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Guidance on Additional Interest Clause Post-Moratorium—Home Loan Acct
23-Apr-2025 (In Recovery Law)
I took a home loan from PNB in 2018 for 75 lakhs. In COVID, I took a moratorium. I am paying EMIs since 2023. My concern is the CLAUSE by PNB (I signed): "Additional rate of interest of 0.25% p.a. over and above the current ROI for the remaining tenure of the loan (till closure of loan account) will be charged." I am okay to pay "addl. ROI of 0.25% for the moratorium period, but why pay for full tenure? Which forum should I raise this concern? RBI or some other? Or it is waste of time? Pl. guide
Your clause, which imposes an additional 0.25% interest rate for the entire loan tenure, appears to go beyond the RBI’s framework for moratorium-related charges. The RBI did not explicitly permit banks to levy additional interest rates for the full tenure as a condition for availing the moratorium.
Through a lawyer you can send a notice to bank .
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Adv. Deepak Tiwari
Mumbai | 50+ Answers
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Well, you raise this concern with the concerned Bank from which you have taken the loan, you cannot approach RBI directly, read the clauses of your Contract properly and then act accordingly to get your problems resolved.
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Adv. Pankaj Bajaj
Mumbai | 1000+ Answers
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