MITC English
MOST IMPORTANT TERMS AND CONDITIONS (MITC)
Pursuant to the terms and conditions agreed to between SAHAYYA FINSERVE PRIVATE LIMITED (“SFPL” or “the Lender”) and the Borrower (“the Borrower” or “the Customer”) as detailed in the Sanction letter, Loan Agreement (“Loan Agreement”), the Top-Up Loan Addendum, Disbursement letter and/ or other documents, if any, (collectively referred to as the “Loan Documents”), the Key Terms and Conditions are mentioned in this MITC. This MITC must be read in conjunction with the terms and conditions of the Loan documents.
| Loan Application Number | |
| Borrower Details | |
| Applicant | |
| Co-Applicant | |
| Co-Applicant | |
| Sr.No. | Particulars | Details |
| 1 | Loan Details | |
| Type of Loan Facility | ||
| Loan amount Sanctioned | ||
| Purpose of Loan | ||
| Interest Type (Fixed / Floating / Dual) | ||
| Installment Type | ||
| SFPL PLR | ||
| Rate of Interest | ||
| Tenure (Months) | ||
| Installment Amount (EMI Amount) | ||
| Installment Presentation Date (EMI Due Date) | ||
| Moratorium or Subsidy | ||
| Modes of communication of changes in Interest Rate | ||
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SFPL is entitled to revise the interest rate upward or downward at any time and from time to time during the loan tenure at its sole discretion, and with due intimation to the Borrower, due to changes in SFPL PLR or External benchmarks (for external benchmark linked loans) or internal policies or due to regulatory requirements including but not limited to, Borrower in providing / executing any documents so required by the Lender to be executed / provided by the Borrower, post disbursal of the loan, under the agreement. Any revision in the rate of interest is effective prospectively. SFPL shall inform of such change in Interest Rate by sending letter to the Borrower on registered communication address/ mailer on registered E-mail ID/ Message on registered Mobile No and/or by updating its Website. Such communication through any of the above-mentioned modes of communications shall constitute sufficient notice to the Borrower. |
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| 2 | Fees and Other charges (applicable GST @ 18% will be levied on these charges) | |
| Application Fee | Up to ₹ 5,000 | |
| Loan Processing Fee | Up to 5 % of the Loan Amount | |
| Legal, Collection and Incidental Charges | Actuals | |
| Technical Visit Charges for Tranche Disbursement* / | NIL | |
| Part-Prepayment Charges (on the amount being part paid)>/p> Foreclosure (Full Pre-Payment) charges on the total loan outstanding amount | Floating Rate Home Loans: Nil Floating Rate loans given to individuals (Applicant or Co-Applicant) where the end use is for business purposes: 4% on amount prepaid Floating Rate loans given to non – individuals on the loan structure (Applicant or Co-Applicant): 4% on amount prepaid Fixed Rate loans: 4% on amount prepaid | |
| Penal Charge* | Up to 36% per annum on the overdue amount (Principal overdue / Interest overdue / EMI overdue) for the period the said amount remains overdue | |
| Cheque Bounce Charges | ₹ 500 per bounce | |
| PDC Swapping Charges | ₹ 500 per instance | |
| Hard Copy SOA | ₹ 500 per instance | |
| Hard Copy Repayment Schedule | ₹ 500 per instance | |
| Photocopy of Property Papers | ₹ 1,000 per instance | |
| Document Retrieval Fee | ₹ 1,000 per instance | |
| Hard Copy Foreclosure Letter | ₹ 1,000 per instance | |
| Switch Fee (Floating – > Fixed & vice versa) | Up to 2% of principal outstanding | |
| Stamp Duty and other Statutory Charges | Actuals | |
| CERSAI Fee | If Loan Amount is equal to ₹ 5 lacs or lesser – ₹ 50 per property If Loan Amount is greater than ₹ 5 lacs – ₹ 100 per property | |
| Document Custodian Fees | ₹ 500 | |
| Cancellation Charges | Up to 4% of the Loan Amount | |
| Disbursement Cheque Cancelation & re-issuance | ₹ 1,000 per instance | |
| Cash Collection Fee | ₹ 500 per instance | |
| Please note the GST applicable would be levied on all the above-mentioned charges. *The said Penal Charges are over and above the applicable Rate of Interest. *The said Penal Charges will be subject to GST as per applicable laws on Goods and Service Tax in India, and GST will be charged separately. | ||
| 3 | Security for the loan | |
| Mortgage for the loan (detail of property to be mortgaged as security for the loan) | ||
| Guarantee (name of Guarantors) | ||
| Other Security (Details of other securities, if any) | ||
| 4 | Insurance of the Property / Borrowers | |
| Detail of requirements and features of the insurance policy to be obtained for the property/borrowers | As per Sanction Letter and Loan Agreement. | |
| 5 | Conditions for disbursement of loan | |
| Conditions for disbursement of the loan or any instalment thereof viz., creation of security, submission of approved plans, stages of construction, statutory approvals | As per Sanction Letter and Loan Agreement. | |
| 6 | Brief Procedure for Recovery of Overdues | |
