ManiBhavnam Home Finance India Private Limited
Most Important Terms & Conditions (“MITC”)
(Housing Loan / Loan Against Property)
Thank you for your application for availing a captioned loan from ManiBhavnam Home Finance India Private Limited (“MBHF”/ “Lender”).
The MITC are to be read in conjunction with the terms contained in sanction letter dated ____ executed/ to be executed between the borrower(s) and MBHF (“Sanction Letter”) and General Terms and Conditions dated ______ registered with the sub-registrar of assurances at ________ which is annexed as annexure I with the Sanction Letter. The Sanction Letter and GTC along with MITC shall be collectively referred as “Loan Documents”. Major terms and conditions agreed between ……………………………………………………………………. (the borrower) and the Lender are as under:
- Sanctioned Amount:………………………… (Rupees……………………………………………………………………………. Only).
- (i)Type (Fixed or Floating or Dual/ Special Rate):
- (ii)Interest Chargeable (………………………………………………………. i.e.……..% (Reference rate ±………………………………)for floating rate loans; and …………….% fixed rate loans)
- (iii)Moratorium or Subsidy:
- (iv)Date of Reset of Interest:
- (v)Modes of Communications of changes in Interest Rate: Letter/ SMS/ E-mail/ Information at branch/ Notification on website
3: Installments Types: Monthly/Quarterly/Half yearly/yearly
4: Loan Tenure:
5: Purpose of Loan: (mention the purpose for which loan is sanctioned)
6: Fee and Other Charges:
- i)Processing Fee:
|Home Loan||Upto 3.5% of the loan amount applied|
|Top Up/LAP Loan||Upto 4% of the loan amount applied|
|₹ 5000 (Rupees Five Thousand) to be paid along with application, balance post sanction|
ii) During the term of loan (Pl individually specify all the types of fee/charges):
|PDC/ACH Bounce Charges (per instrument)||₹ 500/- Plus Taxes|
|Swap Charges /EMI Cycle change||₹ 1000/- Plus Taxes|
|Change in loan tenor, EMI, addition /deletion of co- borrower(s) post loan disbursement||₹ 10000/- Plus Taxes|
|Duplicate Income Tax Certificate – Home Loan||₹ 500/- Plus Taxes|
|Part Prepayment of loan (with Floating Rate of Interest)||Allowed after completion of 12 months from date of disbursement|
|Part Prepayment of loan (with Fixed Rate of Interest)||NIL|
|Full Prepayment of loan (with Floating Rate of Interest)||NIL|
|Full Prepayment of loan (with Fixed Rate of Interest)||NIL|
|Loan Pre-closure statement||NIL|
|List of documents in custody of MBHF||NIL|
|Photocopy of property papers||₹ 500/- Plus Taxes|
|Cheque return||₹ 500/- Plus Taxes|
|Conversion of Rate of Interest (Floating to Floating Rate of Interest or Floating to Fixed Rate of Interest)||2 % Plus taxes|
|Conversion of Rate of Interest (Fixed to Fixed Rate of Interest)||2 % Plus taxes of Principal Outstanding|
|Overdue interest||2 % Plus taxes of Principal Outstanding|
|Property Swap Charges||2% of principal amount outstanding|
|Loan cancellation charges||₹ 5000+ rate of interest from the date of disbursement till date of request for cancellation|
|Document Retrieval||₹ 1000/- Plus Taxes|
|Cheque/ Draft/Cash Collection Charges||₹ 300/- Plus Taxes|
|CERSAI Charges for Loan Amount up to 5Lakh||₹ 50 for both creation and modification of security interest|
|CERSAI Charges for Loan Amount above 5Lakh||₹ 100 for creation and for any subsequent modification of Security interest|
* Swap charges will be nil in case of change in loan repayment mode to ACH/NACH
For complete details of charges applicable on loan please refer to the latest schedule of charges on MBHF’s website.
