HDFC Bank Home loan restructuring is announced under the Resolution Framework of the Reserve Bank of India. This Resolution Framework was first announced during the first wave of the pandemic and the second resolution was announced during the second wave of the pandemic in 2021. 

Under this RF, the lenders could restructure the loans of their borrowers to provide them with financial in the tough times of the COVID pandemic. The relief under HDFC home loan restructuring is provided in the form of loan moratorium, reduction of interest rate, etc. Few highlights of the home loan restructuring of HDFC Bank are given below.

Eligibility 

The eligibility for home loan restructuring under the RF 2.0 is,

  • The loan accounts have to be classified as standard as of 31st March 2021.
  • The financial condition of the borrower should have been impacted adversely due to the pandemic. 
  • The borrower has to submit the application for restructuring in the required format along with the necessary documents that support the eligibility and loss of income. The lender will verify all the parameters to check if the applicant can get the benefits of home loan restructuring. 

Additional points to consider 

Some of the additional points to be considered are mentioned below.

  • The maximum tenure of home loan restructuring is 2 years
  • The applicable fees for home loan restructuring are Rs. 5,000.
  • NRIs are also included under the home loan restructuring.
  • The last date for submitting the home loan restructuring application is 25th September 2021.

Additional Reading: Explain Hdfc Personal Loan Restructuring For Covid 19

Final Thoughts 

HDFC Bank is the topmost private sector bank in the country and provides home loan restructuring options to eligible borrowers. The home loan restructuring provides the loan moratorium for a maximum period of 2 years or in the form of reduced interest rate, loan waiver, etc. depending on the profile of the borrower and the guidelines of the bank.