Chennai floods: HDFC to waive off penalty on EMI delay in November

New Delhi: With heavy rains causing havoc in Chennai, top mortgage lender HDFC has decided to waive off any penalty on its home loan customers impacted by the rains for any delay in EMI payments for last month.

"HDFC has also decided to offer Quick Home Improvement Loans to all people whose properties have been impacted by the rains. There will be no processing fees on all such loans," HDFC Ltd Managing Director Renu Sud Karnad said.

This will be valid only for all loan applications submitted on or before December 31, 2015, subject to HDFC's norms and eligibility criteria.

Torrential downpour has caused havoc and great difficulty to people in Tamil Nadu, especially in Chennai.

"Understanding the gravity of the situation, HDFC has decided to be sympathetic towards its home loan customers impacted by the rains for delay in EMI payments for the month of November 2015," HDFC said in a statement.

Separately, Reliance Life Insurance said it has asked all its agents and sales staff to call all the customers in Chennai and check for their well-being. The company has over 1.5 lakh customers there.

This is part of the 'best business practices' being brought in by Reliance Life Insurance's foreign partner Nippon Life.