Introduction 

Dewan Housing Finance Limited (DHFL) is one of the key players in the housing loan market in India. It has been offering affordable housing loans to its customers for many decades now. Operating across different towns and cities in India, DHFL offers a wide range of products for individuals associated with the retail housing segment.

Initially, the DHFL had announced a three-month moratorium on payments falling due between March 2020 to May 2020 for eligible customers. The decision comes on the outlines of RBI's guidelines for granting EMI deferment to customers to ease their financial burden caused due to COVID-19 induced lockdown in the county.

Since the Coronavirus pandemic is still far from over, the RBI governor recently further extended the EMI moratorium by 3 months till 31st August 2020. With this extension, borrowers would now get a six-month EMI holiday for dues falling between 1st March 2020, and 31st August 2020. Various banks have announced details of the EMI moratorium on their websites. Here is a look at the details of DHFL’s moratorium on loan EMIs and credit card dues.

COVID Relief Package Offered by DHFL

The DHFL Moratorium on your loan repayments will be available for all dues falling due between the 1st March 2020, to 31st August, 2020. There is no late payment charge or penal charges for missing EMIs during the moratorium period. 

How to apply for EMI moratorium at DHFL? 

Here is how you can opt for the moratorium facility.

  • Visit the website of DHFL and navigate to the EMI moratorium section. Choose the option: “I would like to opt for Moratorium” or “I would not like to opt for Moratorium” as per your preferences. 

  • SMS: Respond to the SMS received on your registered mobile number.

  • E-mail: Respond to the email received from DHFL on your registered email id. 

Once you opt for Moratorium, the residual tenure will be extended for the same number of months. The interest will continue to accrue on outstanding loan as per the loan contract. 

After the completion of moratorium period, the borrower will be liable to pay the unpaid EMIs and accrued interest based on the revised schedule. No penal interest charge or cheque bounce charge will be applicable for this period. The moratorium will not be reported to any of the Credit Bureaus and thus will not impact your credit history.

Interest Charges During Moratorium

As per DHFL policy announcement on the moratorium, interest will continue to accrue on the outstanding amount of loan during the moratorium period, on including instalments for which moratorium is activated at the same rate as contracted for your loan account and you shall be liable to pay the instalment and accrued interest as per your revised schedule on your loan. 

Opting-in for Moratorium

  • Customers who have already opted in for the moratorium March 2020 to May 2020 were given an option to opt-out by 5th June 2020.

  • Existing deemed moratorium customers where the mode of payment of instalments is through cash or NPDC, would be given an option to opt-out by 5th June 2020.

How to check DHFL home loan status?

If you have opted for one, here are the proper steps for checking your DHFL home loan status without any hassle:

  • To check your DHFL home loan status go to the DHFL website and access the ‘DHFL Loan Tracker’ page.

  • Choose whether you want to search by ‘Application Number’ or ‘Lead ID’

  • As per option selected, provide details

  • Provide your Date of Birth

  • Click on the ‘Submit’ button to get the details

  • Post the submission process, the website would redirect you to a page revealing your current loan status.

  • Toll-Free Number: A customer can contact DHFL using their toll-free phone number between 9 am and 6 pm during six days a week, that is, Monday-Saturday. The number is 1800 3000 1919.

How to manage DHFL home loans?

To take a home loan from DHFL, there is a step-by-step procedure that needs to be followed. Starting from eligibility check to making the final paperwork, there is a systematic order that is involved. Below mentioned are the primary steps that would help you avail DHFL home loan quickly. 

Here are important points around eligibility for home loan at DHFL:

  • In the first phase of the home loan process, the DHFL representatives would help to determine the repayment ability through the analysis of your income and the information mentioned in the application form. Based on the details provided, the DHFL credit team would mention the amount for which you are eligible.

  • After the loan amount is stated, the DHFL representatives would work to manage an in-depth credit check to evaluate the credit history. This is needed to check the creditworthiness of the individual. Always make sure to grab a copy of the credit report right before you submit it for a loan. This can help to resolve future disputes related to your application.

Guidelines for Customers who opted for Moratorium for March 2020 to May 2020

  1. Customers using Cash / NPDC for repayments:

    1. Will be offered a choice to “Opt-out.”

    2. Those who do not opt-out or do not respond to lender’s communication and have an unpaid account for the last 3 months, will be automatically opted in for extended moratorium.

  2. Customers who have auto-debit instructions such as PDC, ECS, NACH, SI, or Direct Debit

    1. The instruction will be presented.

    2. In case of payment bounce, will be opted in for moratorium.

Guidelines for Customers who Chose to Opt-out of Moratorium, March 2020 to May 2020:

  1. Customers who use Auto debit instruction like PDC, ECS, NACH, SI or Direct Debit

    1. The instruction will be presented.

    2. In case of payment bounce, will be opted in for moratorium.

  2. Other ‘Opted-out’ customers

    1. In case of failure in serving EMIs will be opted in for moratorium

End Note

If you opt for COVID 19 Moratorium on your term loan, a new repayment schedule will be shared by DHFL. The interest will continue to accrue on the unpaid amount, and customers are liable to pay this after the moratorium period. None of these Moratorium benefits is available for overdue before 1st March 2020. 

To avail of the benefit of the COVID 19 repayment deferment scheme, pay previous dues. Thus, to avail of the EMI deferment benefits, the account should be marked as a standard account.