Most important terms and conditions | Ummeed Housing Finance
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Most important terms and conditions

Most Important Terms and Conditions (MITC)

Ummeed Housing Finance Private Limited

The Most Important Terms and Conditions (MITC) of loan with Loan Account No.__________________________ between Shri / Smt.___________________________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 :
  • Type Loan : HL LAP BL STBL
  • 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 Installment.
  • 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 Purchase Plus Construction
  • Repair & Renovation
  • Home Extension Loan
  • Construction Refinance
  • Purchase Refinance
  • Loan Against Property
  • Business Loan
  • Small Ticket Business Loan
  • Others (Please Specify) ________________________

Fees and applicable Charges

Tariff Sheet-Schedule of Charges
Particulars Home Loan Non-Home Loan (Loan against Property, Business Loan & Small Ticket Business Loan)
Copy of Welcome Letter & Amortization Schedule NIL NIL
Processing Fee Up to 3% Up to 4%
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/PEMI Due) 2.50% per month 2.50% per month
Switching Fee (Applicable on Outstanding Principal Amount) 1% 1%
Repayment Swap Charges Rs.500/- Rs.500/-
Statement of Accounts/Duplicate NOC/Foreclosure Letter) Rs.300/- per statement Rs.300/- per statement
Retrieval of copy of documents Rs.1000/- Rs.1000/-
Pre-Closure Charges (Fixed Rate of Interest) by Individual Borrowers 5% on Principal Outstanding. In case pre-closure of loan is through own sources (except borrowing from Bank / HFC / NBFC / Any other Financial Institution) No fee is applicable 5% on Principal Outstanding.
Pre-Closure Charges (Fixed Rate of Interest) by Non-Individual Borrowers 5% on Principal Outstanding. 5% on Principal Outstanding.
Pre-Closure Charges (Floating Rate of Interest) by Individual Borrowers NIL NIL
Pre-Closure Charges (Floating Rate of Interest) by Non-Individual Borrowers 5% on Principal Outstanding. 5% on Principal Outstanding.
Part Payment Charges (Fixed Rate of Interest) by Individual Borrowers NIL NIL
Part Payment Charges (Fixed Rate of Interest) by Non-Individual Borrowers 5% on Part Payment Amount 5% on Part Payment Amount
Part Payment Charges (Floating Rate of Interest) by Individual Borrowers NIL NIL
Part Payment Charges (Floating Rate of Interest) by Non-Individual Borrowers 5% on Part Payment Amount 5% on Part Payment Amount
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
Applicable 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 service tax and other statutory charges to be added as notified by statutory/government bodies.
  • We share credit performance details of your loan account wi th credit information bureau of India limited (CIBIL) and with other bureau agencies.

Non-Refundable Commitment Fees, if loan not sanctioned/disbursed –

  • Home Loan - Not to exceed INR 10,000/- + Applicable Taxes.
  • Non-Home Loan - Not to exceed INR 10,000 + Applicable Taxes.

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

Procedure for recovery of Over dues :

  • 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 6.00 PM
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 1800 2 126127 / 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 bra nch 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
    Unit No. 809-815, 8th Floor, Tower – A
    Emaar Digital Greens, Golf Course Extension Road,
    Sec-61, Gurugram- 122102

After examining the matter, we shall send the customer our final response or explain why it needs more time to respond and shall endeavour to do so within 7 working days.

It is advised to customers to provide Loan details and customer issue in detail for quick redressal.

In case of response being unsatisfactory or no response is received within 7 days or as advised by the customer care team the complaint can be escalated to customercare@ummeedhfc.com

In case of response being unsatisfactory even after escalation or in case complainant does not receive the respons e from the company within reasonable time, the complainant may approach NHB at the below address.

The Complaint Redressal Cell of National Housing Bank by lodging its complaints in Online mode at the link https://grids.nhbonline.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. /Km.........................................................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:

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