Major terms and conditions of the Housing Loan (HL) under Loan account no. __________________ agreed to between Poonawalla Housing Finance Limited (formerly known as Magma Housing Finance Limited) (hereinafter referred to as 'PHFL' or “Company”) and Mr./Ms. ___________________ (hereinafter referred as 'Borrower') and other co-borrowers __________________________ ____________________ () are as under:
1. Loan
Sanctioned Amount:
2. Interest
(i) Type (Fixed or Floating or Dual/ Special Rate):
(ii) Floating Reference Rate (FRR) (as on date): ______ % per annum
(iii) If on Floating Rate, applicable Interest Rate: FRR (+/-) _____% = ______ % per annum
(iv) If on Fixed Rate, applicable Interest Rate: ______ % per annum
(v) If on Combined Rate, applicable Interest Rate (as on date): On Fixed Rate: ______ % per annum for ______ months and on Floating Rate: FRR (+/-) ____% = ______% per annum with effect from ____________
(vi) Moratorium or Subsidy: Please refer to the Sanction Letter and the Loan Agreement for detailed terms and conditions on Moratorium or Subsidy, as applicable, to the Loan.
(vii) Date of reset of interest: A Floating Rate Loan or a Combined Rate Loan (during the tenor when linked to the FRR) shall be reset as and when the FRR is revised by PHFL. For any reset of Interest Rate or revision in FRR, PHFL shall follow its internal Policy for Determining Interest Rates. In case of any change/revision in applicable Rate of Interest, PHFL, at its sole discretion, may revise the EMIs or tenor of the loan or both.
(viii) Modes of communication of changes in interest rate: PHFL shall provide information, including any revision thereof, on Interest Rate, various types of Fees and Charges through any one or more of the following media –
Once rate of interest, fee and charges are notified through any of above media, the Borrower shall be deemed to have noticed changes in Interest Rate, various types of Fees and Charges.
3. Installment Types: Monthly, unless otherwise mentioned in the Sanction Letter/ Loan Agreement.
4. Equated Monthly Instalment (“EMI”): Rs _______. In case of partially disbursed cases, ‘Pre-Equated Monthly Installment’ (“PEMI”) to be paid on monthly basis on Due Date. PEMI will be charged from the date of first disbursement to the date of commencement of EMI.
5. Loan Tenure:
6. Purpose of Loan:
7. Fee and Other Charges: As mentioned in Schedule of Charges enclosed with the letter
8. Security/Collateral for the Loan: The following property has been mortgaged as security for the Loan:
9. Insurance of the Property/Borrowers: The Borrower should, at his/ her own cost, insure the mortgaged assets against all insurable risks and for such amounts and for such period and forms as PHFL may require and ensure that PHFL is mentioned as the loss payee or assignee of such policy. It is suggested that the Borrower should take a life insurance plan to cover his liabilities towards the Loan availed, which may arise in case of any eventuality. The Borrower, at his/ her own discretion, may choose insurance cover from any reputable insurance company.
10. Conditions for Disbursement of the Loan: As per terms and conditions mentioned in the Sanction Letter and the Loan Agreement.
11. Repayment of the Loan & Interest: Repayment of the Loan shall be through EMIs
comprising of Principal and Interest components or PEMIs comprising of Interest as per
terms and conditions mentioned in the Sanction Letter and the Loan Agreement, as
applicable. PHFL shall provide the Repayment Schedule to capturing break-up of an EMI
between Principal and Interest after disbursement of the Loan. Based payment of dues
towards the Loan, PHFL shall classify the Loan as Special Mention Account (“SMA”) or NonPerforming Asset (“NPA”) in accordance with the regulatory requirements. An illustrative
example in this regard is given below:
If due date of the Loan, as per the Agreement, is 31st March, 2021, and full dues are not received before
the day-end process for this date, then date of overdue shall be 31st March 2021. If the overdue
continues, then the Loan shall be tagged as SMA-1 on running day end process of 30th April, 2021 (i.e.,
upon completion of 30 days from due date). If the Loans continues to remain in overdue, it shall be
tagged as SMA-2 upon running day end process on 30th May, 2021 (i.e., upon completion of 60 days
from due date). If the Loan further continues to be in overdue category, it shall be tagged as NPA upon
running day end process on 29th June 2021 (i.e., upon completion of 90 days from due date)
12. Brief procedure to be followed for Recovery of overdues: In case of non-payment of dues by the customer, PHFL shall have right to initiate legal action against the Borrower in accordance with provisions of the Loan Agreement and applicable laws. Before initiating any such legal action, PHFL shall send notice to the Borrower as required under applicable laws.
13. Date on which annual outstanding balance statement will be issued: ____________
14. Customer Services:
15. Grievance Redressal
I/ we acknowledge that duplicate copy of MITC has been provided to me/ us.
