The housing loan finance agreed to between the customers and Altum Credo Home Finance Private Limited (ACHF), inter alia, would be governed by the following Most Important Terms and conditions and Tariff Schedule rates mentioned therein:
|Purpose of the Loan|
|Rate of Interest|
|No. of EMI’s|
|Due Date of Repayment of EMI||10th of Every month|
|Mode of Repayment||NACH|
|Moratorium or subsidy|
In case of a change in interest rate, the EMI amount mentioned will remain constant and the tenor of the loan will be adjusted. However, ACHF reserves the right to change the EMI.
The Borrower/s shall pay the EMIs and the Pre-EMI Interest (as applicable) regularly on his/her/their own without any reminder or intimation from ACHF.
2. Fees and Charges Schedule
|At the time of Application (Non-Refundable)|
|Nature of Charge||Amount|
|Loan Application Fee (Non-refundable)||Rs. 3,000/- (Inclusive of taxes)|
|On Sanction and Before Disbursement|
|Processing Fee (The Processing Fee is non-refundable after the loan is sanctioned by the Company)||0.25% of Sanctioned Loan Amount (+ applicable taxes)|
|Documentation Charges (Documentation charges are non-refundable after the loan is sanctioned by the company)||1.75% of Sanctioned Loan Amount (+ applicable taxes)|
|CERSAI charges (to be collected from Loan Disbursement Amount)||Rs.250/-(+ applicable taxes) for loan amount up to Rs. 5 lakhs
Rs.500/- (+ applicable taxes)for loan amount above Rs.5 lakhs
|Stamp Duty/Registration||At Actual’s (+ applicable taxes)|
|Technical Fees (Fees to be collected Prior to release of Final Disbursement for Self-Construction Cases)||Rs. 1,250/- (+ applicable taxes)|
|Creation of Equitable Mortgage (Memorandum of Deposit of Tile Deeds for MODT – applicable in State of Maharashtra)||As Applicable in respective state.
For State of Maharashtra charges applicable as per below:
For Loans upto 5 Lacs: 0.1% of Loan Amount
For Loans above 5 Lacs: 0.2% of Loan Amount
|Post Disbursement – Before Cheque Handover (Applicable for State of Maharashtra)|
|Notice of Intimation-NOI (Applicable only for State of Maharashtra)||Rs.3,000/-|
|During Loan Term|
|Field Visit Charges||Rs.250/- per visit (+ applicable taxes)|
|Disbursement Cheque Cancellation Charges Post Disbursal (Disbursed but cheque not handed over)||4% Principle Outstanding (+ applicable taxes)|
|PDC / NACH (ECS) Bounce Charges||Rs.500/- (+ applicable taxes)|
|Penal Interest on delayed EMI Payment (Applicable on Outstanding Instalment Due)||3% per month|
|Repayment Swap Fees: PDC / NACH (ECS)||Rs.500/- (+ applicable taxes)|
|Statement Request (List of Documents, Statement of Account/ Duplicate NOC/ Foreclosure Statement)||Rs.500/- per statement (+ applicable taxes)|
|Retrieval of Copy of Loan Documents (1st copy OF Loan Agreement will be free of cost and given post Loan Disbursal)||Rs.500/- (+ applicable taxes)|
|Restructuring/ Switching Fee||1% Applicable on outstanding Principal amount (+ applicable taxes)|
|CERSAI Charge removal and Loan Closure Document Retrieval charges||Rs. 1,000/- (+ applicable taxes)|
** For any payment received through Debit Card Swipe, Charges of 1% of Amount swiped + applicable taxes will be charged.
The loan would be secured by Mortgage of the property for which the loan is availed. ACHF at times may at its discretion also seek additional collateral of any other property.
Customers would be required to provide a guarantor to the loan as per sanction Letter condition.
4. Insurance of the Property/ Borrowers
The Borrower/s is/are required to insure the property against all risks including fire, earthquake, and flood etc. and make ACHF the sole beneficiary under the policy.
The Borrower/s have the option to take a credit shield Insurance for the term of loan. The Borrower/s has/ have to pay the premium in time and keep the policy alive at all times during the period of the loan and produce evidence thereof to ACHF from time to time on his/her/their own.