iii) On Foreclosure
|Floating rate Housing / Non- Housing Loans for Individuals||NIL|
|Fixed rate Housing Loans/ Non- Housing Loans for Individuals – Own||NIL|
|Fixed rate Housing Loans for Individuals – Balance Transfer||2% of principal amount|
|Non-Individual Housing / Non-Housing Loans (Fixed/Floating)||2% of principal amount|
|Documents handling charges post closure of loan||₹ 500/day, beyond 30 days from date of closure|
Part payment/Foreclosure of loan is allowed after completion of 12 Months from date of first disbursement. Subject to the guidelines/ circulars of NHB, RBI & other regulatory authority(ies), terms contained herein and/ or under the GTC and the Sanction Letter, the Borrower may prepay or partly prepay the Loan provided an advance thirty (30) working days’ clear written notice is given to MBHF for the same. Thirty (30) days will be counted from the actual date of the receipt of the notice by MBHF.
Floating rate of interest shall be based on MHFR as decided by MBHF from time to time. “MHFR” shall mean the applicable reference rate of interest as on the reset date and reset time frequency as decided by MBHF from time to time based on prevailing market conditions and guidelines of any statutory authority and / or as per internal policy of MBHF
iv) Refund of Processing Fee:
|Upfront initial Processing Fee of INR 5000 shall not be refunded.|
v) Penalty for delayed payments
|Penal Interest||2.5% pm on EMI over due|
Above fee and charges are exclusive of all Govt. taxes, levies etc. and subject to change and will be at the sole discretion of MBHF and any change in charges, would be uploaded on the website or intimated to customer via letter/email
7: Security / Collateral for the Loan
- • Mortgage (mention details of property to be mortgaged as security for the loan) by way of first [exclusive/ pari passu] charge
- • Guarantee (mention the name of the Guarantors).
- • Other Security (mention the details of other securities, if any) by way of first [exclusive/ pari passu] charge
- • The borrower shall bear all the charges payable for the creation of said security and shall take all the steps required for the perfection thereof.
8: Insurance of the Property / Borrowers
The borrower shall be vigilant and shall ensure the property is, during the pendency of the loan, always duly protected and properly insured against all risks. The Borrower hereby agrees that MBHF shall be made the sole beneficiary under the insurance policy/policies, and the Borrower shall provide evidence thereof to MBHF regarding MBHF being made the beneficiary immediately thereafter. The borrower shall pay the premium amounts promptly and regularly so as to keep the policy/policies alive at all times during period of loan.
9: Conditions for Disbursement of the Loan:
- a) Submission of all relevant documents as mentioned by MBHF in the sanction letter/loan agreement.
- b) Clear Legal & Technical assessment of the property.
- c) Payment of own contribution, as specified in sanction letter/loan agreement. In case of any alternative arrangement based on a specific product being offered by MBHF the same shall be informed to and acknowledged by Borrower.
- d) Creation of Equitable / Registered Mortgage/MOE & charges as prescribed by state government, if any, to be paid by customer as per actuals.
- e) The construction is being undertaken as per approved plans.
- f) Disbursement of loan will be linked to stages of construction as specified in the sanction letter.
- g) All the required statutory approvals for the property has been obtained.
- h) Positive Verification of all the documents submitted.
- i) CERSAI charge creation.
- j) Providing adequate utilization proof of the loan.
- k) All required approvals for the property have been obtained and are available with the seller in case the property is being purchased in resale.
- l) All property owners to be on the loan structure.
- m) Any other specific condition mentioned in the sanction letter.
10: Repayment of the Loan & Interest:
Pre-EMI Interest (“PEMI”) would be required to be paid, on monthly basis on the due date mentioned in the Sanction Letter. It shall be charged from the date of the first disbursements to the date of commencement of EMI in respect of the loan.
The Borrower shall provide such number of PDC’s as mandated by MBHF from time to time for the amounts specified by MBHF towards repayment of the Loan.
