;
;

HomeGOVERNANCEMITC English

MITC English

Most important terms and conditions:

Name/s of the Borrower/s :

Application Number:

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

1 . Key Terms of the Loan:

  • Loan Sanctioned Amount

    :

  • Interest Type (Fixed/Floating or Dual/Special Rate)

    : Floating

  • Purpose of Loan

    :

  • Vastu HFC PLR

    : 17.67 %

  • Rate of Interest

    :

  • Tenor

    :

  • EMI Amount

    :

  • Number of EMIs

    :

  • Instalment Type

    : Monthly

  • Presentation Date for EMIs/PEMI

    : 5th of every month

  • Mode of repayment

    : NACH

  • Modes of communication of changes in Interest rate

    : via Letter/ Email/ SMS

  • Date of reset of interest

    : With respect to PLR change date

  • Moratorium or Subsidy

    : Subject to Eligibility

Note:

  • In case of a change in interest rate the EMI amount mentioned above will remain constant and the tenor of the loan will be adjusted. However, Vastu HFC 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 Vastu HFC.
  • 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.

2. Fees and Charges

Nature of Charge Amount
Copy of Welcome Letter and Amortization Schedule Rs.250/-
Initial Non-refundable Application 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 / NACH Bounce Charges Rs. 500/-
Penal Charges for delay in deposit(Applicable on Outstanding instalment Due) 2% per month
PDC / NACH Swap fee Rs. 500/-
Statement Request ( Statement of Accounts/Duplicate NOC/ Foreclosure Letter/ List of documents) 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
Part payment / Pre – payment charges (Applicable on outstanding Principal amount at the time of payment) Where the home loan sanctioned to Individual Borrower with or without co-applicant at Floating Rate of Interest: NO CHARGES/NIL

In case of Non-Housing loan given to Individual/Non-individual for business purpose on Floating Rate of Interest: 4% charges would be levied on principle outstanding for pre-closure and part-payment
Collection Charges
Cheque Collection Charges 		Rs 500/- per visit
Rs 250/-
Cash Collection Charges Rs. 500 /-
Document Retrieval Fee Rs. 3000 /-

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.
  • All the above charges are exclusive of GST.

3. Security for the loan :

Mortgage Property Details :

Guarantee (The name of the Guarantors shall be mentioned) :

Other Security if any :

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 Vastu HFC from time to time on his/her/their own.

Insurance of the Borrower: In order to protect the life of borrower in case of any unfortunate event

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 Vastu HFC 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, as the case may be. However, though not obliged, VHFC may in its sole discretion give personal or telephonic or written reminder or intimation to the Borrower/s prior to the above action.

7. Date on which annual outstanding balance statement will be issued - on Customer request.

8. Customer Service:

The customer may visit our branch office between 11:00 am to 5:00 pm (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)


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

Procedure to Obtain the mentioned documents: -

  1. 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)
  2. Photo copies of documents can be provided within 10 business days from the date of receipt of request to branch team/Customer Service team (Necessary administrative fees shall be applicable)
  3. Original documents will be returned within 20 business days from the date of closure of loan.

9. 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 hour.
  • 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 officers.
  • 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. Complaints that require some time for examination of issues involved will be acknowledged promptly.

Grievance Officer:

Mr. Sujay Patil / Rohith Balakrishnan

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 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 NHB (National Housing Bank).
  • Customers can contact NHB on crcell@nhb.org.in/Department of Regulation and Supervision (Complaint Redressal Cell) 4th Floor, Core 5-A, India Habitat Centre Lodhi Road, New Delhi – 110003 or register their grievance through the online portal.
Email id crcell@nhb.org.in
Online Portal https://grids.nhbonline.org.in
Write to us at the below-mentioned address: Department of Regulation and Supervision (Complaint Redressal Cell) 4th Floor, Core 5-A, India Habitat Centre Lodhi Road, New Delhi – 110003
MITC English