MOST IMPORTANT TERMS AND CONDITIONS (MITC):
Major terms and Conditions of the housing loan agreed to between……………. (the borrower) and the Manipal Housing Finance Syndicate Limited are as under:
|Loan Amount Sanctioned|
|Purpose of the Loan|
|Rate of Interest|
|Tenure of Loan|
2. Fee and Other Charges :
|Processing & Administrative Fee|
|Central Registry Charges|
|Service Tax||As applicable|
|Stamp duty||As applicable|
|Cheque Bounce Charges||Rs. 500.00|
|Document Retrieval Charges||Rs. 300.00;|
|Overdue Interest Rate||2% P.M on the overdue amount|
|Statement Charges||Rs. 100.00 per statement|
|Initial Application Review Fee||Rs. 750.00|
|a)Floating Rate Housing Loans to individuals||Nil;|
|b)Home Equity Loans/Coporate Housing Loans / Mortgage loans||NIL-if the loan is closed by own funds (2% on the principal prepayment if the loan is taken over by other financial institution/banks/employer).|
3. Security for the loan:
4. Insurance of the Property/Borrowers:-
- The Borrower shall ensure that the property is, during the pendency of the loan, always duly and properly insured against all risks such as earthquake, fire, flood, explosion, storm, tempest, cyclone, civil commotion, etc. MHFSL be made the sole beneficiary under the policy / policies.
5. Conditions for Disbursement of the Loan
- In the case of purchase of property, loan is released fully at the time of registration of property.
- In the case of construction of house, release is made in stages, depending upon the progress in construction as assessed by the valuer and the Branch Manager
- Loans granted for repairs/renovation/extension of house, etc are released depending upon the requirement and having regard to the progress in the work
- In the case of home equity (mortgage loans), sanctioned for any other purpose, release is made fully.
6. Repayment of the Loan & Interest:-
|No. of installments|
- Repayment must be through ECS or in case payment through ECS is not possible, then through PDCs.
- EMI has to be paid on 1st of the immediately succeeding month. However, grace time is allowed till 7th of the month.
- Present PLR
- Change in interest rates will be notified through notices to be displayed on the notice board at the branch.
7. Brief procedure to be followed for Recovery of overdues:-
If payment is not received till 7th of the month being the end of the grace period, branches inform the borrower and make request to pay the EMI. If non-receipt of the EMI is due to return of cheques, then, cheques are presented again after ascertaining the availability of funds in the account from the borrower.
- In the case of arrears of EMIs up to 3, branch managers/recovery staff follow up with the borrower and try for recovery
- In the case of accounts where arrears of EMIs exceed 3, then, Head Office will directly take up the matter both with the Branch and the borrower. Thereafter, depending upon the response of the borrower, further action including action under SARFAESI Act is resorted to.
8. CUSTOMER SERVICES:
- Visiting hours at the office: 10.00AM to 5.30 PM
- Branch Manager/Assistant Manager can be contacted for customer service
Procedure to obtain the following and the time frame therefor:-
- Loan Account Statement/Annual outstanding balance statement on the same day or on the following day
- Photocopies of the documents within 6 working days
- Return of original documents on closure/transfer of the loan within 7 working days
9. Grievance Redressal
Customers can approach the branch manager at the branch for getting their grievances redressed. In case the concerned remains unresolved beyond a period of seven days or the customer is not satisfied with the response received at the branch, the complainant may approach the Head Office . In case the complainant is dis-satisfied with the response received or where no response is received, he/she may approach the National Housing Bank. The address and email id of the Branch, Head Office and NHB is given below:-
|Branch||Head Office||National Housing Bank|
Manipal Housing Finance Syndicate Ltd.
Manipal House,Manipal -576104.
| Online mode at the link
https://grids.nhbonline.org.in. Or. in offline mode by post,in prescribed format
available at link
http://www.nhb.org.in/Grievance-Redressal-System/Lodging-Complaint-Against-HFCs-NHB%E2%80%93Physical-Mode.pdf to Complaint Redressal Cell,
Department of Regulation & Supervision,
National Housing Bank,
4th Floor, Core 5A,
India Habitat Centre,
Lodhi Road,New Delhi - 110003.
It is hereby agreed that for the detailed 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 separately.
The above terms and conditions have been read by the borrower/s/read out to them by Sri/Smt/km.____________________________ of the company and have been understood by the borrower/s.
(Signature or thumb impression (Signature of the authorized of the Borrower/s) person of Lender)