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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)
Dear Customer
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).
10 Installment Type Monthly
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
 

2

 

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.
 
2) 3% + GST as applicable in pre-closure charges would be levied on principle o/s & all part prepayments done in last  12 months in case loan is closed after 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”)
Property Mortgaged:
Other Security:
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
CUSTOMER SERVICES:
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:- customercare@aavas.in
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.
 
Step1:
 
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.
 
Step 2:

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:-
 
Mr. Sharad Pathak
(Nodal Officer)
AAVAS FINANCIERS LIMITED
(Formerly known as “Au Housing Finance Limited”),
201-202, 2nd Floor, Southend Square
Mansarovar Industrial Area, Jaipur-302020
E-Mail ID:  sharad.pathak@aavas.in
Office: +91 141-6618839
Fax: +91 141 6618861
Mob:+91  8003996417
 
After examining the matter, we shall send the customer our final response or explain why it needs more time to respond and shall endeavor to do so within 15 working days
 
Step 3:

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:
 
National Housing Bank,
Department of Regulation and Supervision,
(Complaint Redressal Cell)
4th Floor, Core- 5A, India Habitat Centre,
Lodhi Road, New Delhi – 110 003

The complainant can also approach the Complaint Redressal Cell by lodging its complaint at the link https://grids.nhbonline.org.in.

 

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