Most Important Terms and Conditions

MITC - English

Name/s of the Borrower/s:

Loan Account Number:

Loan Product: Home Loan / Loan Against Property / Micro Home Loan / Micro Loan Against Property

Major terms and conditions of your Loan agreed to between the Borrower/s named above and Vastu Housing Finance Corporation Limited ("VHFC") are as under:

1. Key Terms of the Loan

Loan Sanctioned Amount Rs.
Interest Type (Fixed/Floating or Dual/Special Rate) Floating
Purpose of Loan
VHFC PLR 20.02%
Rate of Interest % p.a(VHFC Prime Lending Rate 20.02%-/+ %)
Tenor Months
EMI Amount Rs.
Number of EMIs
Installment Type Monthly
Presentation date for EMI/Pre-EMI 5th / 10th of every month
Mode Of Repayment NACH/PDCs
Mode of Communication for Change in Interest Rate Email/SMS/ Letter
Date of reset of interest With respect to PLR change date
Moratorium or Subsidy Subject to Eligibility

Note:

  • The Borrower/s shall pay the EMIs and the Pre EMI-Interest (as applicable) regularly on his/her/their own without any reminder or intimation from VHFC.
  • As per policy and practices being followed by VHFC, all customers are intimated of any change in the Prime Lending Rate. Further, besides sending of individual intimation by letter/Email/SMS, such changes in the Prime Lending Rate are duly notified and displayed immediately on the website of VHFC for information to all its customers. The Borrower/s shall be given the option to 1) Enhance the EMI, 2) Enhance the Tenor, 3) Combination of enhancing EMI and Tenor, 4) Prepay the loan either in part or in full and 5) convert the loan to Fixed Rate. These options have to be exercised within a period of 7 days. In case response is not received, the EMI amount mentioned will remain constant and the tenor of the loan will be adjusted. However, VHFC reserves the right to change the EMI. VHFC shall ensure that the change does not result in negative amortization. VHFC shall follow all the relevant statutory guidelines in this regard issued from time to time.

2. Fees and Charges

Sr. No. Name of Product/Service Name of Fee / Charge Levied When Payable Frequency Amount in Rupees
1 Initial Non-refundable Application Fees for Home Loans Login Fees At Application Once Upto Rs 3000/- + applicable taxes / statutory levies
2 Initial Non-refundable Application Fees for Loan Against Property Login Fees At Application Once Upto Rs 5000/- + applicable taxes / statutory levies
3 Processing Fee Processing Fees At Application Once Upto 3% of Sanctioned Amount + applicable taxes / statutory levies
4 Copy of Welcome Letter and Amortization Schedule Miscellaneous Receipts Event On every request Upto Rs 250/- + applicable taxes / statutory levies
5 Loan Cancellation Charges Cancellation Fees Event Once Upto 4% of Sanctioned Amount + applicable taxes / statutory levies
6 Penal Charges for breach of conditions of loan contract Additional Charges On recognition by Lender Monthly Upto 36% per annum
7 Statutory Charges Stamp Duty/ MOD/ MOE/ Registration On Fixing of Disbursement / Change of addition of security As may be applicable As applicable in the respective States
8 Fees/Charges Levied by Regulatory bodies Fees/Charges levied by entities such as CERSAI On Fixing of Disbursement / Change or addition or deletion of security As may be applicable As per actual charges/fee levied by Regulatory bodies + applicable taxes/statutory levies
9 Fees/Charges payable to any third party(ies) whose services have been availed Fees/Charges levied by such third parties such as mortgage guarantee company On Disbursement As may be applicable As per actual charges/fee levied by any third party(ies) + applicable taxes/statutory levies
10 Administrative Fees Miscellaneous Receipts On Disbursement Once Upto Rs 5500 + applicable taxes / statutory levies
11 Post Disbursement Document (PDD Charges) Miscellaneous Receipts On Disbursement Once Upto 0.50% of Sanction Amount + applicable taxes / statutory levies
12 Upfront Non-refundable Balance Transfer-In fees Miscellaneous Receipts On Disbursement Once for BT Cases Upto Rs 5000 + applicable taxes / statutory levies
13 Expenses to cover costs Incidental Charges On incurring expenses Incidental charges and expenses are levied to cover the cost, charges, expenses and other monies as per actuals applicable to a case.
14 Cheque/NACH/SI Bounce Charge Miscellaneous Receipts On Cheque / NACH / SI bounce Depends on number of Bounces Upto Rs 500 per bounce + applicable taxes / statutory levies
15 Each Personal Visit to Customer's Place for Collection of dues Miscellaneous Receipts Event On every occurrence Upto Rs 500 per visit + applicable taxes / statutory levies
16 Cheque Collection Charges Miscellaneous Receipts Event On every occurrence Upto Rs 250 + applicable taxes / statutory levies
17 Cash Collection Charges Miscellaneous Receipts Event On every occurrence Upto Rs 500 + applicable taxes / statutory levies
18 Post Dated cheque / NACH Swap fee Miscellaneous Receipts Event On every occurrence Upto Rs 500 + applicable taxes / statutory levies
19 Change of Installment Servicing Date Charges Miscellaneous Receipts Event On every request Upto Rs 500 + applicable taxes / statutory levies
20 List of Documents Miscellaneous Receipts Event On every request Upto Rs 500 + applicable taxes / statutory levies
21 Foreclosure Letter Miscellaneous Receipts Event On every request Upto Rs 500 + applicable taxes / statutory levies
22 Duplicate No Dues certificate Miscellaneous Receipts Event On every request Upto Rs 500 + applicable taxes / statutory levies
23 Retreival of Copy of Documents Miscellaneous Receipts Event On every request Upto Rs 750 + applicable taxes / statutory levies
24 Fees on account of External Opinion - such as legal/technical verifications Miscellaneous Receipts On incurring expenses On every occurrence As per Actuals
25 Prepayment and Foreclosure charges Prepayment / Foreclosure charges Event As may be applicable

