MITC & Tariff Schedule

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. The contents of the below are subject to change from time to time and the levy of the same shall be at such rates as may be applicable as on the date of such charge. MITC and Tariff Schedule w.e.f. August 01, 2023:

Note:

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

3. Security

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

*for Home Loans – Repayment out of own sources (except borrowing from Bank / HFC / NBFC / Any other Financial Institution) will not attract any pre-closure charges (subject to submission of documents/evidence to the satisfaction of the company)

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:

   ACHF collections are handled by inhouse staff. No agency is appointed to do the collections.

   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 info@altumcredo.com OR visit our nearest office:

Note: Annual outstanding balance statement will be issued as of March 31st of each year based on customer request.

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 Branch 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:

*E Mail sent on customer care is accessible to Senior management team members.
** All complaints resolution time is 30 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