(1) Notwithstanding anything contained in any judgment, decree or order of any court, tribunal or other authority, or any law, rule, regulation, byelaw, scheme, document, contract or instrument to the contrary, every beneficiary shall be charged interest at the prevailing bank rate on and from the appointed date and the Government shall not be liable to pay any amount whatsoever on such House building advance:
Provided that every beneficiary shall be at liberty to shift/transfer his loan account from the Bank of India/HDFC to any other bank/financial institution of his choice within a period of one year from the date of coming into force of this Act.
(2) The Deed of mortgage or any other charge or surety created or executed in favour of the Government by the beneficiary shall stand transferred in favour of the Bank of India/HDFC (financial institution) with effect from the appointed date.
(3) The monthly installments payable by the beneficiary to Bank of India/HDFC shall continue to be deducted at source from the salary of the beneficiary by the sanctioning authority/Drawing and Disbursing Officer and paid to Bank of India/HDFC.
(4) Save as provided hereinabove, on and from the appointed date the Government shall not be liable or responsible, in any manner, in respect of the payment of the monthly installment by the beneficiary.
(5) Notwithstanding anything to the contrary contained in any other law for the time being in force, the Government shall not be liable to pay the beneficiary any amount or compensation of whatsoever nature for any loss, financial dues, hardship, damage, etc., if any, incurred or experienced by the beneficiary on account of cancellation/ abolition of the House Building Advance Scheme.
(6) All Applications pending consideration under the House Building Advance Scheme shall stand rejected with effect from the appointed date.