Housing Development Finance Corporation Plc HDFC says it has not yet made a decision on extending the loan moratoriums it had previously approved amid the difficult economical climate brought on by the COVID-19 pandemic.
Speaking to ‘The Press’ Information Officer at HDFC said as per the previous decision the loan moratoriums would expire this month and the management has not yet made a decision on extending the deferment yet.
Although HDFC is unsure of the decision to extend the moratorium both the Bank of Maldives and SME Development Finance Corporation SDFC have both decided to extend the loan moratoriums approved due to COVID-19.
Yesterday, BML said that it would extend loan moratoriums granted to its customers till November of this year.
BML said that it had made two changes to its moratorium and that one of these includes introducing a new moratorium which will cover the months of September to November.
BML said that this is only for those who are already on a moratorium and would have started repaying again during those months.
The Bank also said that it had extended the application deadline to 31st December 2020 which previously was set to expire on 30th September.
BML said that eligible customers can apply for the new moratorium online via the Bank’s portal from 8th September 2020.
Meanwhile, SDFC had said that it had decided to extend the moratorium on all loans starting from September till the end of this year as customers are finding it difficult to pay for the loans amid the economic crisis brought on by the COVID-19 pandemic.
It also said that SDFC customers can apply for the moratorium on the 7th of September and that during the moratorium interest of the loan would remain unchanged as before.
The Bank also said that it would prioritize assisting Micro-, Small and Medium-sized Enterprises (MSMEs) overcome the financial difficulties brought on them by the COVID-19 pandemic.