MOST IMPORTANT TERMS AND CONDITIONS


1. LOAN

The loan amount, rate of interest, tenure etc. are based on various factors such as eligibility, repayment capacity, various risks, track record, etc. and hence may vary for each individual housing loan facility. Therefore, for information on Loan Amount sanctioned etc., Borrower is requested to refer to the Loan Agreement provided with this MITC documents.

2. FEE AND OTHER CHARGES*

Charges
Processing FeesUpto 1.0%(Home Loans)
Upto 2.0%(others)
Collateral Evaluation ChargesNIL for Home Loan
Rs 15,000-Rs 25,000 for Non Home Loans
Depending on the loan amount
Transaction Handling charges in Balance Transfer /Resale–only Home LoansRs2500/-
CERSAI FeesRs100/-(for Loans>5Lacs)
Rs50/-(for Loans<5Lacs)
ECS Dishonor ChargesRs500 /- for each ECS bounce
Late Payment Charges36% per Annum of Outstanding EMI
ECS Swapping chargesRs500/-per instance
Retrieval charges for Copies of loan /property document in IIFL custodyRs500/-per instance
Charges for Statement of Account /Amortization ScheduleNil

3. PRE PAYMENT/ FORECLOSURE CHARGES*

Loan TypeCustomer TypeFull PrepaymentPart Prepayment
Home Loan / OthersIndividualNil
Non IndividualWithin 1st year of Last Disbursement = 5% of any amount prepaid
After 1st year of Last disbursement:
3% of any amount pre paid1% of any amount pre paid
     

*All charges, interest, tax, fee, Service tax and all other imposts, taxes, levies etc. as prescribed by any statutory/regulatory bodies from time to timeshall be solely borne by the Borrower. The above mentioned charges, fees, service tax etc are as on date of the Loan Agreement and other transaction documents and the charges above stated are subject to change from time to time.

4. RATE OF INTEREST

Home Loans<=200 lacs *>200 lacs * / PlotsSwaraj
9.55% - 10.50%10.50% - 11.50%14.50%
Non-Home LoansResidential / LRDCommercial / PurchasePlots / Others
12.50 - 15.50%13.50 - 16.00%13.50 - 18.00%

*1. Loan Amount Applicable for Delhi NCR and Mumbai is Rs 200 lacs   2. Loan Amount Applicable for Pune, Ahmedabad, Indore, Kolkatta, Hyderabad, Chennai, Bangalore, Jaipur, Chandigarh, Ludhiana is Rs 150 lacs   3. Loan Amount Applicable for rest of the location is Rs 100 lacs

5. SECURITY LOAN

Security of the loan would generally be security interest on the property being financed and / or any other collateral / interim security as may be required by IIFL HFC. Stamp duty, e-filing charges, and other statutory dues applicable on the Security documents or Transaction documents may vary depending on the location and will be charged from the borrower in addition to processing fees.

6. INSURANCE OF THE PROPERTY / BORROWERS

The Borrower/s shall at all such times till the entire Loan granted by IIFL HFC has been repaid in full to the complete satisfaction of IIFL HFC, keep the property insured with comprehensive and composite Insurance policy for such sum assured equivalent to the loan outstanding at any point of time. In such policy, IIFL HFC shall be the sole beneficiary, during the continuity of the loan facility. The Borrower/s would also send a copy of the Insurance cover and the policy within 15 days of each renewal/fresh policy. The Borrower is further advised to keep his/her life insured at all time to the extent of loan outstanding during the continuity of the loan . For details of the requirements and features of the insurance policy, if any, to be obtained for the property-ies/ borrowers, please contact IIFL HFC’s branch office.

7. CONDITIONS FOR DISBURSEMENT OF THE LOAN

IIFL HFC shall not disburse the home loan to the Borrower unless the conditions mentioned in the Home Loan sanction letter and Loan Agreements are complied with, to the satisfaction and sole discretion of IIFL HFC. Few of which are as given below:

  • The Borrower must fulfil the IIFL HFC’s requirement of creditworthiness.
  • Execution of loan agreement and such other ancillary documents
  • Submission of post dated cheques/ECS etc. towards repayment of installments
  • Creation of security in favour of IIFL HFC
  • Utilisation of disbursement should be towards acquisition/construction of property or as per the end use specified
  • Non disclosure of any fact which may affect the borrower’s loan proposal adversely.

