Other Most Important Terms and Conditions

The Other 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. 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) are advised to refer the Loan Agreement and Sanction Letter to know the security details of the Loan sanctioned.

2. 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.

3. 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.

4. 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. The 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.

5. 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 the 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 visits, written communication and legal action to ensure proper and effective coverage for the different category of delinquent account.

6. 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.

7. Customer Services:

• Borrowers 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/contact-us/raise-a- request

• Indicative Timelines of common request servicing:

  • Loan account statement – 2 working days from date of request

  • Photocopy of the title documents – 6 working days from date of request

  • Return of original documents on closure/transfer of loan – 30 working days from date of closure of loan

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

Last Updated on January, 2025