Did you know?
Repayment Holiday are the period after being granted a loan during which we do not make a payment towards the loan. This period doesn’t come for free. The interest of this period is covered in overall loan repayment.
There is a subsidy that can be availed on repayment holiday time via this link.
1. To be eligible for the scheme, an applicant’s total family income should be less than ₹4.5 Lakhs per year. To prove income level, the following papers can be submitted to the bank:
- ITR
- Form 16
- Audited Accounts
- Income certificate issued by the authority of State Government
- UT Administration is acceptable under the scheme
2. Banks take up the responsibility of availing the subsidy amount from the government (Ministry of HRD) and crediting the subsidy directly to the loan account of the payee.
3. An email or letter must be written to the bank
