Most important terms and conditions | Ummeed
EMI Calculator
YOUR EMI IS
RS 00000 /-
Apply For Loans

Submitted Successfully

Most important terms and conditions

Emi Calculater

EMI Calculator

Check your monthly
payable amount

CALCULATE NOW
Apply Loan

Apply For Loan

Provide your contact
details

APPLY NOW

Most Important Terms and Conditions (MITC)

The Most Important Terms and Conditions (MITC) of loan with Loan Account No.____ between Mr./Ms._____ and other co- borrowers and Ummeed Housing Finance Private Limited (hereinafter referred as Ummeed Housing Finance) are agreed upon and mentioned below:

Loan Details

  • Loan Amount Sanctioned :
  • Purpose of Loan :
  • Loan Agreement Date :
  • Tenure of Loan :
  • Rate Method : Fixed rate /Floating rate

Interest Chargeable

  • Interest chargeable: ......% which is Ummeed Reference Rate (URR) +/- ......%
  • Moratorium or subsidy (If any, please specify):
  • Date of Reset of Interest Rate:
  • Modes of communication of changes in interest rate: Any change in interest rate would be duly communicated to the borrower at the contact details available with Ummeed Housing Finance through SMS / E-mail / call on the registered phone or mobile number/ Courier or any other electronic mode prevalent for the time being. The changes will also be updated on Ummeed Housing Finance website and will be displayed at Ummeed Housing Finance branches.

Installment type

  • Repayment of loan through monthly Instalment.
  • Amount: ......(In Figures). Subject to change with a change in URR in case of floating rate loans.
  • Date of Commencement of EMI :
  • Due date for EMI :

Loan tenure

_____months (Subject to change with a change in Ummeed Reference Rate in case of floating rate loans)

Loan Purpose

  • Home Loan
  • Plot Loan
  • Construction Loan
  • Plot Purchase plus Construction
  • Home Improvement Loan
  • Home Extension Loan
  • Loan against Property
  • Others (Please specify) ________

Fees and applicable Charges

Tariff Sheet-Schedule of Charges
Particulars Home Loan Loan against Property
Copy of Welcome Letter & Amortisation Schedule NIL NIL
Processing Fee Up to 3% Up to 4%
Initial Non-refundable Commitment Fee Not to exceed Rs.10,000/- Not to exceed Rs.10,000/-
CERSAI Charge Up to Rs.750/- or as applicable Up to Rs.750/- or as applicable
Loan Cancellation Charges Rs.5000/- or 1% Fees whichever is higher Rs.5000/- or 1% Fees whichever is higher
PDC/ECS/ACH Bounced Charges Rs.600/- per bounce Rs.600/- per bounce
Penal Charges for delay in deposit(Applicable on Outstanding EMI Due+Bounced Charges) 2.50% per month 2.50% per month
Restructuring /Switching Fee (Applicable on Outstanding Principal Amount) 1% 1%
PDC Swap Charges Rs.500/- Rs.500/-
Statement Request(Duplicate Interest Statement/Statement of Accounts/Duplicate NOC/Foreclosure Letter) Rs.300/- per statement Rs.300/- per statement
Retrieval of copy of Documents Rs.1000/- Rs.1000/-
Part Payment Charges NIL or as applicable at the time of payment NIL or as applicable at the time of payment in case, all the borrowers are individuals & 5% in case wherein any of the borrower/co-borrower is non-individual.
Part Payment Charges/Foreclosure Charges (Applicable on outstanding principal amount at the time of closure) NIL or as applicable at the time of payment NIL or as applicable at the time of payment in case all borrowers are individuals & 5% in case wherein any of the borrower/co-borrower is non-individual.
Collection Charges Rs.500/- per collection from the customer's residence/office Rs.500/- per collection from the customer's residence/office
Differential Interest(any interest accrued due to gap in applicable ROI and existing rate of interest of any loan Refund or charged at any time suitable to customer or Ummeed Housing Finance Refund or charged at any time suitable to customer or Ummeed Housing Finance
TAXES will be charged over and above the charges mentioned above in the Tariff Sheet

Note :

  • Fee/Charges mentioned above are excluding applicable taxes and charges, while making payment applicable taxes and other statutory charges to be added as notified by statutory/government bodies.
  • We share credit performance details of your loan account with Credit Information Bureau Of India Limited (CIBIL) and with other agency.

Security / Collateral for the Loan

  • Mortgage (Mention detail of the property to be mortgaged as security for the loan):
    ..........................................................................................................................................
    ..........................................................................................................................................
    ..........................................................................................................................................
  • Guarantee (Mention the name of the guarantors):
    ..........................................................................................................................................
    ..........................................................................................................................................
    ..........................................................................................................................................
  • Other Security (Mention the details of other securities, if any).
    ..........................................................................................................................................
    ..........................................................................................................................................
    ..........................................................................................................................................

