Most Important Terms and Conditions (MITC) for Home Loans
Thank you for your application for availing a captioned loan from BEE SECURE HOME FINANCE PRIVATE LIMITED (BSHFPL/lender). Major Terms and Conditions agreed between …………………………………………………………………… (the borrower) and the lender are as under :
1. Loan Amount (Sanctioned Amount) : Rs……… (Rupees……………………………………..only)
(i) Type (Fixed or Floating or Dual Rate/ Special Rate)
(ii) Interest Chargeable
…...i.e …..%(Base Rate ± ……………) for floating rate loans and ………% fixed rate loans)
(iii) Moratorium or Subsidy
(iv) Date of Reset of Interest
(v)Modes of Communications of changes in Interest Rate:
Letter/ SMS/ E-mail/ Information at branch/ Notification on website
3. Installments Types
Monthly/Quarterly/ Half Early/ Yearly
4. Loan Tenure
6.Fee and Other Charges
(i) Processing Fee
Home Loan : Upto 3% of the loan amount sanctioned
Top Up/ LAP : Upto 4% of the loan amount sanctioned
Rs.5000 + ST to be paid along with application, balance post sanction
(ii) During the term of loan (Pl individually specify all the types of fee/charges):
(1) PDC/ECS Bounce Charges (per instrument) : 500
(2)Swap Charges /EMI Cycle change : 1000*
(3) Change in loan tenor, EMI, addition /deletion of co borrower(s)
post loan disbursement : 10000
(4) Duplicate Income Tax Certificate - Home Loan : 500
(5) Property Swap Charges : 2% of principal amount outstanding
(6) Statement of account : 500
(7) Loan cancellation charges : 5000 + rate of interest from the date of disbursement till date of request for cancellation.
(8) Document Retrieval : 1000
(9) Cheque/ Draft/Cash Collection Charges : 300
(10) CERSAI Charges For Loan Amount upto 5,00,000/- : 50
(11) CERSAI Charges For Loan Amount above 5,00,000/- : 100
* Swap Charges will be NIL in case of change in loan repayment mode to ACH
(iii) On Foreclosure
Floating rate Housing / Non- Housing Loans for Individuals : Nil
Fixed rate Housing Loans/ Non- Housing Loans for Individuals – Own Funds : Nil
Fixed rate Housing Loans for Individuals – Balance Transfer : 2% of principal amount outstanding
Non Individual Housing / Non-Housing Loans (Fixed/Floating) : 2% of principal amount outstanding
Documents handling charges post closure of loan : 500/day, beyond 30 days from date of closure
***Part payment/Foreclosure of loan is allowed after completion of 12 months from date of first disbursement
(iv) Refund of Processing Fee
Processing Fee will be refunded after retaining an initial amount of Rs.5000.00
(v) Conversion Charges for switching from floating to fixed interest and vice-versa ; Re- Pricing / Conversion Charges (If Offered) :
2% of the Principal Amount Outstanding
(vi) Penalty for Delayed Payments
2.5% p.m. on EMI overdue
Above fee and charges are exclusive of service Tax, education cess & other govt. taxes, levies etc. and subject to change and will be at the sole discretion of Bee SECURE HOME FINANCE PRIVATE LIMITED and any change in charges, would be uploaded on the website or intimated to customer via letter/email
7. Security / Collateral Plan
(i) Mortgage : Details of Property to be mortgaged
(ii) Guarantor : Name of the Guarantor
(iii) Other Security : Details of Other securities if any
8.Insurance / Property of Borrowers
The borrower shall be vigilant and shall ensure the property is, during the pendency of the loan, always duly protected and properly insured against all risks. The Borrower hereby agrees that BSHFPL shall be made the sole beneficiary under the insurance policy/policies, and the Borrower shall provide evidence thereof to BSHFPL regarding BSHFPL being made the beneficiary immediately thereafter. The borrower shall pay the premium amounts promptly and regularly so as to keep the policy/policies alive at all times during period of loan.
9. Conditions for Disbursement of the Loan:
a) Submission of all relevant documents as mentioned by BSHFPL in the sanction letter/loan agreement.
b) Clear Legal & Technical assessment of the property.
c) Payment of own contribution, as specified in sanction letter/loan agreement. In case of any alternative arrangement based on a specific product being offered by BSHFPL the same shall be informed to and acknowledged by Borrower.
d) Creation of Equitable / Registered Mortgage/MOE & charges as prescribed by state government, if any, to be paid by customer as per actuals.
e) The construction is being undertaken as per approved plans
f) Disbursement of loan will be linked to stages of construction as specified in the sanction letter.
g) All the required statutory approvals for the property has been obtained
h) Positive Verification of all the documents submitted
i) CERSAI charge creation.
j) All property owners to be on the loan structure.
k) Any other specific condition mentioned in the sanction letter.
