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The Reserve Bank of India (RBI) has issued guidelines to waive 6 months loan installment and penalty for housing schemes due to Corona. Keeping this guideline in mind, Auda has decided to implement it by taking a decision in the board.

A certain penalty is levied on the installment amount for non-payment of monthly loan installment amount to the beneficiaries of EWS and Wamba housing prepared by the Ahmedabad Urban Development Authority.

Most of the beneficiaries were unable to pay the installment due to loss of employment during the coronation period. Due to which the RBI has ordered to waive the loan installment and 6 months penalty amount of the housing scheme.

Auda CEO said that as per the guidelines issued by RBI, humanitarian approach will be given for the period from 1/3/2020 to 31/8/2020 and 6 months will be exempted from penalty amount. He said that if the beneficiary pays the loan installment and the penalty amount together in the next 6 months from 31/10/2022, the proposal submitted to the Board for exemption from substantial penalty amount for the period March to August 2020 will be approved. has been given.

Source