What does loan deferral mean?
For those who are choosing to have loans and mortgages deferred please read carefully the following release from Scotia Bank
“According to the bank during the time you defer your mortgage payments, interest will continue to accrue on the outstanding balance of the mortgage starting on the date of acceptance into the financial relief programme and will be payable at a later date during the loan term.”
You will pay the additional interest at a later date. I. The present circumstances of job loss and revenue loss deferral might not be avoidable. However it is at a cost. Many persons do not understand this.
Suruj Rambachan MPShare on Facebook