10. Repayment of the Loan & Interest :
Amount of EMI-
Total number monthly installments-
Procedure for advance intimation of the changes in the rate of interest/EMI- Through Letter/ SMS/ E-mail/ Information at branch or Notification on website
11.Recovery of dues / overdue amounts:
On occurrence of any event of default as mentioned in the loan agreement, all outstanding amounts comprising of the principal, interest, additional interest and other charges, if any, owed by the Borrower to BSHFPL shall become payable forthwith and BSHFPL reserves the right to take such action as may be deemed fit, in accordance with applicable laws, to recover its dues by enforcing its rights under the loan documentation entered into with the Borrower.
12. Date on which annual outstanding balance-statement will be issued:
By 30th June every year.
13. Customer Services:
a) Visiting hours at the office - 09.00 am to 6.00 pm Monday to Friday.
b) Contact Customer Service Executive on 011 4926 1400 or email us at email@example.com
c) Loan Account Statement - A customer needs to request in writing to the branch or customer service e-mail ID for account statement of his/ her loan. The Loan account statement will be provided within 2 working days from the date of receipt of the request and applicable charges
d) Photocopy of title documents- Photocopy of the title documents will be provided within 7 working days from the date of placing written request at branch. Applicable fees in this regard will be charged..
e) Return of original documents on closure/transfer of loan - Original loan documents will be returned to you within 15 working days from date of full and final payment made towards loan closure. If the documents are not collected within the prescribed time-period then applicable administrative charges shall be collected from customer.
How to log in a complaint/ where can a complaint be made:
All customer queries and grievance with respect to the product and services offered by BEE Secure Home Finance Private Limited can be addressed to the Customer Service Department- BSHFPL using the following means through:
Call at +91 70459 51401
SMS to +91 70459 51401
Letter- Bee Secure Home Finance Private Limited, 1502 A, B Wing, The Capital, Bandra Kurla Complex, Mumbai, Maharashtra, 400 051
How a complaint should be made:
You must provide necessary loan details i.e. Loan Account Number, Complaint/Grievance Details, Valid Contact Information along with your email ID and Product details while lodging a queries or grievances through these channels.
When to expect a reply:
Organization shall endeavor to address/respond to all queries/grievances within reasonable time and keep you informed about the status of their complaints. Each customer query/complaint being unique in nature, can take up to 5 weeks for complete resolution.
Whom to approach for redressal:
You may escalate your concerns through any of channels mentioned. In case of delayed or no response from the respective channel with in the specified timelines, the complaint can be escalated at firstname.lastname@example.org
Escalation to National Housing Bank
If you do not receive any response from the company within 6 weeks or are dissatisfied with the response received, you may approach the National Housing Bank at the following address through post in the format available at link http://www.nhb.org.in/Grievance-Redressal-System/Lodging-Complaint-Angainst-HFCs-NHB%E2%80%93Physical-Mode.pdf
National Housing Bank
Department of Regulation and Supervision,
(Complaint Redressal Cell),
4th Floor, Core - 5A, India Habitat Centre, Lodhi Road, New Delhi – 110003
The customer can email the complaint at https://grids.nhbonline.org.in
What to do if customer is not happy about the outcome
If the complaint closure is not satisfactory and does not meet your requirement, the escalations can be made either through above mentioned customer service channels or the complaint/grievance can be escalated to the above mentioned …………email ID.
15. The sanction and / or disbursal of the loan shall be at the sole discretion of BEE SECURE HOME FINANCE PRIVATE LIMITED.
16. BEE SECURE HOME FINANCE PRIVATE LIMITED shall, at its sole discretion and under intimation to you, be entitled to amend or modify the term and conditions of the loan and all such amendment or modification, shall be deemed to be effective and binding on you.
The above mentioned Most Important Terms and Conditions (MITC) are to be read in conjunction with the terms contained in Sanction letter and the Loan Agreement and the other documents which the borrower has executed with BSHFPL (collectively referred as Loan documents). The MITC mentioned above are merely indicative and not exhaustive.
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 the 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 Shri/Smt./Km…………………………………………………………………………………………………………..of the company and have been understood by the borrower/s.
For Bee Secure Home Finance Private Limited