The Most Important Terms and Conditions (“the MITC”) for the housing loan (“the Loan”) availed by an individual Borrower(s) from Aham Housing Finance Private Limited (‘AHFPL’), a Company incorporated under the Companies Act, 2013 and having Its registered & Corporate office at B-214 Arjun Centre , Govandi Station Road Mumbai City Maharashtra 400088 India, hereinafter referred to as “AHFPL” are mentioned below and are to be read and understood in conjunction with the terms contained in the Sanction Letter, Disbursement Letter and the Loan Documents which shall be executed in reference to the Loan with AHFPL (Collectively referred to as “the Loan Documents”)
The MITCs mentioned here are merely indicative and not exhaustive. The Loan shall be governed by the Loan Documents including the Sanction Letter. In the event on a contradiction between of the terms and conditions set out herein and the Loan Documents, the terms and conditions of the Loan Documents shall prevail.
A) Loan
| Sanctioned Amount |
|
| Interest Type |
|
| Interest chargeable |
|
| Principal Moratorium |
NIL |
| Interest Moratorium |
NIL |
| Date of reset of interest, if any |
|
| Mode of communication of changes in interest rate |
Intimation about the changes in the rate of interest will be given by way of Letters / Emails /SMSs as per the terms and conditions of the Loan Offer Letter. |
| Installment Type |
|
| Loan Tenure |
|
| Purpose of Loan |
|
B) Fee and Other Charges
| Charge type |
Home Loan (INR) |
| Income tax certificate for current financial year |
NIL |
| Income tax certificate for previous financial year |
NIL |
| Change of repayment mode from PDC to ECS/ACH |
NIL |
| Part or Full Prepayment of loan (on Floating Rate of interest by Individual Borrower(s) |
NIL |
| Cheque/ ECS return |
Rs. 250+ Applicable Taxes |
| CERSAI charge for creation of Security interest |
NIL |
| Statement of account |
NIL for once every year and Rs. 750 + Applicable Taxes for every additional |
| Change of repayment mode-PDC to PDC or ECS to ECS PDC/ECS to ACH |
Rs. 500 + Applicable Taxes |
| EMI payment fee on account of non- submission of PDC/ECS (per transaction)/ACH |
Rs. 300 + Applicable Taxes |
| Part or Full Prepayment of loan (on Floating Rate of Interest) by non- individual Borrower(s) being applicant or co-applicant |
2% of principal prepaid + Applicable Taxes |
| Part or Full Prepayment of loan (on Fixed Rate of Interest) by individual Borrower(s) |
2% of principal prepaid + Applicable Taxes. In case of prepayment of loan is by own source (except borrowing from Bank/ HFC/ NBFC/Any Financial Institution), no fee is Applicable. |
| Part or Full Prepayment of loan (on Fixed Rate of Interest) by non- individual Borrower(s) being applicant or co-applicant |
2% of principal prepaid + Applicable Taxes |
| Loan Pre-closure statement or List of original Property documents or Photocopy of original Property documents |
Rs. 1000 + Applicable Taxes |
| Processing fee* |
Minimum 1.00% of the loan applied for + Applicable Taxes. Will be adjusted in loan |
| Overdue charge |
3% per month on overdue payment |
| Recovery fees |
As per actual |
| Legal and Technical fees |
Rs. 5999/- part of processing fee (non-refundable) |
| Cancellation Charges for all types of loans other than loan against property |
Rs. 10000/- |
C) Security for the Loan
The Security for the Loan would generally be security interest on the Property being financed and / or any other collateral / interim security as may be required by AHFPL.
1. Property description:
2. Guarantee: Names of the Guarantor(s) if any:
3. Other security interest (if any): :
D) Insurance of the Property/ Borrower(s)
It will be the Borrower(s)' responsibility to ensure that the Property offered as Security is duly and properly insured against fire and other hazards for an amount specified by AHFPL during the period of this Loan with AHFPL as sole beneficiary. The evidence thereof shall be given to AHFPL every year and/or whenever asked for by AHFPL. Regardless of the amount being specified by AHFPL for the said purpose, the Borrower(s) shall remain absolutely obligated to insure the Property for an adequate amount.
In addition to the above insurance, it is also the Borrower(s)' responsibility to ensure that his Life is also insured for an amount specified by AHFPL during the period of this Loan with AHFPL as sole beneficiary. The evidence thereof shall be given to AHFPL every year and/or whenever asked for by AHFPL. Regardless of the amount being specified by AHFPL for the said purpose, the Borrower(s) shall remain absolutely obligated to insure his life for an adequate amount.
The terms & conditions including claims & coverage will be governed by the issuer of such insurance policy. Please note that the role of AHFPL under the insurance policy would be that of a facilitator and the decision to cover and settle any future claim under the policy would solely rest with the insurance company. Insurance is the subject matter of solicitation.
E) Conditions for Disbursement of the Loan
The conditions for the Disbursement of the Loan shall be mentioned under the Loan Documents in detail however, some of the salient and major conditions are mentioned below:
- Submission of all relevant documents as mentioned by AHFPL in the Loan Documents.
- Legal & technical assessment of the Property.
- Payment of own contribution by the Borrower(s) (total cost of flat less the Loan amount), as specified in the Disbursement Letter.
- Providing adequate utilization proof of the Loan.
