Indiabulls waives off penalty fees for Chennai home loan borrowers

MUMBAI: India's second-largest private mortgage lender Indiabulls Housing Finance has offered a relief to Chennai flood victims as the company has decided to waive off the penalty fees for delay in home loan repayments for November.

This applies to equated monthly installments or EMIs for its home loan customers, impacted by the natural calamity in Chennai that disrupted normal life destroying properties and left people homeless.

"The initiative is for the benefit of our fellow citizens who are facing great difficulty in Chennai," said Gagan Banga, vice chairman and managing director at Indiabulls Housing Finance. "We would be working with customer groups and exploring more ways to support the effected people.”

The company has also exempted the processing fee for home improvement loans to affected customers.

The benefits will be valid only for all loan applications submitted on or before December 31, 2015.