The outbreak of Coronavirus has influenced the entire world. The lockdown phase has created disturbances by swaying the cash flows, which makes regular loan payments challenging for many. Even the six months moratorium on repayments of loans also ended on 31st August, and now everyone waits for the second extension or other repayment strategies from the finance minister. Meanwhile, many have lost their jobs or going through reduced salaries and delayed salaries. In this segment, Annuj Goel Pune has come up with a few suggestions to help the borrowers and the ones who are interested in buying new properties in Pune during this period:
- You can ask the bank or finance company to reduce the interest rates with a nominal conversion fee. It will bring interest rates to reduced levels.
- In the next step, you can ask the banks to move from the limited cost-based loan valuation to the repo rate-linked lending rate to ensure that whenever the RBI hits the repo rate you will be able to avail the benefit. Annuj Goel says, be wise and do not jump to your fixed deposits, instead, use it for restitution of your loan.
- Contact the lenders if you are at risk of missing the EMIs- In case you are dealing with a situation that results in setbacks in auto loans, personal loans, home loans, etc. just talk with the lender and explain to them the circumstances. At this time, everyone is aware of the hardships, so the moneylenders can help with some kind of accommodation. It may include temporary delays, avoiding interest charges, longer terms, etc.
- Connect with a credit counsel- Goel Ganga Development owners say that during this crisis we all need guidance. All you need to do is find a genuine adviser with whom you can discuss the financial situation, employment status, expenses, and future goals without any hesitation. They can help in combating the ways to adjust the expenses and assist in sorting the problems.
- Changing the lender can bring relief- Yes, you can change the lender mid-loan. You can find a new bank or lender who offers lower interest rates or willing to extend the repayment tenure. To the fact, changing a lender is easy and convenient.
- Decide longer repayment tenures- With the extended repayment security you will be asked to pay more interest, but the EMIs will come down. Meanwhile, you can request the lender to extend the tenure of repayment.
All in all, Annuj Goel Pune recommends to choose the bank carefully and go through the loan eligibility criteria offered by the lenders on the extension, repayment, and financing. Additionally, he advises being careful of scammers. During this time scams are increasing as they are taking advantage of consumers who are in distress. With adequate planning and smartness, you can apply for a home loan or avail the benefits of reduced housing loan EMIs and keep the savings secured for emergencies.
