Khush Housing Finance Private Limited (KHFL)
Ref: NHB Guidelines NHB (Nd)/DRS/Pol-No 54/2012-13 dated April, 5, 2013 and NHB (ND)/DRS/Policy Circular No70/2014-15 dated April 20th 2015.
MOST IMPORTANT TERMS AND CONDITIONS (MITC) for Loans
Major Terms and Conditions of the agreed to between Mr./Mrs…………………………………………
………………………………………………………………………………………………………………………………… (The borrower/s) and Khush Housing Finance Private Limited (KHFL) are as under:
The housing loan agreed to between the customer/s and KHFL, inter alia, would be governed by following Most Important Terms and Conditions (MITC). The customer/s would be given the copy of these most important terms and conditions. These terms are also be explained to the customers orally by KHFL, at the time of entering into an agreement
Sanctioned Loan Amount: Rs.__________________________________
(i) Type (Fixed/ Floating or Dual/Special Rate):
(ii) Interest chargeable ………….% i.e. ………% (reference rate) + or – ………..% for
Floating rate loans; and ………..% for Fixed rate loans)
(iii) Moratorium or Subsidy, if any:
(iv) Date of reset of Fixed interest: As per policy of the Company from time to time
(v) Modes of communication of changes in rate of interest: On the Website and on
Branch Notice Board
3) Instalment Type: Equated Monthly Instalment
4) Loan tenure: …………………….. Months
5) Purpose of loan:
6) Fees & Other Charges: @
(Amount in Rupees)
Initial Processing Fees
|Rs. 2500 + GST*||Rs. 2500 + GST*||Rs. 2500 + GST*|
|SENP / SEP|
|Regular Income||Assessed Income|
|Rs. 2500 + GST*||Rs. 2500 + GST*|
|LAP Construction Finance
Rs. 2500 + GST* Rs.2500 + GST*
|2||Total Processing Fee
2.50 % of the loan amount sanctioned + GST*
3.00 % of the loan amount sanctioned + GST*
3.00 % of the loan amount sanctioned + GST*
|3||Legal + Valuation Charges extra||At Actual + GST* (Location Specific)|
|For HL||For LAP|
|4||Switch / Conversion fees||2%||2%|
|Final IT Certificate
|250 + GST*||250 + GST*|
|6||Status Report/ SOI||1000 + GST*||1000 + GST*|
|7||Copies / List of loan or security
|1500 + GST*||1500 + GST*|
|8||Dishonour of Cheques per Occasion||400 + GST*||400 + GST*|
Stamp Duty and other taxes and statutory
Levies and charges as may be applicable from from time to time.
|500 + GST*
|500 + GST*
Up to Rs. 5 Lacs
Above Rs. 5 Lacs
Satisfaction / Modification of Charge
50 + GST*
50 + GST*
|100 + GST*||100 + GST*|
|50 + GST*||50 + GST*|
|11||Late Payment Penal Interest||3 % p.m.||3 % p.m.|
|12||Recovery Charges without court
|Actual + GST*||Actual + GST*|
|13||Legal notice Charges for recovery||Actual + GST*||Actual +GST*|
|14||Each Personal Visit to customer’s
place for collection of dues / Papers etc.
|Rs. 300 Per Visit||Rs. 300 Per Visit|
|15||Cheque / ECS Swapping Charges
|PDC to PDC||Rs. 1000/- + GST*||Rs. 1000/- + GST*|
|PDC to ECS||NIL||NIL|
|ECS to ECS||Rs. 1000/- + GST*||Rs. 1000/- + GST*|
|ECS to PDC||Rs. 1000/- + GST*||Rs. 1000/- + GST*|
|16||Valuation Charges per valuation||Rs. 1500 + GST*||Rs. 1500 + GST*|
|17||Documents Retrieval at the time of loan
|Rs. 1000 +GST*||Rs. 1000 +GST*|
|18||Document Maintenance per annum||Rs. 500 + GST*||Rs. 500 + GST*|
|19||Any Duplicate Certificate||Rs. 250 + GST*||Rs. 250 + GST*|
|20||Disbursement Cheque Cancelation &
|Rs. 1000 + GST*||Rs. 1000 + GST*|
(Deal Postponed etc)
fees to be collected
together with GST*
fees to be collected
together with GST*
|22||Non CTS cheque Collection Charges||Rs. 300 per
Instrument + GST*
|Rs. 300 per instrument
No pre-payment charges for floating rate loans.
No pre-payment charges if paid out of own sources @
|Above 6M up to 12M||10 % + GST*|
|Above 12M up to 24M||10% + GST*|
|Above 24M up to 36M||7% + GST*|
|36M & above||5% + GST*|
|24||Filing of Intimation of EMG to the office of
concerned sub – Registrar
|3500 + GST*||3500 + GST*|
Note: @ All the above fees and charges are subject to change from time to time.
* Goods and Services Tax and Statutory Levies and Charges, as may be applicable from time to time.
@ Subject to providing adequate documentary proof along with bank statement and Self- Declaration
The loan would be secured by Mortgage of the property for which the loan is availed. KHFL at times may also seek additional collateral of any other property. Customers may be required to provide a guarantor to the loan if stipulated in the sanction letter.
