculation method and impact on your loan.

এছাড়াও, পড়ুন – হোম লোন দ্রুত কীভাবে রিপে করবেন তার 5টি উপায়

Impact of Moratorium Period on Loan Tenure

The only moratorium impact on tenure is that it changes your repayment plan. We have put together effect of moratorium on home loan here:

• Firstly, what is moratorium period in home loan? Moratorium period meaning is to pause EMIs but interest keeps adding to principal.
• This increases the outstanding amount, often leading to loan tenure extension.
• Lenders may stretch tenure by moratorium months or more to keep EMIs affordable.
• Total interest rises due to a longer repayment period.
• You can negotiate tenure extension or higher EMIs post-moratorium.

এছাড়াও, পড়ুন – হোম লোন ডাউন পেমেন্টের জন্য পিএফ থেকে টাকা তোলার সুবিধা এবং অসুবিধা

Eligibility and Application Process for Moratorium Period

You can apply moratorium home loan once you meet the moratorium eligibility criteria. 

Here’s a simple guide on the moratorium application process for home loans:

• Typically, anyone with an active home loan can request a moratorium.
• Eligibility may require a valid reason like job loss, health issues, or financial hardship.
• Contact your lender early to confirm if you qualify for moratorium in banking benefits.
• The moratorium in banking application process usually involves submitting a formal request and supporting documents.
• Some lenders offer online forms for easy application.

Remember, moratorium in banking grants temporary relief but increases loan cost later.

এছাড়াও, পড়ুন – হোম লোন প্রক্রিয়াকরণে আইনী এবং প্রযুক্তিগত যাচাইকরণ কী?

Pros and Cons of Availing Moratorium Period

Consider moratorium advantages disadvantages carefully before applying for the same. Here are some pros cons moratorium you can keep in mind:

• Pros: Instant cash flow relief during emergencies. You can skip EMIs temporarily and buy time to stabilise finances in the moratorium period in India.

• Cons: Interest keeps accruing, raising total loan cost. May extend tenure, delaying full repayment. Hurts credit score if misused often.

One of the benefits of moratorium period in India is that it eases pressure in job loss or medical crises. Keeps the loan active without any penalties.

এছাড়াও, পড়ুন – সম্পত্তির উপর স্ট্যাম্প ডিউটি ছাড় কীভাবে ক্লেম করবেন

How to Use a Home Loan Moratorium Calculator

A moratorium calculator helps you plan smartly by showing the cost of pausing EMIs. Here’s how a home loan calculator moratorium works and helps you calculate moratorium impact.

• Enter original loan amount, interest rate, and tenure details.
• Input moratorium period in home loan months you want to take.
• The calculator shows updated EMI, loan tenure, and total interest with moratorium.
• Compare with your current repayment plan to see extra cost or extension.
• Use this data to decide if moratorium suits your finances.
• Try multiple scenarios to find the best moratorium period in India.