Applicant/Co-applicant Name Signature Date
Applicant _______________ _______________
Co-applicant _______________ _______________
Tariff Sheet - Schedule of Charges | |||||||
Particulars | Applicable Amount | ||||||
Login Fee (Non-Refundable) | Not to exceed Rs.10,000 /- | ||||||
Processing Fee (Non-Refundable) | Upto 0.50% of sanctioned loan amount | ||||||
Loan Sourcing/ Loan Documentation/ Technical/ Valuation/ Legal/ CERSAI/ CKYC/ NeSL Charges (Non-Refundable) | Upto 2% of Sanctioned loan amount | ||||||
Stamp duty, registration charges and other related charges payable on the Loan Agreement, security creation document(s) etc. | To be borne by the applicant as per the prevalent stamp duty rates applicable in the respective State(s). | ||||||
Charges on cancellation of loan/ rebooking | Rs. 5,000/- | ||||||
Payment Instrument Bounce Charges (Cheque/ ACH or any other mandates) | Rs. 600/- per instance | ||||||
Penal Interest for delay in payment of all outstanding dues | 2.50% p.m. | ||||||
Interest Rate Switching Fee (Applicable on outstanding principal amount) | 0.50% | ||||||
Payment instrument Swap fee for changing repayment instrument / NACH | Rs. 500/- per swap | ||||||
Statement of Accounts | Rs. 500/- for each statement | ||||||
(Duplicate copy of Interest Statement/ Statement of Accounts/ NOC/ Foreclosure Letter/ Welcome Letter/ Amortization Schedule/ Loan Agreement) apart from Statement shared annually or Loan Agreement Copy provided with Welcome letter at the time of Loan Disbursement | Rs. 250/- for soft copy shared through Email or Digital Link and Rs. 550/- on hard copy respectively | ||||||
List of Document Charges | Rs. 500 /- | ||||||
Retrieval of copy of documents | Rs. 250 /- for one document, Rs. 500 /- for 2 to 4 documents, Rs. 750 /- for more than 4 documents | ||||||
Part payment charges & Pre-payment/ Foreclosure Charges (Applicable on outstanding principal amount at the time of closure) | 4% for loans under Fixed Interest Rate Cases or under Fixed Interest Rate period for loans under Combined Interest Rate and payment is not out of borrower's own source.
OR 4% for loans on floating interest rate for loans extended for business purpose. OR As per prevailing Tariff Sheet notified under Company Policy with compliance to Regulatory Notifications. |
||||||
Foreclosure Letter Charges | Rs. 1,500/- | ||||||
Collection Charges | Rs. 200/- per visit for collection of dues from the customer residence/ office | ||||||
Differential Interest (any interest accrued due to gap in applicable rate of interest and existing rate of interest of any loan account) | Will be refunded or charged at any time suitable to customer or at the time of closure of the loan. | ||||||
Any other incidental charges incurred by Poonawalla Housing Finance during the course of the loan | As assigned/ allocated to the loan account | ||||||
Over the Counter Service charges - Repayment or Others Matters | As applicable at the time of services |
Please note:
Applicant/Co-applicant Name Signature Date
Applicant _______________ _______________
Co-applicant _______________ _______________
Customer Query Resolution Process
Call Us
For any of your queries or service requirements, please call us at 1800 266 3204. We would be eager to serve you better. Our customer care service is available between 9:00 am and 7:00 pm from Monday to Saturday.
You may also write to us at the address:
Manager - Customer Services,
POONAWALLA HOUSING FINANCE LIMITED
Registered Office: 602, 6th floor, Zero One IT Park, Survey. No. 79/1, Ghorpadi, Mundhwa Road, Pune - 411036
You have option e-mailing us at:
customercare@poonawallahousing.com (Please mention your Loan Account Number and Contact Number in the subject line).
We will endeavor to resolve your query within 7 working days of receiving your letter or within 48 hrs of receiving your email. If we are not able to resolve your query within 7 working days, then we would explain you the reason why the Company would need more time to respond.
Escalation 1:
In case you are not satisfied with the response from our Customer Care/Helpline, you can write to Head-Customer Service at head.customercare@poonawallahousing.com (Please mention your Loan Account Number and Contact Number in the subject line).
Escalation 2:
If you are still not satisfied, you can write to the Nodal Officer at nodalofficer@poonawallahousing.com
Escalation to National Housing Bank (NHB):
In case you are dissatisfied with the response received, you may approach National Housing Bank at following address:
National Housing Bank, Department of Regulation and Supervision (Complaint Redressal Cell), 4th Floor, Core-5A, India Habitat Centre, Lodhi Road, New Delhi - 110003.
Such complaint may also be registered online with NHB at https://grids.nhbonline.org.in
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Formerly Known as Magma Housing Finance Limited