MOST IMPORTANT TERMS AND CONDITIONS (MITC)
Name/s of the Borrower/s :
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 Amount
- Purpose of Loan
- VHFC PLR
- Rate of Interest
- Number of EMIs
- Due Date for EMIs/PEMI
- Mode of repayment
- : 5th of every month
- : ECS
- In case of a change in interest rate the EMI amount mentioned below will remain constant and the tenor of the loan will be adjusted. However, VHFC reserves the right to change the EMI.
- 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.
2. Fees and Charges
|Nature of Charge||Amount|
|Copy of Welcome Letter and Amortization Schedule||Rs.250/-|
|Initial Non-refundable Processing Fee||Rs.3,000/- for Home loans
Rs.5,000/- for LAP
|Processing Fee||Upto 2 % on Sanctioned amount|
|Loan Cancellation Charges||4% of principal outstanding|
|CERSAI charges||Rs.250/- for loan amount upto Rs. 5 lakhs
Rs.500/- for loan amount above Rs.5 lakhs
|PDC / ECS Bounce Charges||Rs. 500/-|
|Penal Charges for delay in deposit(Applicable onOutstanding instalment Due)||2% per month|
|PDC /ECS Swap fee||Rs. 500/-|
|Statement Request (Duplicate Interest Statement/ Statement of Accounts/Duplicate NOC/ Foreclosure Letter)||Rs. 500/- per statement|
|Retrieval of copy of documents||Rs.250/- for one document
Rs. 500/- for 2 to 4 documents
Rs. 1000/- for more than 4 documents
|Restructuring/ Switching Fee (Applicable on outstanding principal amount)||1.00%|
|Part payment / Pre – payment charges (Applicable on outstanding Principal amount at the time of payment)||Nil|
||Rs 500/- per visit
|Duplicate No due certificate||Rs. 500 /-|
|NOC issuance charge||Rs. 500 /-|
- Above fee and charges are subject to change and will be at the sole discretion of VHFC and any change in charges, would be intimated to the customer.
- All the above charges are exclusive of Goods and Services Tax (GST).
3. Security for the loan:
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 premiumin time and keep the policy alive at alltimes during the period ofthe loan and produce evidence thereofto VHFC fromtime to time on his/her/their own.
5. Conditions for disbursement of loan
Compliance by the Borrower/s with the requisite conditions contained in the Sanction Letter; payment of own contribution; production of all property and title related documents; submission of approved plans; statutory approvals and creation of security in favour of VHFC as required by it.
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, asthe casemay be. However, though not obliged, VHFCmay in itssole discretion give personal ortelephonic or written reminder or intimation to the Borrower/s prior to the above action.
7. Customer Services
Person to be contacted for customer service: VHFC Branch Manager or Sales Manager as the case may be. Customers who wish to provide feedback orsend in their complaintmay also use the following channels between 9:30 am and 6:00 pm, Monday to Friday (except on national holidays).
- Email : email@example.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
8. Grievance Redressal Procedure:
In case of any grievance or complaint the Borrower/s may personally approach orsend written communication to the VHFC Branch Manager orthe Sales Manager, asthe casemay be. If notsatisfied with the response orin the case of no response within reasonable period the Borrower/s may contact the Managing Director (Email Id firstname.lastname@example.org) of VHFC. If the Borrower/s is/are still dissatisfied with the response received/ or where no response is received, he/she/they may approach the Complaint Redressal Cell, Department of Regulation & Supervision, National Housing Bank, 4th Floor, Core 5A, India Habitat Centre, Lodhi Road,New Delhi -110 003 or email at email@example.com
It is hereby agreed that for detailed and exhaustive terms and conditions of the Loan, the Parties hereto shall refer to and rely upon the Sanction Letter as well as the Loan Agreement and other documents executed/to be executed by themor either ofthemand in the event of any inconsistency the said Letter and the documentsshall prevail . The above terms and conditions have been read by the Borrower/s or read to the Borrower/s by an authorized representative of VHFC and have been understood by the Borrower/s and a duplicate copy of this MITC has been received by the Borrower/s
Signature or Thumb impression of the Borrower/s
Authorized Signatory of VHFC