ಹೋಮ್ ಲೋನ್‌ನಲ್ಲಿ ಮೊರಟೋರಿಯಂ ಅವಧಿಯ ಅರ್ಥವೇನು?

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.

ಮೊರಟೋರಿಯಂ ಅವಧಿಯ ಅರ್ಥವೇನು?

ಮೊರಟೋರಿಯಂ ಅವಧಿ ಎಂದರೇನು? ‘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.

ಮೊರಟೋರಿಯಂ ಅವಧಿ ಮತ್ತು ಹೋಮ್ ಲೋನ್‌ಗಳು

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!

ಮೊರಟೋರಿಯಂ ಅವಧಿ ವರ್ಸಸ್ ಗ್ರೇಸ್ ಅವಧಿ

It is easy to confuse this with a grace period. A grace period is usually an extended time given to the borrower to clear any dues. Moratorium, unlike a grace period, will accrue interest to your account and is usually offered to prevent any defaults and the possibility of the accumulation of dues.

ಮೊರಟೋರಿಯಂ ಅವಧಿಯು ನಿಮ್ಮ EMI ಮೇಲೆ ಹೇಗೆ ಪರಿಣಾಮ ಬೀರುತ್ತದೆ?

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.

ಮೇಲೆ ತಿಳಿಸಿದ ವಿಧಾನಗಳನ್ನು ನೀವು ಆಯ್ಕೆ ಮಾಡದಿದ್ದರೆ ನಿಮ್ಮ EMI ಮೇಲೆ ಪರಿಣಾಮ ಬೀರುತ್ತದೆ. ನಂತರ, ಸಂಗ್ರಹಿಸಲಾದ ಬಡ್ಡಿಯನ್ನು ನಿಮ್ಮ EMI ಅನ್ನು ಹೆಚ್ಚಿಸುವ ಮೂಲಕ ಸರಿಹೊಂದಿಸಲಾಗುತ್ತದೆ. ಈ ಸಂದರ್ಭದಲ್ಲಿ, ರಜಾದಿನದ ಅವಧಿಯಲ್ಲಿ ನೀವು ಏನನ್ನೂ ಪಾವತಿಸಬೇಕಾಗಿಲ್ಲ.

EMI ಅಥವಾ ಕಾಲಾವಧಿಯ ಮೇಲೆ ಮೊರಟೋರಿಯಂ ಅವಧಿಯ ಪರಿಣಾಮವನ್ನು ಮೌಲ್ಯಮಾಪನ ಮಾಡಲು ನಮ್ಮ ವೆಬ್‌ಸೈಟ್‌ನಲ್ಲಿ ಲಭ್ಯವಿರುವ EMI ಮೊರಟೋರಿಯಂ ಕ್ಯಾಲ್ಕುಲೇಟರ್ ಬಳಸಲು ಶಿಫಾರಸು ಮಾಡಲಾಗುತ್ತದೆ.

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!

ಇದನ್ನೂ ಓದಿ: ಲೋನ್ ಮೊರಟೋರಿಯಂ ಅವಧಿಯನ್ನು 2 ವರ್ಷಗಳವರೆಗೆ ವಿಸ್ತರಿಸಲಾಗಿದೆ: ಸರ್ಕಾರ

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.

ಇದನ್ನೂ ಓದಿ – ಹೋಮ್ ಇಕ್ವಿಟಿ ಲೋನ್ ವರ್ಸಸ್ ಅಡಮಾನ ಲೋನ್ ನಡುವಿನ ವ್ಯತ್ಯಾಸವೇನು?

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.

ಇದನ್ನೂ ಓದಿ – ಹೋಮ್ ಲೋನನ್ನು ವೇಗವಾಗಿ ಮರುಪಾವತಿಸುವುದು ಹೇಗೆ ಎಂಬುದಕ್ಕೆ 5 ಮಾರ್ಗಗಳು

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.

ಇದನ್ನೂ ಓದಿ – ಹೋಮ್ ಲೋನ್ ಡೌನ್ ಪೇಮೆಂಟ್‌ಗಾಗಿ ಪಿಎಫ್‌ನಿಂದ ವಿತ್‌ಡ್ರಾ ಮಾಡುವ ಸಾಧಕ ಮತ್ತು ಬಾಧಕಗಳು

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.

ಇದನ್ನೂ ಓದಿ – ಹೋಮ್ ಲೋನ್ ಪ್ರಕ್ರಿಯೆಯಲ್ಲಿ ಕಾನೂನು ಮತ್ತು ತಾಂತ್ರಿಕ ಪರಿಶೀಲನೆ ಎಂದರೇನು?

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.

ಇದನ್ನೂ ಓದಿ – ಆಸ್ತಿಯ ಮೇಲೆ ಸ್ಟ್ಯಾಂಪ್ ಡ್ಯೂಟಿ ವಿನಾಯಿತಿಯನ್ನು ಕ್ಲೈಮ್ ಮಾಡುವುದು ಹೇಗೆ

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.