|MOST IMPORTANT TERMS AND CONDITIONS|
|Loan (a. Purchase b. Construction c. Repair, Renovation & Extension d. Plot Cum Construction e. Others)|
|OFFER CUM ACKNOWLEDGEMENT FORM|
|Major Terms and Conditions of the housing loan agreed to between (Borrower(s) name) and AAVAS FINANCIERS LIMITED (Formerly known as “Au Housing Finance Ltd”). are as under:|
|Loan Account No. (LAN No.)|
|(For Office Use Only)|
|Thank you for your decision to avail loan facility for the purpose/ on referred above. We hereby confirm our acceptance to extend the facility on terms referred herein.|
|PARTICULARS OF THE LOAN:|
|1||Application Form No.|
|2||Facility Loan Sanction Amount Not Exceeding (Rs.)||Rs.|
|3||Facility Loan Type (Please specify)||a.Purchase b. Construction c. Repair, Renovation & Extension d.Plot Cum Construction e.Others|
|4||Rate Type||a Fixed b. Floating /Adjustable Interest Rate c. Dual / Special Rate|
|5||AFL (Formerly known as “Au Housing Finance Ltd”) Lending Rate/PLR||For a. Fixed Rate of Interest
(i) The Applicant/s shall pay interest on the principal amount of the Facility outstanding from time to time monthly at % per annum (Fixed Rate) plus applicable interest tax or other statutory levy on the dates mentioned below.
(ii) The Applicant/s shall pay PEMI at % (Fixed) per annum plus applicable interest tax on other statutory levy until commencement of the EMI. Such
PEMI will be calculated from the date of respective disbursement(s) and shall be payable on the dates mentioned below.
|For b. Floating / Adjustable Interest Rate :
(i) Base Rate = %per annum as on the date of Sanction.
(ii) The Applicant/s shall pay Adjustable Rate of Interest = % per annum (i.e. AFL (Formerly known as “AUH”) Lending Rate/PLR +/- margin of %) plus applicable interest tax or other statutory levies.
(iii) The Applicant/s shall pay PEMI at % per annum (Floating Rate) until commencement of the EMI payable on the dates mentioned below plus applicable interest tax or other statutory levies
|6||Moratorium or Subsidy|
|7||Date of Reset of interest||The applicable rate of interest on the loan will be revised/reset with the change in the AFL (Formerly known as “AUH”) Lending Rate /PLR rate. i.e Interest rate on loan may change with the effective date of change in AUH Lending Rate/PLR.|
|8||Mode of communication of changes in interest rate||Through Letter/ updation on www.aavas.in (website)/SMS/ registerd email/ other source of communication|
|9||Loan Tenure/Total No. of EMIs||months/ EMIs (Subject to change with a change in Base Rate, in cases of Floating / Adjustable Rate of Interest).|
|REPAYMENT OF THE LOAN & INTEREST:|
|1||EMI (Rs.)||Rs. (Subject to change with a change in Base Rate, in cases of Floating / Adjustable Rate of Interest)|
|2||Date of Commencement of EMI|
|3||Due Date for payment of EMI Cycle|
|4||Procedure for intimation of the changes in Rate of Interest / EMI||In event of any change in Rate of Interest /EMI, we will communicate the same to you through letter at the last known address as updated in our records or through updation on www.aavas.in (website)/SMS/ registerd email/ other source of communication|
|INSURANCE OF THE PROPERTY AND THE BORROWER(S):|
|1||Insurance of the Borrower||Requirement : To Ensure and Protect the Life of Borrower
Features : Life Coverage of the Insured
Insurance of the Property
|Requirement : To Ensure that Property offered as security to be insured against the losses arised due to earthquake, fire, flood, explosion, storm, tempest etc. Features : To Indemnify the losses arised due to earthquake, fire, flood, explosion, storm, tempest etc.|
|FEES AND OTHER CHARGES:|
|UPFRONT CHARGES (CHARGES BEFORE DISBURSEMENT)|
|Processing Charges||2% + GST (on the sanctioned value) to be collected before disbursement or deducted from first disbursement.|
|Non Postal Stamp / Stamp Duty||As applicable law of the state|
|Non-encumbrance Certificate / Search Report||As per actual|
|Valuation/Technical Fee||Rs. 2000/- + GST|
|CERSAI: At the time of Disbursement : Creation of Charge||Rs. 100/-+ GST (for loans>5 Lacs) and;|
|Rs. 50/-+ GST (for loans<5 lacs) or as per the charges levied by CERSAI|
|Post Disbursement Document (PDD) Charges||0.20 % of Loan Amount|
|CUSTOMER SERVICE CHARGES|
|CERSAI: At the time of Modification of Charge ( in case of Top Up)||Rs. 100/-+ GST (for loans>5 Lacs) and;|
|Rs. 50/-+ GST (for loans<5 lacs) or as per the charges levied by CERSAI|
|Prepayment Charges||Part- Prepayment / Foreclosure of Home Loan on Variable/ Floating rate of Interest: No prepayment Charges.
Part- Prepayment/ Foreclosure of Home Loan on fixed rate of interest: No prepayment charges, if loan is foreclosed through own source.