Insurance of the Property / Borrower :-

  • 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 Ummeed Housing Finance as the sole beneficiary under said policy/policies.
  • The borrower/s may keep his/her life insured equivalent to the loan outstanding at any point of time during the pendency of the loan with Ummeed Housing Finance as the sole beneficiary under said policy/policies.

Conditions for disbursement of the Loan :

Ummeed Housing Finance shall not disburse any loan to the Borrower unless the conditions mentioned in the sanction letter and loan agreement are complied with, to the satisfaction of Ummeed Housing Finance. All the loans at the sole discretion of Ummeed Housing Finance.

  • The borrower must fulfill the Ummeed Housing Finance requirement of credit worthiness.
  • Submission of all relevant documents as mentioned by Ummeed Housing Finance in the sanction letter / Loan agreement.
  • Legal and Technical assessment of the property.
  • Execution of the 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 installments.
  • Payment of own contribution by the borrower (total cost of flat/house less than the loan amount), as specified in the sanction letter. In case of any alternative arrangement based on a specific product being offered by Ummeed Housing Finance, the same shall be informed to and acknowledged by the Borrower.

Repayment of the Loan and Interest :

Repayment of the loan to be by the way of pre-EMI/EMI during the entire tenure of the loan. The installments (EMI) comprises of both principal repayment and interest component calculated on the outstanding principal and PEMI which comprises of interest component calculated on the outstanding principal. Interest shall be calculated on monthly reducing balance.

  • The EMI / PEMI for your Loan is:
  • Numbers of installments to be paid are:
  • PEMIs and EMIs shall be repaid through post-dated Cheques (PDCs) / Electronic Clearing Service (ECS) / Automated Clearing House (ACH) method by...........

Modes of communication of changes in interest rate: through email / SMS / call on the registered phone / mobile number

Procedure for recovery of Overdues :

  • Telephone/Personal contact and follow up for recovery of installments and interest due.
  • Initiate legal action against the borrower in accordance with provisions of the loan agreement and applicable laws. Before initiating any such legal action, Ummeed Housing Finance shall sent notice to the borrower/s as required under applicable law.

Customer Services :

Visiting Hours at office / Branch
Monday to Saturday: 10 AM to 6.30 PM
On 1st Saturday: 10 AM to 2 PM
Office will be closed on 2nd Saturday of every month, all Sundays and all public Holiday.

  • Borrowers are requested to contact the Branch manager during working hours for any clarifications/guidance.
  • Borrower can contact our customer service helpdesk at 0124-4836480 during office hours
  • Indicative timelines of common request servicing:
    • Loan Account Statement – 7 working days from the date of request.
    • Photocopy of title documents-15 working days from the date of request.
    • Issuance of foreclosure letter -15 working days from the date of request.
    • Return of Original documents on closure/transfer of loan-15 working days from the date of request.

Grievance Redressal :

Ummeed Housing Finance strives for customer satisfaction within the frame work of law, adopted policies and procedures

In case of any grievance, the customer may approach Ummeed Housing Finance Branch Manager of the location where he / she has his / her account and register the complaint either by letter / email/ visiting the branch office . The borrower may contact our office through any of the following channels.

  • By telephonic communication at 0124-4836480 between 10 am – 6 pm (except holidays).
  • By way of email at customercare@ummeedhfc.com
  • By way of physically visiting the service branch and lodge a complaint register maintained at our branches
  • You may also contact our customer care through written letter addressed to

    Operations Head
    Ummeed Housing Finance Private Limited
    312 B, C & D Centrum Plaza
    Golf Course Road,Sector 53
    Gurgaon-122002,Haryana

It is advised to customers to provide Loan details and customer issue in detail for quick redressal. We assure you that your complaint will be looked into at the earliest.

Each customer complaint being unique in nature, can take approximately 6 weeks for a detailed response to respective customer query or complaint. Once a query or a complaint is registered with the company, an acknowledgement along with a complaint reference number will be sent to the customer within 7 days. The acknowledgement will contain the name & designation of the official who will deal with the grievance. While the concerned team works on the query / complaint towards resolution, an interim response intimating the actual time that will be taken to resolve the issue will be sent to the customer. After examining the matter, the company will send the customer its final response or explain why it needs more time to respond and will endeavour to do so within six weeks of receipt of a complaint and he/she will be informed how to take his complaint further if he/she is still not satisfied.

If the Customer does not receive any response from the company within 6 weeks or is dissatisfied with the response received, he/she may escalate the matter to sharad.singh@ummeedhfc.com.

In case your complaint has not been resolved to your satisfaction, you can also approach the Complaint Redressal Cell of National Housing Bank by lodging its complaints in online mode at the link https://grids.nhbonline.org.in OR mail at crcell@nhb.org.in OR in offline mode by post, 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 borrower/s / read over to the borrower by Shri/ Smt................... of the company and have been understood by the borrower/s.

_______________________
Signature/Thumb Impression
of borrower/s

Name of Borrower/s

For Ummeed Housing Finance Private limited


___________________________________
Authorised Signatory

Date:

Place:

Read More