Mangalore, September 3: “People who cannot repay the home loan within the time frame may have their repayment time extended,” said Bank Chairman and Managing Director H S Upendra Kamath.
Owing to the inflationary trends, the banks have been forced to increase the interest rates. This has resulted in the increased Every Month Installment (EMI) amount. Those who fail to pay the increased amount will have their EMI numbers increased, Mr. Kamath said.
He was delivering a lecture on “Micro, Small and Medium Enterprises and General Banking issues” at KCCI hall here on Friday.
Banks have been advised to take care of the customers, be it Small Medium Enterprises (SME) or home loan borrowers, he said. He however added that the restructuring of loan repayment can take place only if the bank finds the SMEs promising.
Dismissing the general perception that bankers will be happy with the hike in interest rates, Mr. Kamath sympathized with small and medium enterprises that “don't have the capacity to bear the hike or pass it on to the consumers”.
“Even salaried classes who have taken home loans may face this economic stress,” he observed.
KCCI president Latha R. Kini, vice-president Mohammed Ameen, other office-bearers including Ganesh Bhat, Rammohan Pai Maroli and Sudhir Ghate were present.
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