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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:

Key Terms of the Loan:

  • Loan Amount

    :

  • Purpose of Loan

    :

  • Vastu HFC PLR

    : 17.12%

  • Rate of Interest

    :

  • Tenor

    :

  • EMI

    :

  • Number of EMIs

    :

  • Due Date for EMIs/PEMI

    : 5th of every month

  • Mode of repayment

    : ECS

Note:

  • 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, 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.

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 on Outstanding installment Due) 2% per month
PDC /ECS Swap fee Rs. 500/-
Statement Request (Duplicate Interest Statement/ 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) Will be applicable as per guidelines of National Housing Bank in this regard from time to time
Collection Charges
  • Cheque Collection Charges
  • Cash Collection Charges
 Rs 500/- per visit
Rs 250/-
Rs 500/-
Duplicate No due certificate Rs. 500 /-
NOC issuance charge Rs. 500 /-
Document Retrieval Fee Rs. 3000 /-

Note:

  • Above fee and charges are subject to change and will be at the sole discretion of Vastu HFC and any change in charges, would be intimated to the customer.
  • All the above charges are exclusive of GST.

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 Vastu HFC 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.

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.

Brief Procedure for Recovery of Overdues:

  • Vastu HFC 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, Vastu HFC may in its sole discretion give personal or telephonic or written reminder or intimation to the Borrower/s prior to the above action.

Customer Services:

  • Person to be contacted for customer service: Vastu HFC Branch Manager or Sales Manager as the case may be. Customers who wish to provide feedback or send in their complaint may also use the following channels between 9:30 am and 6:00 pm, Monday to Friday (except on national holidays).

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

Grievance Redressal Procedure​:

  • In case of any grievance or complaint the Borrower/s may personally approach or send written communication to the Vastu HFC Branch Manager or the Sales Manager, as the case may be. If not satisfied with the response or in the case of no response within reasonable period the Borrower/s may contact the Managing Director (Email Id md@vastuhfc.com) of Vastu HFC. 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 crcell@nhb.org.in

    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 the more either of them and in the event of any inconsistency the said Letter and the documents shall prevail . The above terms and conditions have been read by the Borrower/s or read to the Borrower/s by an authorized representative of Vastu HFC and have been understood by the Borrower/s and a duplicate copy of this MITC has been received by the Borrower/s
MITC English