Chennai rains: DHFL and other banks waive off penalty on EMI delay

In view of difficulties faced by people of flood-hit Chennai, many financial institutions, including DHFL, have decided not to impose any penalty on the city's customers for delay in EMI payments.

"We understand the current difficulties that our customers would be facing and would like to extend our support to the families by assuring them on the housing finance front," DHFL CEO Harshil Mehta said.

Yesterday, major players like SBI, ICICI Bank, HDFC Bank and Axis Bank announced similar measure for their Chennai customers.

SBI has announced waiving off penalty for late payment or no payment of EMI for November and December for home, car and and personal loans.

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

As part of effort to restore normalcy, the Finance Ministry asked all banks to restore banking services in affected areas as early as possible and provide ATM and other services to the people round the clock.

All the banks in flood affected areas are open today and will also work for extended business hours.

Even RBI today will facilitate banks in their cash based transactions for their customers and also support cash availability for banks from the currency chest.