MITC

Housing Loan
Agreed to between 

Name of Borrower: ________________________
Loan Account No. (LAN): ________________________
And Home First Finance Company India Private Limited (HFFC) are mentioned below:

1. Loan Amount
2. Interest Rate
a) Type
b) HFFC-PLR on Sanction Date
c) Interest Chargeable
d) Moratorium/Subsidy
e) Date of reset of interest
f) Mode of communication of change in Interest Rates
g) Risk Rating
3. Installment Type
4. Loan Tenure
5. Repayment Details
a) Number of EMIs
b) EMI Amount
c) Due date of Pre-EMI/EMI
d) Repayment Mode
6. Purpose of Loan
7. Fees and Charges

  1. On application
  2. During the term of the loan
    • CERSAI Charges
    • MOE Charges (Charges for stamp duty and registration of Memorandum of Equitable Mortgage)
    • Loan Enhancement Charges
    • Margin Money Deferment Charges
  3. On foreclosure
  4. Fees Refundable if loan not sanctioned /disbursed
  5. Conversion Charges
  6. Penalty for delayed payments
    • Pre-EMI/EMI bounce charges
    • Default Penalty
    • Additional Interest
8. Security/Collateral for the Loan
a) Property Details mortgaged to HFFC
b) Guarantor Details
c) Other securities if any

9. Insurance of the property /borrower, if any: If any insurance is taken by the borrower for which the borrower also avails a the loan, amount of the insurance loan taken by the borrower will be added to the Loan amount payable and accordingly the EMI will also change. Detailed features of the insurance policy are given in the policy documents provided by the insurer.

10. Disbursement of the loan shall commence after: Submission of all relevant documents as mentioned by HFFC in the sanction letter/loan agreement Payment of own contribution by the Borrower (total cost of flat less the loan amount), as specified in the sanction letter

11. Repayment of the loan will start during the construction phase:

  1. “Floating Rate of Interest” means the rate of Interest applicable on the loan, which is linked to the prime lending rate of Home First Finance Company (HFFC-PLR) and is subject to review by HFFC based on the prevailing lending rate in the market and the continuous assessment of credit worthiness of borrower indicated by a “risk rating”. The difference between the HFFC-PLR and the floating rate of interest on your loan is called “spread” or “offset”.
  2. HFFC-PLR is dependent on the interest rates prevailing in the market, and may therefore increase or decrease depending on prevailing interest rates in the market. HFFC-PLR shall be updated on www.homefirstindia.com (“Website”) for your information. If there are any changes that impact the interest rate of your loan, it will be informed to you in writing prior to the month of taking effect.
  3. HFFC will charge interest called as pre-equated monthly installments or “PRE-EMI interest” (PEMII) only on the amount disbursed as loan at such time.
    For instance, if the total loan amount sanctioned is Rs.10 lakhs, but the amount disbursed is only Rs. 4 lakhs, Pre-EMI interest will be charged on Rs. 4 lakhs only.
  4. Payment of equated monthly installments (EMI) shall commence after the loan amount is completely disbursed. The EMI will comprise of the principal repayment and the interest calculated on the outstanding principal. Interest shall be calculated on a monthly reducing basis.
  5. PEMIIs and EMIs may be repaid through post-dated cheques (PDCs), electronic transfer (NEFT) or the electronic clearing service (ECS) method, by the 4th day of every month.

12. Recovery of Overdues:

  1. “Additional Interest” shall be charged on delay in payment of the EMI or PEMII or any other amounts due to HFFC beyond the specified due dates. Additional interest will be charged at the prevailing fixed/floating interest rate from the due date until payment is made to HFFC on the amount that is overdue. Additional Interest shall be payable in the event the payments are delayed beyond a further grace period of seven (7) days from the Due Date of Borrower’s Due.
    For e.g., if a Pre-EMI payment is made on 14th instead of the due date (4th), Additional Interest will be charged on the Pre-EMI amount for the period of 10 days at the same rate of interest that is applicable on the loan.
  2. On occurrence of any event of default as mentioned in the loan Agreement (“Event of Default”), all outstanding amounts owed by the Borrower to HFFC shall become payable forthwith & HFFC reserves the right to undertake all such necessary processes to enforce its rights under the loan agreement.
  3. “Default Penalty” will be charged on the occurrence of any Event of Default on the Borrower’s dues as defined in the loan agreement. Default penalty will be charged at 2% p.a. (compounded monthly) from the date of occurrence of the Event of Default till the date of resolution.
    For e.g., if an EMI is paid 40 days after the due date, Default Penalty will be charged at the rate of 2% p.a. (compounded monthly) on the Total Dues (Principal Outstanding plus Interest / Charges/ Fees etc.) for a period of 40 days].

13. HFFC will issue an annual outstanding statement reflecting your repayments and current outstanding as on 31st March every year on or before 31st May.

14. Customer Services:

    1. Customer Service Queries including requirement of documents can be addressed to us through the following channels:
      • Contact our Customer Service Officer at your nearest branch between 10 AM to 6 PM
      • Call our Toll Free Number: 1800 3000 8425
      • E-mail: loanfirst@homefirstindia.com
      • Write to us at:
        Customer Service Officer
        Home First Finance Company India Private Limited
        511, Acme Plaza, Andheri Kurla Road,
        Andheri East, Mumbai 400059
    2. Documents can be provided as per the enclosed schedule:
      • Loan Account Statement can be provided in 2 working days from date of placing request through any of the above channels
      • Copies of title documents can be provided in 7 working days from date of placing request
      • Original documents will be returned within 10 working days from date of closure of loan

15. Grievance Redressal:
Customers may raise their queries through the below mentioned channels incase they do not receive a satisfactory response within 15 days of raising the query through the following channels:

In case the customer is dissatisfied with the response from the company, the customer may approach Complaint Redressal Cell of National Housing Bank by following modes:

To be posted to:
Complaint Redressal Cell,
Department of Regulation & Supervision
National Housing Bank,
4th Floor, Core 5A
India Habitat Centre, Lodhi Road
New Delhi 110 003

It is hereby agreed that for detail terms and conditions of the Loan, the parties hereto shall refer to and rely upon the terms contained in the Sanction Letter and the loan transaction documents (“Transaction Documents”). The MITCs mentioned here are merely indicative and not exhaustive. The loan shall be governed by the Transaction Documents including the loan agreement.

The above terms and conditions have been read by the borrower(s) read over to the borrower by
Shri/Smt./Km. _________________________________ of HFFC and have been understood by the borrower(s).

_____________________________
Signature or Thumb Impression
_______________________________________________
Authorized Signatory of HFFC of the Borrower(s)