A home loan repayment holiday is exactly what it sounds like: taking a little break from making repayments on your home loan.
This can be arranged with your lender, who may allow for granted periods of up to 12 months. Deferring your mortgage payments can help you avoid mortgage default and give your family some much-needed stability during uncertain economic times. However, it’s important to understand that you could end up paying higher repayments and/or more interest on your mortgage in the long run.
Let me break it down for you.. watch the below video:
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