8. REPAYMENT OF THE LOAN AND INTEREST

The information on interest rate, Pre Equated Monthly Installment Interest (PEMII)/Equated monthly installment (EMI) and number of installment, tenure of loan are mentioned in the Sanction Letter provided to the Borrower. Any change in adjustable rate of interest /PEMII/EMI shall be informed to the borrower as per the IIFL HFC’s Fair Practice Code (updated at website of IIFL HFC) at the contact details available with the IIFL HFC. The Loan is required to be repaid in the prescribed EMI/PEMII on the due date as mentioned in the Loan Agreement. The repayment of EMI/PEMII is mandated through ECS/post dated cheques in favor of IIFL HFC. The Borrower must ensure:

  • That sufficient fund is available in the designated Bank account of Borrower to be debited.
  • Not to cancel/put stop payment on the cheques/instruments given towards the repayment of Loan EMI. Also, not to close or change the account upon which repayment instrument is drawn (unless he/she makes alternate arrangement for the repayment as agreeable to IIFL HFC).
  • To pay the installment on or before the relevant due date, if not, the outstanding loan amount and all accrued interest would become immediately due and payable. The Borrower would also be liable to pay the fees as set out in the Statement of Charges.

9. BRIEF PROCEDURE TO BE FOLLOWED FOR RECOVERY OF OVERDUES

On the occurrence of Event of Default as mentioned in the Loan Agreement, the Borrower may be sent reminder from time to time for payment of the outstanding amount on his loan account by post, fax, telephone, e-mail, sms and/or through third parties appointed for collection purposes to remind, follow-up and collect dues. The Collection methodology broadly includes the following:

  • Tele- Calling and Pick up : It involves contacting the Borrower over the phone and making them aware about the missed due date and requesting to pay the arrears at the earliest.
  • Field Collection: It involves meeting the Borrower and collecting the payment of the amount due. The activity shall be carried out through employees of IIFL HFC or authorized representatives. The payment would be collected either in cash or in the form of a cheque/DD against the valid receipt only which will be issued to Borrower.
  • Legal action: shall be taken based on circumstances of each delinquent account, as per the policy of India Infoline Housing Finance Limited HFC and pursuant to the provision of applicable laws.

Hence, IIFL HFC shall use a judicious mix of field visit, written communication and legal action to ensure proper and effective coverage for the different category of delinquent account.

10. CUSTOMER SERVICES

  • Borrower can visit the Service Branch during visiting hours of 10 am – 5 pm from Monday to Friday and 10 am – 2 pm on Saturdays (Except Public Holidays).
  • Borrower can contact our call centre at 18003001115 (toll free) & +91-22-39309000 between 10 am – 5 pm from Monday to Friday and 10 am – 2 pm on Saturdays (Except Public Holidays).
  • Borrower can reach to Customer Service vide e-mail :- reach@iihfl.com
  • Indicative Timelines of common request servicing

11. GRIEVANCE REDRESSAL

For any service related issue including obtaining documents or in case of any complaint/grievance, the Borrower may communicate in writing, orally, electronically through e-mail, website, telephone and modes given below. The Borrower may contact our Office through any of the following channels:

  • By telephonic communication with our call centre at 180030001155 (toll free) between 10 am – 5 pm from Monday to Friday (Except Public Holidays).
  • By way of e-mail at reach@iihfl.com
  • By way of written letter addressed to Customer Service - Home Loans, India Infoline Housing Finance Ltd, 12A-10,13th floor, Parinee Crescenzo, C-38 & 39, G Block, Behind MCA, Bandra Kurla Complex, Bandra East, Mumbai – 400051
  • By way of physically visiting the Service Branch and lodge a complaint in the Complaint Register maintained at our branches

In case the response is unsatisfactory or no response is received from above mentioned sources, the complaint may be escalated to: Ms. Rakhi Narain, Head of Customer Service (rakhi.narain@Indiainfoline.com), IIFL Tower, 98, Udyog Vihar, Phase-IV, Gurgaon, Haryana -122015. Borrower can further escalate the complaint to: Mr. Ajay Jaiswal, Head of Compliance (ajay.jaiswal@Indiainfoline. com), IIFL Tower, 98, Udyog Vihar, Phase-IV, Gurgaon, Haryana -122015. In case the complainant is dissatisfied with the response received from IIFL HFC or where no response is received, the Complainant may approach the Complaint Redressal Cell of National Housing Bank by lodging its complaint in online mode at the link https://grids.nhbonline.org.in OR in offline mode by post, in prescribed format, available at link http://www.nhb.org.in/Grievance-Redressal-System/Lodging-Complaint-Again... to Complaint Redressal Cell, Department of Regulation & Supervision, National Housing Bank, 4th Floor, Core 5A, India Habitat Centre, Lodhi Road, New Delhi – 110003. 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 by them. The above terms and conditions have been read by the borrower/s / read over to the borrower,understood and agreed upon borrower/s.