1. What is the ex gratia payment to the borrower under the scheme announced by the Government of India (GOI)?

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).

2. What are the main features of the ex gratia to borrowers scheme?

a. The relief shall cover Home loans and other loans.

b. All Standard loan accounts as on 29th February 2020 are eligible under this scheme. (excluding NPA cases)

c. The period reckoned for refund shall be for 6 months period/184 days from 01-03-2020 to 31-08-2020

3. How will the list get finalized for the ex gratia to borrowers scheme?

Individual lending institutions will finalize the list of eligible borrowers for the relief based on the guidelines from Govt of India.

4. Do I apply for the relief/Ex-Gratia Scheme?

No –

a. The ex-gratia relief will be credited to the Loan account of all eligible borrowers.

b. Upon credit of the differential amount to the respective loan account(s), Muthoot Housing Finance Co Ltd will notify the same to you via SMS to your registered mobile number.

5. In which of my accounts will the differential amount be credited? How will I get to know if I have got benefit under the scheme or not?

a. The differential amount will be credited to the respective loan account(s).

b. For Loan account closed between 01-03-2020 to 31-08-2020 refund will be credited to borrower’s bank account.

6. Do I need to place a request to get the Ex-Gratia Interest refund if My Loan account is close?

a. Whether your loan is running/active or closed, you are not required to apply for the Ex-Gratia Scheme separately.

b. Ex-Gratia Refund amount for closed Loan will be transferred to bank account of the Borrowers.

7. How will the interest be calculated? Which Rate of Interest (%) shall be considered for calculating the package?

a. Rate of interest on the customers loan account as on 29-02-202 shall be applied for calculating the differential interest component.

b. Simple interest for the period will be calculated based on outstanding as on 29-02-2020 compounding of interest shall be at monthly rests.

8. I have a query related to COVID-19, Ex-Gratia Interest relief. Where can I reach out for support

For queries related to COVID-19, Ex-Gratia Interest relief please write to us on the details given below


Grievance Redressal

1. Customers can visit Home Branch and/or writing letter addressed to Branch Operations/Branch Manager for queries pertaining to Ex-Gratia Scheme

2. Writing at mhflcustomercare@muthoot.com with Loan Account Number and details

Customers are requested to fill up below form to raise grievances for Ex-Gratia