However if the payment is made by borrowing from a bank/HFC/NBFC and/ or a Financial institution, The prepayment Charges are as follows:
1) 5%+ GST as applicable in Pre- closure Charges would be levied on principle o/s & all part prepayments done in case loan is closed within 12 months of the first Disbursement.
|Cheque/ECS/ACH Bounce Charges (Per Instrument/Transaction)||Cheque return charge of INR 500/- + GST as applicable per instrument is payable in case of a dishonored cheque or ECS or ACH.|
|Late Payment Interest||3% per month compound for no. of days delayed in PEMI / EMI payment.|
|Duplicate No Dues Certificate||Rs.500/- + GST|
|Copy of Property Papers||Rs.500/- + GST|
|Charges for Missed Due Date||Rs. 200/- + GST|
|Cancelation Charges /Fees||1) If request received within 7 days of the disbursement: Only Rs. 1000/- + GST (cancelation Charges).
2) If request received after 7 days of the disbursement:Rs. 1000/- + GST (cancelation Charges) & PEMI till the cancelation request
|Documents Retrieval Charges||Rs 500/- plus applicable taxes (GST) and/or other statutory levies|
|Duplicate Annual Account Statement, Provisional Certificate||Rs.500/- + GST|
|Loan prepayment/closure (fully) statement / SOA / Repayment Schedule charges||Rs.500/- + GST|
|Each Personal Visit to customer’s place for collection of dues||Rs.250/- per visit plus applicable GST|
|Disbursement Cheque Cancelation & re-issuance||Rs. 1000/- + GST (cancelation Charges) & PEMI will be charged.|
|Disbursement Cancelation (Deal postponed etc)||1) If request received within 7 days of the disbursement: Only Rs. 1000/- + GST (cancelation Charges).
2) If request received after 7 days of the disbursement:
Rs. 1000/- + GST (cancelation Charges) & PEMI till the cancelation request
|Cheque/ECS Swapping Charges (per set):|
|PDC to PDC||Rs. 1000/- + GST|
|PDC to ECS||NIL|
|ECS to ECS||Rs. 1000/- + GST|
|ECS to PDC||Rs. 1000/- + GST|
|Complaint Handling Charges||NIL|
|CHARGES AT THE TIME OF FORECLOSURE|
|Cash Collection Charges (Only FC)||Rs. 5/- per Thousand for Cash Collection + GST|
|CERSAI: At the time of Loan Closure: – Satisfaction of Charge (removal of lien)||NIL|
|Document Custodian Fees||Rs. 500/- + GST Per Month (Chargeable after 30 days of closure of the Loan Account)|
|Note: * The Govt. of India has implemented the Good & Service Tax (GST) effective from 1st July, 2017. Consequently, the Service Tax rate (including cess) of 15%, as applicable to the products & services rendered by financial institutions, has been replaced by the GST rate of 18%.|
|SECURITY / COLLATERAL FOR THE LOAN:|
|Mortgage of Below mentioned property in Favour of AAVAS FINANCIERS LIMITED (Formerly known as “Au Housing Finance Ltd”)|
|Detail of Guarantor(s):|
|CONDITION FOR THE DISBURSEMENT OF LOAN:|
|The Loan is subject to the below conditions ;|
|Any Special Condition:|
|PROCEDURE OF RECOVERY OF OVERDUES ARE AS FOLLOWS:|
|Upto two PEMI / EMI outstanding||a. You will be informed via sms, phone calls or our representative would be visiting personally|
|More than two PEMI / EMI outstanding||b. Along with point a, legal notice is sent informing PEMI / EMI overdues.|
|More than three PEMI / EMI outstanding||c. Total loan recall notice is being sent & legal proceedings are started.|
|ANNUAL OUTSTANDING BALANCE STATEMENT||Within 30 days of closure of financial year|
|For any assistance and information you can connect the Central Customer Relationship Management (CRM) cell of the company through below modes between the Working Hours from 9:30 AM to 6:30 PM.|
|1. Contact to the branch manager/branch in charge of the branch nearby you|
|2. Call to our Customer care No:- +91-0141-6618888|
|You can also write to our Customer care E-mail Id:- email@example.com|
|You can also write to us via our website: www.aavas.in|
|You can collect the following documents by visiting our branch, timelines are mentioned for the same:|
|Loan Account Statement||Within 3 working days|
|Photocopy of the title documents||Within 15 working days|
|Return of Original document on closure of the loan||Within 15 working days|
|I/WE ACKNOWLEDGE THAT:|
|1 I / We have not made any payments in cash, bearer cheque or kind along with or in connection with this application to the executive collecting my/our application form.
2 All other terms and condition of the contract will be as per our loan agreement signed by you.
3 This offer is valid for 90 days, subject to submission and fulfillment of all required document for the proposed loan.
4 Company may withdraw this offer, if any information/document provided by you seems doubtful.
5 Please read our agreement carefully for executing the same, our executive will help you in understanding/ clarifying any clause if you required.
|CUSTOMER GRIEVANCE MECHANISM|
|AAVAS FINANCIERS LIMITED (Formerly known as “Au Housing Finance Ltd”), we believe in providing the best of services to our customers. We provide customers with easy access to information, products and services, as well as the means to get their grievances redressed.
Please visit to the nearest AAVAS FINANCIERS LIMITED Branch and submit your complaints/grievance get your complaint logged in the “Complaint & Grievance Register” maintained at the branches (During the working hours from 9:30 A.M to 6:30 P.M)
We will respond to your complaint within 15 working days.
If you are still not satisfied with the resolution you receive, or you don’t receive any response within 15 working days you can write, mail, fax or call to the Nodal Officer of the company:-
If your compliant still remains unresolved, you may directly approach the regulatory authority of Housing Finance Companies, National Housing Bank for redressal of your complaints at below address:
The complainant can also approach the Complaint Redressal Cell by lodging its complaint at the link https://grids.nhbonline.org.in.
New Customer Existing Customer