Housing Development Finance Corporation Plc HDFC says customers who have taken loans from the bank must resume repaying their loan starting this month.
HDFC said the loan moratorium it approved due to the COVID-19 crisis has expired last month and hence its customers must now make the loan repayments as per the schedule.
HDFC had granted a six-month moratorium to its customers due to the COVID-19 pandemic but the deferment period expired last month.
Although HDFC went against extending the loan moratorium, both the Bank of Maldives and SDFC had announced extensions on their moratoriums.
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.