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If one or more of the Events of Defaults shall have occurred, then, the SFPL, by a written notice to the Borrower may declare the principal and all accrued interest and charges on the Loan which may be payable by the Borrower under or in terms of the Agreement and/or any other agreements, documents subsisting between the Borrower and the Lender, as well as all other charges and dues to be due and upon such declaration the same shall become due and payable forth with and the security in relation to the Loan and any other loans shall become enforceable, notwithstanding anything to the contrary in the Agreement or any other agreement/s or documents. On occurrence of any of event of default, the Lender shall have right to recall the entire outstanding loan amount with all other charges and interest and the Borrower, Co-borrower, Guarantor will be liable to forthwith repay such loan amount without any demur or protest. In the Event of Default, the Lender shall be entitled to communicate, in manner it may deem fit, to or with any person or persons with a view to receiving assistance of such person or persons in recovering the defaulted amounts including but not limited to visiting the Property and/or place of work of the Borrower. SFPL will be entitled to exercise all its rights as specified in the loan agreement and other related documents executed between the Borrower and the Lender. The recovery process of enforcement of mortgage/securities, including but not limited to, taking possession and sale of the mortgaged property in accordance with the procedure prescribed under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) or under any other law, is followed purely under the directions laid down under the respective law. Intimations / Reminders/ Notices(s) are given to customer/s prior to initiating appropriate legal steps for recovery of over dues, by the various legal tools like Negotiable Instruments Act, Civil Suit, SARFAESI Act etc. |
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| 7 | Annual Outstanding Balance Statement | |
| SFPL shall issue the annual outstanding balance statement to the Borrower at the request. | ||
| 8 | Customer Service | |
| Visiting Hours | 10:00 AM to 6:00 PM (except on Public Holidays) | |
| Details of person to be contacted for customer Officer In charge of the concerned Branch service | Officer In charge of the concerned Branch | |
| customercare@sahayyafinserve.com | ||
| Write to us | Sahayya Finserve Private Limited #78, 2nd floor Sai Sharan Heights, 15th cross Margosa road, Malleshwaram, Bangalore 560003 | |
| Loan Account Statement (SOA) | Customer can obtain the statement by walking into Branch or by emailing on the customer care email ID indicated above | |
| Photocopy of Title Documents | Within 30 days from the date of written request along with requisite fees | |
| Return of original documents on losure/transfer of Within 30 days from the date of receipt of the loan | Within 30 days from the date of receipt of the loan request letter from the Borrower subject to clearance of fund | |
| 9 | Grievance Redressal | |
| 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 / online tool and redressed in consultation with head / corporate office Customers can email us at customercare@sahayyafinserve.com between Monday to Friday between 10:00 am to 6:00 pm or write to us at the following address Sahayya Finserve Private Limited#78, 2nd floor Sai Sharan Heights, 15th cross Margosa road, Malleshwaram, Bangalore 560003 We assure a reply/acknowledgement to call within 48 working hours We assure a reply/acknowledgement to letters/emails received through this channel within 7 working days. Stage 2In case the complaint is not resolved within the given time or if he/she is not satisfied with the solution provided, the customer can approach the Complaints Redressal Officer. The name and contact of the Complaint Redressal Officer is as follows: Rohith Balakrishnan Email Id: grievance.officer@sahayyafinserve.comIn case the response received through the above channels are not satisfactory they can write to the Head of our Complaint Redressal Cell at: sfpl.grievancehead@sahayyafinserve.com Stage 3We assure response to letters / emails received through this channel within 7 working days. If the complaint/dispute is not redressed within a period of one month, you may file a complaint with RBI Ombudsman through following modes: Complaint lodging portal of the Ombudsman: https://cms.rbi.org.in Address: Officer-In-charge DNBS Department Reserve Bank of India, 10/3/8, Nrupathunga Road, Post Bag No.5467, Bangalore-560 001 or contact on 2275020 or Fax on 2210185 |
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SFPL is authorized to disclose from time to time any information relating to the loan to any credit bureau (Existing or Future) approved by Government of India or any authority as may require from time to time without any notice to the applicant. SFPL is also authorized to make inquiries with the Credit Bureaus of India and get the applicants Credit Information Report. The most Important Terms and Conditions mentioned above are an indicative list of terms and conditions of our loan products. These terms and conditions are further described in our loan agreement under relevant sections/schedules and therefore should be read in conjunction with those mentioned in the loan agreement and/or sanction letter. It is hereby agreed that for detail 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.
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(SIGNATURE OR THUMB IMPRESSION OF THE BORROWERS)
Name of the Borrower(s):
Date:
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(SIGNATURE OR THUMB IMPRESSION OF THE BORROWERS)
Name of Authorized signatory:
Place: