Most Important Terms and Conditions

The Most Important Terms and Conditions (MITC) of loan between the borrower/s and IIFL Home Finance Limited, having its registered office at IIFL House, Sun Infotech Park, Road No. 16V Plot No. B-23, MIDC, Thane Industrial Area, Wagle Estate, Thane - 400604 (hereinafter referred as “IIFL HFL”) are agreed upon and mentioned below.

1. Loan

Loan is sanctioned basis a combination of several factors like repayment capacity, collateral security, past and present credit history and other risk parameters. Borrower/s is/are advised to refer to the Loan Agreement to know the loan amount sanctioned.

2. Interest

• Type : (Fixed or Floating) - IIFL HFL offers only Adjustable Interest rate (AIR)* throughout the tenure of all retail loans

• Chargeable : Interest Chargeable : AIR (Adjustable Interest Rate) is computed with reference to the Prime Lending Rate of IIFL HFL together with the margin, if any, as specified in detail in the Loan Agreement. Refer latest ROI grid for Indicative Rate of Interest under AIR.

  * (The interest rate is subject to periodic revisions due to changes in the base rate or other relevant factors, such as market conditions, cost of operation, cost of funds, margin and risk premium etc. For administrative convenience, IIFL HFL may maintain the Equated Monthly Installment (EMI) amount constant irrespective of variations in the interest rate, thereby leading to variations in the loan tenure.  Borrower/s will be notified of any such changes and, within the stipulated timeline therein, has the option to: (i) revise the EMI, loan tenure, or choose a combination of both options; (ii) make partial or full prepayments at any time during the loan tenure. If no preference is indicated by the Borrower/s, the decision of IIFL HFL shall be final and binding on the Borrower/s.

  Please take a note that upon revision in rate of interest, IIFL HFL has the option to revise EMI, extend the repayment period, or both, in the cases of negative amortisation (i.e., when EMI is insufficient to cover the full interest and/or the principal component contained in the EMls is inadequate to repay the Loan within the loan tenure determined by IIFL HFL). For further information, please refer to Clause 4 and 7 of the Loan Agreement and our website https://www.iiflhomeloans.com, specifically the Standard Master Information and Terms & Conditions (MITC)).

• Date of Reset of Interest : Interest Rate Reset Revision Cycle “IRRRC” is quarter of English calendar year beginning from first day of January, April, July, and October of each year. AIR will be reset on the first day of the quarter following the month in which the PLR is changed.

• Modes of Communication of Changes in Interest Rate : Any Change in Adjustable Interest Rate is duly informed to the Borrowers through SMS (vide regd. mobile number)/ E-mail (vide regd. E-mail ID) / Postal services like Courier, India Post or any other electronic mode prevalent for the time being. For latest update please visit our web site https://www.iiflhomeloans.com/reach-us/raise-a-request

3.Installment Type

• Monthly

4. Loan Tenure

IIFL HFL offers a wide range of loan tenures starting from 1 year upto 25 years depending on a combination of various parameters like age of borrower/s, loan product, collateral security etc. Borrower/s is/are advised to refer the Loan Agreement to know the loan tenure sanctioned.

5. Purpose of Loan

IIFL HFL offers a variety of loan options depending on the requirement of the borrower/s like Home Loan for Purchase/ Construction/ Renovation/ Purchase of Land or Loan Against Property or Loan for Purchase of commercial property etc. Borrower/s is/are advised to refer the Loan Agreement to know the Purpose of loan sanctioned.

6. Switch Facility and Charges

The conversion charges for switching floating to fixed interest, from floating to floating interest, from fixed to fixed interest & from fixed to floating interest, if any has been provided in the switch /conversion fees table in ‘schedule of charges’ on IIFL HFL.

7. Interest Rate Reduction Facility

Customers can opt for interest rate reduction facility. Fee payable as per interest rate reduction grid which mentioned in “schedule of charges”.

8. On Foreclosure

Kindly refer detailed "schedule of charges”

• Fee refundable if loan not sanctioned/ disbursed: Processing Fee paid by customer for availing the loan is non-refundable.

• Penalty for delayed payments: 18% per annum on the overdue loan amount

• *All fees/charges are subject to applicable taxes. *Stamp duty, e-filing charges, and other statutory dues applicable on the Security/Transaction documents may vary depending on locations and payable by borrower/s in addition to processing fees. The above mentioned fees and charges are subject to change from time to time. For latest updated details of applicable fees and other charges, please refer to the Schedule of charges below

9. Security/Collateral for the Loan

Security of the loan would generally be security interest on the property being financed and / or any other additional security in the nature of additional property/ Guarantors as may be mandated by IIFL HFL. Borrower/s is/are advised to refer the Loan Agreement and Sanction Letter to know the security details of the Loan sanctioned.

10. Insurance of the Property/Borrowers

• The Borrower/s shall keep the property under security insured with Comprehensive Insurance Policy equivalent to the loan outstanding at any point of time during the pendency of the loan with IIFL HFL as the sole beneficiary under said policy / policies.

• The Borrower/s may keep his/their life insured equivalent to loan outstanding at any point of time during the pendency of the loan with IIFL HFL as the sole beneficiary under said policy / policies.

11. Conditions for Disbursement of the Loan

IIFL HFL shall not disburse any loan to the Borrower/s unless the conditions mentioned in the Sanction Letter and Loan Agreements are complied with, to the satisfaction and sole discretion of IIFL HFL. Few of which are as given below:

• Fee refundable if loan not sanctioned/ disbursed: Processing Fee paid by customer for availing the loan is non-refundable.

• The Borrower must fulfil the IIFL HFL’s requirement of credit worthiness.

• Execution of loan agreement and such other ancillary documents

• Submission of cheques/ECS/ACH/ etc. any other clearing system in force for the time being towards repayment of instalments

• Creation of security in favour of IIFL HFL.

• Utilisation of disbursement should be as per the end use specified

• The Borrower must disclose every material fact/s which may affect the borrower’s loan proposal.

12. Repayment of Loan & Interest

Repayment of loan to be by way of pre-EMI/EMI during the entire tenure of the loan as per terms outlined in the Loan Agreement. Borrower is advised to refer to the Loan Agreement for details of repayment in Equated Monthly Installments (EMI/Pre EMI) or other payments, EMI cycle, due dates etc. Any change in the AIR/EMI would be communicated to the borrowers in advance.

13. Brief Procedure to be Followed for Recovery of Overdues

On the occurrence of Event of Default as mentioned in the Loan Agreement, the Borrower to be sent reminder from time to time for payment of the outstanding amount on his loan account by Telephone, E-mail, Courier, 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: 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 HFL 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 IIFL HFL and pursuant to the provision of applicable laws. IIFL HFL 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.

14. Annual Outstanding Balance Statement

IIFL HFL will issue the Annual Outstanding Balance Statement along with Annual Income Tax Certificate for the preceding Financial Year to all Home Loan Borrowers in the first quarter of every Financial Year.

15. Customer Services

Borrower can visit the Service Branch during visiting hours of 10:00 am – 4:30 pm from Monday to Friday (Except Public Holidays).

Borrower can contact our call centre at 18602673000 (helpline) between 9:30 am – 6 pm from Monday to Friday (Except Public Holidays).

Borrower can reach to Customer Service online:- https://www.iiflhomeloans.com/reach-us/raise-a-request

Indicative Timelines of common request servicing:

• Loan account statement – 3 working days from date of request

• Photocopy of the title documents – 7 working days from date of request

• Return of original documents on closure/transfer of loan – 15 working days from date of request

• Issuance of loan foreclosure statement - 15 working days from date of request

16. 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 18602673000 (helpline) b/w 9:30 am – 6 pm from Monday to Friday (Except Public Holidays).

• By way of online request - https://www.iifl.com/contact-us/home-loan/raise-a-request

• By way of written letter addressed to Customer Service - Home Loans, IIFL Home Finance Ltd, IIFL Home Loans Plot No. No 98, Phase IV, Gurugram, Haryana 122015

• By way of physically visiting the Service Branch and lodge a complaint in the Complaint Register maintained at our branches