- Undertaking by the Borrower to regularly provide AHFPL information, including details regarding progress / delay in construction, any major damage to the Property, change in employment/ contact details, non-payment of taxes pertaining to Property, etc.
- The construction is being undertaken as per the approved plans.
- The Borrower(s) has satisfied himself/herself that required approvals for the project have been obtained by the developer.
- All required approvals for the Property have been obtained and are available with the seller in case the Property is being purchased in resale.
F) Repayment of the Loan & Interest
| (a) The amount of EMI: |
|
| (b) Total number of installments where the loan is repayable in equated monthly installments: |
|
| (c) EMI due date: |
|
| (d) Procedure for advance intimation of the changes in the rate of interest /EMI |
Intimation about the changes in the rate of interest / EMI will be given by way of Letters / Emails /SMSs as per the terms and conditions of the Loan Offer Letter. |
iThe Loan will be repayable through the Equated Monthly Installments ("EMIs") payable on monthly basis on the Due Date mentioned in the Disbursement Letter. The EMIs shall be calculated on the amount actually Disbursed which shall be subject to the revision at the discretion of AHFPL. Exact EMIs will be calculated at the time of final Disbursement.
iiPre-EMI Interest ("PEMII") would be required to be paid, on monthly basis on the Due Date mentioned in the Disbursement Letter. It shall be charged from the date of the first Disbursements to the date of commencement of EMI in respect of the Loan.
iiiIn case of delayed payment, overdue interest for the delayed period will be charged at rates as determined by AHFPL from time to time.
ivAHFPL shall have the right and sole discretion to revise the EMIs or to revise Repayment period or both consequent upon change/revision in interest rate and/or in HBLR and accordingly fresh set of Post Dated Cheques ("PDCs") shall be deposited and/or irrevocable ECS/ACH mandate shall be given by you suo motu for revised EMIs
vWithout limiting to the generality of the aforesaid, the Borrower(s) shall provide such number of PDC's as mandated by AHFPL from time to time for the amounts specified by AHFPL towards Repayment of the Loan.
Prepayment Charges - Prepayment Charge (s) will be levied in accordance with the guidelines/circulars of National Housing Bank ("NHB"), other regulatory authority (ies) by AHFPL as updated on its web site, from time to time, for information to public at large. "Subject to the guidelines/circulars of NHB & other regulatory authority (ies), terms contained herein and/ or under the Loan Documents, the Borrower(s) may prepay or partly prepay the Loan provided an advance thirty (30) working days clear written notice is given to AHFPL for the same. Thirty days will be counted from the actual date of the receipt of the notice by AHFPL./p>
G) Brief procedure will be followed for Recovery of Overdue.
On occurrence of any event of default as mentioned in the Loan Documents ("Event of Default"), all outstanding amounts owed by the Borrower(s) to AHFPL shall become payable forthwith and AHFPL reserves the right to undertake such necessary processes/measures to enforce its rights under the Loan Documents including but not limited to charging Additional Interest for the delayed payment, recovery of over dues by enforcing the Security in accordance with the remedy available under the Law. The actual procedure shall be determined by AHFPL depending upon the circumstances of each case.
H) Date on which annual outstanding balance statement will be issued from branch office: 1st of April to 30th of April
I) Customer Service
a) Visiting hours at the office - 10:30 AM to 4:30 PM (Monday to Friday) and 10:30 AM to 1:30 PM (Saturday). Office remains closed on Sundays
b) Details of the person to be contacted for customer service – Cluster Business Manager at branch office of AHFPL;
c) Procedure to obtain the following including time line thereof:
- i. Loan account statement – within 15 working days from the date of customer’s request
- ii. Photocopy of the title documents - within 30 working days from the date of customer’s return request with requisite fee
- iii. Return of original documents on closure/transfer of the Loan - within 90 working days from the date of customer’s return request with requisite fee
NOTE: Borrower(s) can obtain these services from branch by providing loan account number and identity proof. Alternatively, the Borrower can write to venky@ahamhfc.com
J) Grievance Redressal
In case of any grievances, the Customers may contact the Branch Manager/Zonal Heads/Area Heads at the respective branches, where they have taken the loan, in writing, through email or by post / courier. A Complaint Register is also made available at our branches for the Customers to record their complaint in writing.
In case the customer does not receive response from the branch within 15 days or is dissatisfied the customers may approach the Grievance Redressal Officer as per the details furnished hereunder: Venkatesh Kannappan Phone: 9833835963 Email: venky@ahamhfc.com.
In case, the customer does not receive response from the Company within 30 days or is dissatisfied with the response received, the Customer may also approach the Complaint Redressal Cell of National Housing Bank by lodging a complaint in online mode at https://grids.nhbonline.org.in or in offline mode by writing to Complaint Redressal Cell, Department of Regulation and Supervision, National Housing Bank, 4th Floor, Core 5A, India Habitat Centre, Lodhi Road, New Delhi – 110003.
K) AHFPL retains the right to alter any charges, fees, timeline or procedure from time to time to introduce any new charges, fee, timeline or procedure as it may deem appropriate with due intimation to the borrower
It is hereby agreed that for detail terms and conditions of the Loan, the parties hereto shall refer to and rely upon the loan and other security documents executed / to be executed.
The above terms and conditions have been read by the borrowers/ read over to the borrower by Shri/Smt/Km. ______________________ (by our official) of the Company and have been understood by the borrower/s.