8) Insurance of the Property/Borrowers:
Customers would be required to take a Life Insurance for the term and property insurance covering the building from natural calamities. KHFPL has tied up with a Life Insurance Company and offers the Term cover with premium calculated on the outstanding loan amount. The premium amount would be payable separately by way of cheque.
- a) Term Cover
Loan amount………….. Tenure…………….Premium Amount…………..
- b) Property Building Value…………… Tenure……………Premium Amount —————
9) Condition for disbursement loan:
Loan sanctioned would be disbursed subject to technical and legal scrutiny of the property documents. The proposed property for which the loan is required would be evaluated for its value and marketability and approvals etc. by the technical team/Agency. Plan approvals from competent authority are mandatory for housing loans.
Similarly the property documents would be scrutinized for its legal validity and clear and marketable title.
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, KHFL loan will be disbursed in stages, based on the completion of construction.
10) Repayment of the Loan and Interest:
The Loan availed would be repaid in equated monthly instalments (EMI) over the agreed tenor. 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 reference rate of KHFL.
The monthly repayments are payable on a fixed due date every month. KHFL 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.
- EMI of Rs…………….. Payable on 5th / 10th of the month subsequent to the month to which it pertains.
- Number of EMIs _______ commencing from _________________
- Pre EMI Interest: At the rate of interest mentioned above, payable/adjustable at the time of disbursement /end of the month to which it pertains.
- 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 KHFL
11) Brief procedure to be followed for Recovery of Overdue:
When there is a delay in repayment/s, the customers would be contacted for repayment of overdue and KHFL follows the following general collection principles when interacting with overdue customers;
- Customers are encouraged to visit KHFL branches and make the repayment in Cash when the regular EMI is missed /bounced.
- KHFL collections are handled by its own 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 KHFL 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.
- KHFL’s representatives will contact customers between 0800 hrs. and 1900 hrs. unless the special circumstances of the customer’s business or occupation require otherwise.
- All assistance will be given to resolve disputes or differences regarding dues in a mutually acceptable and in an orderly manner.
- KHFL would be sensitive to occasions such as bereavement in the family or such other calamitous occasions when making visits to collect dues.
12) Date on which annual outstanding balance statement will be issued:
13) Customer Services:
The customers can directly visit Head Office or any of the KHFL branches for their queries and requirement. The address and details of the contact person is also available in the website www.khfl.co.in
Customers can also contact through mail addressed to [email protected]
Visiting Hours at Branches/HO:
Monday to Saturday: 9:30 am to 6:30 pm. Lunch Break 1.00 pm to 1.30pm
Branch will remain closed on every Sunday and 1st and 3rd Saturday of the month
KHFL strives to follow the following timelines for the general requirements of the customers.
Loan Account Statement: Request to be placed at the branch or mail to HO at the mail ID given would be provided within 4 working days.
Photo Copy of the title documents: Would be handed over only to the customer in person. Request to be given in writing to the branch. Copies would be forwarded to the branch within 15 days.
Return of Original documents on closure /Transfer of the loan: Within 15 days from the clearance of the instrument for loan closure.
14) Grievance Redressal:
Customers have the following ways to register their complaints when they find inadequacy in the KHFL services.
Complaint Register: Every KHFL branch has been provided with a complaints register. The customers can lodge their complaints in the register. The Branch Manager is the person responsible to handle the customer grievances. If the query remains unsolved, the customers can escalate it to the Head Office through
- Mail : Customers can mail their grievances directly through the mail ID [email protected]
- Post : By sending their complaints to
Manager, Grievances Redressal Cell
Khush Housing Finance Private Ltd,
810, Aura Biplex, S.V. Road,
Borivali (West), Mumbai -400 092.
We assure a response to letters / emails received through this channel within 7 working days. In case the grievance is not resolved within 15 working days, a copy of the complaint with acknowledgement to be forwarded to the Central Nodal Officer, Shri. Naresh Kumar Doshi, VP, Compliances at the address mentioned above.
When the query still remains unresolved beyond 30 working days the customers can escalate their complaints directly to the Managing Director (MD) of the Company. Customers can choose to write to the MD directly mentioning on the envelope “grievance/complaints”, or mail to him at [email protected] or call at 022-28067284. The calls will receive the personal attention of MD.
In case the customer doesn’t receive any satisfactory response within a reasonable time or is dissatisfied with the response or the complaint remains unaddressed, he/she can approach the Complaint Redressal Cell of National Housing bank by lodging its complaint in online mode at the link https://grids.nhbonline.org.in or in offline mode by post , in the prescribed format available at link http://www.nhb.org.in/Grievance-Redressal-System/Lodging-Complaint-Against-HFCs-NHB%E2%80%93Physical-Mode.pdf to ;
Complaint Redressal Cell,
Department of Regulation and Supervision,
National Housing Bank,
4th Floor, Core 5A, India Habitat Centre,
Lodhi Road, New Delhi – 110 003
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 the borrower/s / read over to the borrower by Sri /MS……………………………………………………………… of the company and have been understood by the borrower/s.
(Signature or Thumb Impression (Signature of the authorised
Of the borrower/s) person of KHFL)
Received a copy of this Most Important Terms and Conditions
Signature of borrower/s
Note: Duplicate copy of this MITC should be handed over to the borrower/s