Amount of EMI-
Total number monthly installments-
Procedure for advance intimation of the changes in the rate of interest/EMI- Through Letter/ SMS/ E-mail/ Information at branch or Notification on website
11: Recovery of dues / overdue amounts:
On occurrence of any event of default as mentioned in the loan agreement, all outstanding amounts comprising of the principal, interest, additional interest and other charges, if any, owed by the Borrower to MBHF shall become payable forthwith and MBHF reserves the right to take such action as may be deemed fit, in accordance with applicable laws, to recover its dues by enforcing its rights under the loan documentation entered into with the Borrower.
12: Date on which annual outstanding balance-statement will be issued: By ________ every year.
13: Customer Services:
- a) Visiting hours at the office 9.30 am to 6 pm Monday to Friday.
- b) Contact Customer Service Executive or email at email@example.com
- c) Loan Account Statement – A customer needs to request in writing to the branch or customer service e-mail ID for account statement of his/ her loan. The loan account statement will be provided within 30 working days from the date of receipt of the request and applicable charges
- d) Photocopy of title documents– Photocopy of the title documents will be provided within 30 working days from the date of placing written request at branch. Applicable fees in this regard will be charged.
- e) Return of original documents on closure/transfer of loan – Original loan documents will be returned to you within 30 working days from date of full and final payment made towards loan closure. If the documents are not collected within the prescribed time-period, then applicable administrative charges shall be collected from customer.
14: Grievance Redressal:
How to log in a complaint/ where can a complaint be made:
All customer queries and grievance with respect to the product and services offered by ManiBhavnam Home Finance India Private Limited can be addressed to the Customer Service Department- MBHF using the following means through:
- • Call at 011-40521562
- • Email– firstname.lastname@example.org
- • Letter– Farm No. 10, Tropical Drive, Ghitorni, M.G Road, South West Delhi, New Delhi-110030
- • Website-www.manibhavnam.com
How a complaint should be made:
You must provide necessary loan details i.e. Loan Account Number, Complaint/Grievance Details, Valid Contact Information along with your email ID and Product details while lodging a queries or grievances through these channels.
When to expect a reply:
Organization shall endeavour to address/respond to all queries/grievances within reasonable time and keep you informed about the status of their complaints. Each customer query/complaint being unique in nature, can take up to 6 weeks for complete resolution.
Whom to approach for redressal:
You may escalate your concerns through any of channels mentioned. In case of delayed or no response from the respective channel with in the specified timelines, the complaint can be escalated at email@example.com
Escalation to National Housing Bank
If you do not receive any response from the company within 6 weeks or are dissatisfied with the response received, you may approach the National Housing Bank at the following address through post in the format available at link http://www.nhb.org.in/Grievance-Redressal-System/Lodging-Complaint-Angainst-HFCs-NHB%E2%80%93Physical-Mode.pdf
National Housing Bank
Department of Regulation and Supervision, (Complaint Redressal Cell),
4th Floor, Core – 5A, India Habitat Centre, Lodhi Road, New Delhi – 110003
The customer can email the complaint https://grids.nhbonline.org.in
What to do if customer is not happy about the outcome
If the complaint closure is not satisfactory and does not meet your requirement, the escalations can be made either through above mentioned customer service channels or the complaint/grievance can be escalated to the above mentioned email ID.
15: The sanction and / or disbursal of the loan shall be at the sole discretion of MBHF.
16: MBHF shall, at its sole discretion and under intimation to you, be entitled to amend or modify the term and conditions of the loan and all such amendment or modification, shall be deemed to be effective and binding on you.
In the event on a contradiction between of the terms and conditions set out herein and the Loan Documents, the terms and conditions of the Loan Documents shall prevail. The MITC mentioned above are merely indicative and not exhaustive.
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 the other security documents executed/to be executed by them.
The above terms and conditions have been read by the borrower/s/ read over to the borrower by Shri/Smt./Km………………………………………………………………………………………………………….of the company and have been understood by the borrower/s.
(Signature or thumb impression of the Borrower / s) Date:
ManiBhavnam Home Finance India Private Limited