Home Loans at Floating Rate of interest or any floating rate term loan sanctioned for purposes other than business to individual borrowers, with or without co-applicant(s): Charged NIL

Home Loans at Fixed Rate of Interest: Charged @ 4% +applicable taxes / statutory levies of Principal Paid, if pre-closure/pre-payment is done through other than own sources.

In case of any other Loans other than the above: Charged @ 4% + applicable taxes / statutory levies of Principal Paid

26 Reversal of effect for Part prepayment from Tenure to EMI or EMI to Tenure (request to be received only within 30 days of part prepayment) Conversion Fees Event Once on every part payment occurrence Upto Rs 5000 + applicable taxes / statutory levies
27 Switch to Lower Rate in Floating rate Loans Conversion Fees Event On every spread change Upto Rs 5000 + applicable taxes / statutory levies or Upto 2% of the principal outstanding and undisbursed amount ( if any) +applicable taxes/ statutory levies at the time of conversion whichever is higher
28 Switch from Fixed rate to Floating rate or vice-a-versa Conversion Fees On conversion Once Upto 3% of the Loan Outstanding Amount + applicable taxes/statutory levies
29 Physical copy of Statement of Account Miscellaneous Receipts Event On every request Upto Rs 500 + applicable taxes / statutory levies
30 Original Document Retrieval / Storage Charges Miscellaneous Receipts Event Once Upto Rs 3000 + applicable taxes / statutory levies

Note:-

  • Above fee and charges are subject to change and will be at the sole discretion of VHFC and any change in charges, would be informed to the customer in writing/email/ SMS. However, any changes in interest rates and charges would be affected only prospectively.

3. Security of the Loan:

Mortgage Property Details:

Name/s of the Guarantor/s:

Other Security if any:

VHFC shall release all securities on repayment of all dues or on realisation of the outstanding amount of loan subject to any legitimate right or lien for any claim they may have against borrower. VHFC shall follow the relevant statutory guidelines in this regard.

4. Insurance of the Property/Borrowers:

The Borrower/s is/are required to insure the property against all risks including fire, earthquake, and flood etc and make VHFC the sole beneficiary under the policy. The Borrower/s has/have to pay the premium in time and keep the policy alive at all times during the period of the loan and produce evidence thereof to VHFC from time to time on his/her/their own. In the event the Borrower fails to procure the insurance policy referred above, the VHFC shall have option to procure insurance for the Property to preserve the property from destruction and recover the same from the Borrower.

Insurance of the Borrower: The Borrower may avail of Health insurance/Life Insurance policy with VHFC as the sole beneficiary of the said policy/policies.

5. Conditions for disbursement of loan:

  • Compliance by the Borrower/s with the requisite conditions contained in the Sanction Letter; payment of own contribution and satisfy VHFC of the said payment; production of all property and title related documents; submission of approved plans; statutory approvals and creation of security in favor of VHFC as required by it.
  • Submit all the documents mentioned in the Sanction Letter / Loan Agreement / KYC Policy of VHFC
  • Intimate VHFC of any changes in the details / documents submitted by the Borrower
  • Ensure that the Borrower has clear, absolute and marketable title to the security for the loan availed by the Borrower and that the Borrower has informed VHFC in writing of any defects thereof and the said security is unencumbered and free from any liability whatsoever.
  • Ensure that the Borrower complies with all the terms and conditions laid down in the Sanction Letter / Loan Agreement / Security Documents / any documents executed in connection with the Loan.
  • Regularly provide VHFC information, including details regarding progress/delay in construction, any major damage to the property, non-payment of taxes and statutory levies and charges, as may be applicable from time to time pertaining to property, etc.
  • Ensure that construction being undertaken is as per the approved plan and has satisfied himself/herself that all required approvals for the project have been obtained by the developer (by the seller in case of resale purchase of property)
  • VHFC shall have the right to seek such documents and details as it deems necessary for satisfying itself that the payment of the own contributions, EMI payments and any Pre-payment have been made from the Borrowers own sources.
  • Furnish the End - Use certificate in a manner and form that VHFC deems necessary
  • The Borrower has understood all the terms of the loan, including the payment process of the loan in respect of, tenure, periodicity, amount and mode of repayment of the loan and as such the Borrower has made the request for disbursement in the format prescribed by VHFC

6. Brief Procedure for Recovery of Overdues:

VHFC shall issue written Notice or Notices to the Borrower/s before initiating legal process including court proceedings to recover over dues or the entire outstanding loan with unpaid dues and charges, as the case may be. However, though not obliged, VHFC may, in its sole discretion, give personal or telephonic or written reminders or intimation to the Borrower/s prior before the above action (the cost of which would be solely borne by the Borrower). However, VHFC shall not give any notice, reminder or intimation shall be given to the Borrower regarding his/her obligation to pay the sums payable under the Loan and it shall be the sole responsibility of the Borrower to ensure that the sums payable under the Loan are paid on time.

In relation to the recovery of the sums due to VHFC, VHFC may exercise such rights as available to it under the Applicable Law for the time being in force, as it deems necessary.

7. Information to Credit Reference Agencies

VHFC shall submit the information relating to the Borrower’s credit information to the licensed credit information bureaus.

8. Others

If any person is being considered as a guarantor to a loan, the person would be informed about the liability in terms of the Indian Contract Act, 1872 and the documents executed by the Guarantor pursuant to the availing of the loan by the Borrower.

9. Date on which annual outstanding balance statement will be issued

VHFC will make accessible to the borrowers, through Vastu Connect App and additionally in suitable electronic mode, loan statement at the end of each quarter.

Customer may make a request for physical copy of the loan statement. Such physical statements will subject to applicable charge as mentioned herein.

10. Customer Service:

The customer may visit our branch office between business hours, Monday-Friday (except on national holidays).

Person to be contacted for customer service: VHFC Branch Manager or Sales Manager as the case may be.


OR


Customers who wish to provide feedback or send in their complaint may also use the following channels between 10:00 am and 6:00pm, Monday to Friday (except on national Holidays)

Toll Free Number: 1800 22 0001

Email: customercare@vastuhfc.com

Write to us at the below mentioned address:

Vastu Housing Finance Corporation Limited- Customer Service Cell A Wing 203/204 Navbharat Estates Pvt Ltd, Navbharat Estates, Barrister Nath Pai Marg, Mumbai, Maharashtra 400015

Procedure to Obtain the mentioned documents: -

  • Loan Account Statement can be provided within 7 business days from the of date of receipt of request to branch team/Customer Service team (Necessary administrative fees shall be applicable as per MITC)
  • Photo copies of documents can be provided within 10 business days from the date of receipt of request. (Necessary administrative fees shall be applicable as per MITC)
  • Original documents will be returned within 30 days from the date of closure of loan

11. Grievance Redressal Mechanism

Stage 1

  • The complaint which the corporate office directly receives through Email/Calls/letter will be attended in consultation with the concerned branch
  • The complaint(s) received at the branch (es) shall be recorded in the Complaint Register and redressed in consultation with Corporate Office
  • Customers can contact us at 1800 22 0001 or email us at customercare@vastuhfc.com between Monday to Friday between 10:00 am to 6:00 pm
  • We assure a reply/acknowledgement to call within 48 working hours
  • We assure a reply/acknowledgement to letters/emails received through this channel within seven working days.
Call us at 1800 22 0001
Email us at customercare@vastuhfc.com
Write to us at the below-mentioned address: Vastu Housing Finance Corporation Limited A-203, Navbharat Estates, Barrister Nath Pai Marg, Azad Nagar, Sewri, Mumbai, Maharashtra 400015

Stage 2

  • If the customer is not satisfied with the customer service team resolution within two weeks, they can redirect their complaint to our Grievance officer.
  • Grievance officer Details are mentioned at all branches.
  • Customers can also write us on Vastu Housing Finance Corporation Limited A-203, Navbharat Estates, Barrister Nath Pai Marg, Azad Nagar, Sewri, Mumbai, Maharashtra 400015
  • Complaints received at our end will be seen in the right perspective and analyzed from all possible angles. The communication of VHFCL's stand on any issue will be provided to the customers within one month upon the receipt of the complaint. Complaints that require some time for examination of issues involved will be acknowledged promptly

Grievance Officer

Mr. Manu Mahajan & Ms. Ankita Gupta
Call us at 022-35286712
Email us at grievance.officer@vastuhfc.com
Write to us at the below-mentioned address: Vastu Housing Finance Corporation Limited A203, Navbharat Estates, Barrister Nath Pai Marg, Azad Nagar, Sewri, Mumbai, Maharashtra 400015

Stage 3

  • In case the response is unsatisfactory, or the response is not received from the company within a reasonable time (1 month), or the customer is dissatisfied with the response received, the customer may approach the regulatory authority of Housing Finance Companies, NHB (National Housing Bank) for redressal of your complaints at below address or register their grievance through the online portal
Online Portal https://grids.nhbonline.org.in
National Housing Bank Complaint Redressal Cell address: National Housing Bank, Department of Regulation and Supervision (Complaint Redressal Cell), 4th Floor, Core 5-A, India Habitat Centre Lodhi Road, New Delhi - 110003

For any queries, kindly write to us at customercare@vastuhfc.com

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