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||Last day of Every month|
|Convenience Date of Payment||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|
|Login Fees||Rs. 4,500/- (Inclusive of taxes)|
|Additional Login Fees for Non-
|Rs. 2,000/- (Inclusive of taxes)
(to be deducted from Loan
|On Sanction and Before Disbursement|
|Record/Documents Storage charges||Rs. 1000/- (+ applicable taxes)|
|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)||Upto 2.25% 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 (to be deducted from Loan Disbursement Amount)
|Rs. 750/- (+ applicable taxes) from 2nd disbursement onwards (for all products)|
|During Loan Term|
|Annual Technical visit charges||Rs. 1,000 (+ applicable taxes)|
|Legal Notice charges per instance (in case of default)||Rs. 2,500 (+ applicable taxes)|
|Advocate/Court visit/ Stamp charges (in case of default)||As per actual expenses
incurred by the Company.
|Field Visit Charges||Rs.250/- per visit (+ applicable taxes)|
|Disbursement Cancellation||Rs.5,000 (+ 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 of Account Request||Rs.1500/- per statement (+ applicable taxes)|
|Foreclosure Statement Charges||Rs.2,000/- (+ applicable taxes)
|List of Documents Charges||Rs.2,000/- (+ applicable taxes|
|Copy of Loan Documents and Property Documents||Rs.2,000/- (+ applicable taxes|
|Insurance refund Admin charges
|Administrative charges deducted from refund of surrender value of insurance loan on fore-closure.
Credit Shield: Rs. 3,500 + (applicable taxes)
|Restructuring/ Switching Fee||Rs. 5000 (+ applicable taxes)|
|Loan Document Retrieval charges||Rs.3000/- (+ applicable taxes)|
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
|(a) Fixed Rate of Interest||Individual Borrowers: 4% + applicable taxes|
|Non-individual Borrowers: 4% + applicable taxes|
|(b) Floating Rate of Interest||Individual Borrowers: Nil charges|
|Non-individual Borrowers: 4% + applicable taxes|
*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 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||21 Working Days|
|List of Documents||21 Working Days|
|Foreclosure letter||30 Working Days|
|Restructuring/ Switching for ROI||30 working Days|
|Photocopy of title documents||30 working Days|
|Return of original documents on closure/Transfer of loan||6 weeks from the date of full repayment|
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:
|1st||Contact ACHF||By writing on Email Id
By calling customer care Desk
020 – 27293709
|2nd||Contact ACHF||By Post||Head – Collections
Altum Credo Home Finance Pvt Ltd.
CTS No. 1074/1, Plot No. 426/1, Gokhale Road, Model Colony, Shivajinagar, Pune – 411016
*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