Two years back I borrowed a loan of Rs. 45 lakhs (from SBI Max Gain OD account) for a property costing Rs. 64 lakhs. All my EMIs have been paid on time. Due to temporary financial constraint, I am looking for moratorium facility. Please tell me the process and the maximum moratorium period allowed.
Moratorium facility is usually not allowed in between of your running loan. If you are finding yourself little pressed financially, then you can request your bank for extension in loan term. This will reduce your EMI and you can probably meet your payment deadline without default.