The Government of India has announced the scheme for grant of ex-gratia payment of difference between compound interest and simple interest for six months to borrowers in specified loan accounts (01-03-2020 to 31-08-2020) on 23-10-2020, which mandates ex-gratia payment to certain categories of borrowers by way of crediting the difference between simple interest and compound interest for the period between 01-03-2020 to31-08-2020 by respective lending institutions.
RBI vide its guidelines dated 26-10-2020 has advised all lending institutions to be guided by the provisions of the scheme and take necessary action within the stipulated timeline.
In accordance with the said guidelines, Shubham is taking necessary steps to provide the benefit to the borrowers under this scheme.
Frequently Asked Questions
The Banks/Lending institution will provide ex-gratia payment to the borrower account of the difference between compound interest and simple interest on loan accounts for the period from 01-03-2020 to 31-08-2020 (6 months/184 days).
The main features of this scheme are
Individual lending institutions will finalize the list of eligible borrowers for the relief based on the guidelines.
No. The ex-gratia relief will be credited to the loan account of all eligible borrowers.
The amount of the differential interest will be credited into the loan account by 5-11-2020.
In case of any complaints or grievances regarding ex-gratia interest relief, Shubham requests the borrower to make an entry in the complaint register maintained at the Branch and ask the Branch Manager to provide a Complaint Number for the same. Shubham will revert/ resolve the complaint within 7 working days of receipt of the same. The resolution of the complaint will be communicated to the borrower in writing or at the Branch.
If the borrower does not receive any response for the complaint/query within 7 working days, he/she can call us at the toll free number 18002582225 or send an email to email@example.com or write to:
Office of the CEO
Shubham Housing Development Finance Company Limited
Shubham House - 425, Jwala Mill Road,
Udyog Vihar-IV, Gurgaon, Haryana-122015
In case the complaint has not been resolved to the satisfaction of borrower, he/she can also approach the Complaint Redressal Cell of National Housing Bank by lodging his complaint in online mode at the link https://grids.nhbonline.org.in or in offline mode or by post, in prescribed format available at link https://nhb.org.in/citizencharter/Complaint_form.pdf