5. Condition for Disbursement of Loan
Compliance by the Borrower/s with the requisite conditions contained in the Sanction Letter; payment of own contribution; production of all property and title related documents which would be scrutinized for its legal validity and clear and marketable title; submission of approved plans; statutory approvals and creation of security in favour of ACHF as required.
When the loan applied is for construction of a property or purchase of an apartment from a builder, the customer needs to have completed the construction to the extent of his margin contribution or paid his margin to the builder before the disbursement. Further, ACHF loan will be disbursed in stages, based on the completion of construction.
6. Repayment of the Loan and Interest
The Loan availed would be repaid in equal monthly instalments (EMI) over the agreed tenure. If the customer has availed fixed interest with reset, the interest charged would remain fixed subject to review once in three years and reset based on need. If the customer has opted for variable interest rate, the rate of interest would vary based on change in the PLR of ACHF.
The monthly repayments are payable on a fixed due date every month. ACHF would make best efforts to remind the customers regarding the monthly instalments falling due. However, the customers are advised to keep note of the due date and honour the repayments on time.
7. Part payments and Pre-closures
The customers at any time during the tenure of the loan can opt to make part payments or pre-close the loan. Depending on the interest rate type opted the pre-closures would attract pre-closure charges as below:
|Part payment Charge||Home Loan: Nil|
|Non-Home Loan : 4% on Part Payment Amount|
|Pre-Closure Charge||Home Loan: Own Source – Nil charges
Home Loan: Loan Transfer – 4% of the Principal outstanding
|Non-Home Loan: Loan Transfer – 4% of the Principal outstanding|
8. Recovery of Over Dues
When there is a delay in repayments, the customers would be contacted for repayments of overdue ACHF follows the general collection principles when interacting with overdue customers:
Customers are encouraged to visit ACHF branches and make the repayment in Cash when the regular EMI is missed / bounced.
ACHF collections are handled by inhouse staff. No agency is appointed to do the collections. For all collections by cash, immediate cash receipts would be issued
Identity and authority to represent ACHF will be made known to the customer at the first instance.
Customer’s privacy will be respected.
Interaction with the customer will be in a civil manner.
All assistance will be given to resolve disputes or differences regarding dues in a mutually acceptable and in an orderly manner.
ACHF would be sensitive to occasions such as bereavement in the family or such other calamitous occasions when making visits to collect dues.
9. Customer Service
Customers can also contact through mail addressed to email@example.com OR visit our nearest office:
|Visiting hours||9.30 AM – 6 PM: Monday – Friday
10.00 AM – 1.30 PM: Saturday (Except 2nd Saturday)
Weekly Off:- 2nd Saturday & All Sundays
|Contact person||Customer Service Desk / Credit Ops Officer / Branch Manager|
|Loan account statement||7 Working Days|
|Restructuring/ Switching for ROI||15 working Days|
|Photocopy of title documents||20 working Days|
|Return of original documents on closure/Transfer of loan||30 working Days|
10. Grievance Redressal
Customers have the following ways to register their complaints when they find inadequacy in the ACHF services:
Complaint Register: Every branch of ALTUM CREDO has been provided with a complaint register. The customers can lodge their complaints in the register; the Credit Operations Officer/ Cluster Manager would be the person responsible to handle the customer grievances. If the query remains unsolved, the customers can escalate it to the Head Office through following channels:
|Level||Contact Mode||To be attended by||Resolution Time|
|1st Level||Visit to Branch Office||Credit Operations Officer /Cluster Manager||15 working days|
|2nd Level||E-mail ID to lodge the complaint/ Contact us by firstname.lastname@example.org||15 working days|
|3rd Level||Through Post||Manager-Customer Service,
Altum Credo Home Finance Private Limited, Surya Bhavan, 1st Floor, CTS No. 1181, FC Road,Shivaji Nagar, Pune – 411005
|15 working days|
In case the complainant is still dissatisfied with the response received/ or where no response is received, the Complainant may approach the Complaint Redressal Cell of National Housing Bank by lodging its complaint in online mode at the link https://grids.nhbonline.org.in/(S(4btgde0unsda0ubjl02tbyxn))/default.aspx, OR in offline mode by post, in the prescribed format available at link http://nhb.org.in/Grievance-Redressal-System at the following address:
Complaint Redressal Cell, Department of Regulation & Supervision
National Housing Bank, 4th Floor, Core-5A,India Habitat Centre, Lodhi Road, New Delhi-110003