CUSTOMER RELATIONS

MITC

 

THE MOST IMPORTANT TERMS AND CONDITIONS (MITC)

The Most Important Terms and Conditions (MITC) of the loan between the Borrower/s and Mahindra Rural Housing Finance Limited, a Company incorporated under the Companies Act, 1956 and having its registered office at Mahindra Towers, P.K. Kurne Chowk, Worli, Mumbai, 400 018, Maharashtra, CIN No. U659922MH2007PLC169791, hereinafter called as ”MRHFL”, are mentioned below and are to be read and understood in conjunction with the terms contained in the Sanction letter and the Loan Agreement and other documents (collectively referred to as transaction documents) which you have executed with MRHFL. The MITCs mentioned here are merely indicative and not exhaustive. The Loan shall be governed by the transaction documents including the Loan Agreement.


  1. LOAN
    As defined in the Loan Agreement, please read the schedule to the Loan Agreement carefully for specific details.

  2. RATE OF INTEREST AND FEES & OTHER CHARGES
    MRHFL offers Loans at Fixed or Floating rate.

    i] Fixed Rate: Interest on the loan is charged at the prevailing fixed rate of interest.
    ii] Floating Rate: Under this option rate of interest is linked to MRHFL Retail Prime Lending Rate (RPLR).
    iii] MRHFL RPLR may change increase or decrease depending on the prevailing interest rate in the market.
    iv] In case there is change in Rate of Interest same will be updated on our website www.mahindrahomefinance.com for your information.

    For Rate of Interest and Fees & Other Charges Click here

  3. INSTALLMENT TYPES AND REPAYMET OF LOAN & INTEREST
    Based on your profile, occupation eligibility and other norms, loan can be repaid in monthly, quarterly or half yearly equated installments by way of Equated Monthly Installments/ Equated Quarterly Installments/ Equated Half Yearly Installments, comprising of principal and interest.

    Pre installment interest would be payable during the period after you take your first disbursement and before commencement of your Equated Installment. Pre EMI interest would be charged at the same rate at which EMI is calculated and would be payable every month on the amount of loan disbursed.

    Repayment commences from the month following the month in which final disbursement of the loan is availed.

    Amount of Installments, Number of installments & due date will be specified in the Sanction letter & Loan Agreement.

    Repayment of the loan can be made by ACH or cash / cheque/demand draft at any of MRHFLs offices. MRHFL at its sole discretion stipulates on a case to case basis that repayment will be accepted through cheques/ACH. MRHFL also accepts post dated cheques for repayment.

    Any change in the Rate of interest & installment amount will be intimated in advance to customer by letter.

  4. LOAN TENURE
    MRHFL offers loan for a maximum period of 20 years subject to the credit assessment & policy of the Company from time to time.

  5. PURPOSE OF LOAN
    MRHFL provides Home Loans for : buying, modifying, repairing, renovation, extention, construction of residential premises in the form of Home Loan, Personal Loan, Mortgage Loan, Loan Against Property, Top Up loan, and the same shall be utilized by the customer for the purpose it was intended.

  6. SECURITY / COLLATERAL FOR THE LOAN
    The Security for the loan will be the land and the building constructed thereon. Security will be created either by registered mortgage or equitable mortgage. The charges for creation of security shall be borne by the borrower and the same shall vary depending upon the location and will be charged in addition to the processing fees.

  7. INSURANCE OF THE PROPERTY / BORROWERS
    MRHFL always recommends borrower to have following Risk coverage through appropriate Insurance thorough the loan tenure.

    Life insurance of the key person
    Fire insurance of house property being financed
    a. An amount not less than the cost of the property
    b. For a minimum period equivalent to the tenure of the loan.

  8. CONDITION FOR DISBURSEMENT OF THE LOAN
    Loan will be disbursed subject to execution of Loan Agreement, the legal clearance of the title deed of the property and due approval of the building plan, by the competent authority.

    Undertaking to be given in case of construction of building, that the construction shall be in accordance with the approved plans.

    Disbursement shall be made as per the stages of construction as stated in the sanction letter.

    Payment of own contribution by the borrower [total cost of flat/house less the loan amount) as specified in the sanction letter. In case of any alternative arrangement based on a specific produc being offered by MRHFL, the same shall be informed to and acknowledged by the Borrower.

  9. BRIEF PROCEDURE TO BE FOLLOWED FOR RECOVERY OF OVERDUE
    The Collection executive will be visiting the customers from time to time to collect the EMI. However, the primary responsibility to repay will be that of the borrower. In case of non-payment of EMI for more than 6 consecutive months, the loan will be recalled and the entire loan amount will become due and payable, failing which the Company shall resort to legal proceeding including arbitration and enforce the security by bringing the property to sale to realize the loan amount.

    A. Additional Interest:- Delayed payment of interest or EMI shall render the borrower liable to pay additional interest. Additional interest shall be charged on delay in payments of the EMI or PEMI or any other amounts due to MRHFL beyond the due dates.

    B. Recovery of over dues shall be governed by the Loan Agreement (and any other document) executed between the borrower and MRHFL and as per the applicable Law.

  10. DATE ON WHICH THE ANNUAL OUTSTANDING BALANCE STATEMENT WILL BE ISSUED
    Statement of account will be provided to customer on request & outstanding balance amount will be provided to customer on via SMS.

  11. CUSTOMER SERVICES
    i) Visiting Hours of the Office: Mon-Sat: 10.00 a.m. to 6.00 p.m. Closed on Public Holiday & Sunday

    ii) Details of the Person to be contacted for Customer Service: Team Leader or Credit Officer of the branch.

    iii) Procedure to obtain the following including time line therefore:

    a. Loan Account Statement: 3 working days from date of application which the customer has to submit to the branch office.

    b. Photocopy of title documents: 15 working days from date of request by way of application addressed to the Branch Manager along with payment of fees.

    c. Return of Original Documents on closure/transfer of the loan: In 21 working days from issuance of NOC. Release of Mortgage in 60 days from the date of issuance of NOC.

  12. GRIEVANCE REDRESSAL
    The customer may raise his complaint in writing, orally or over telephone.

    i) Walk in branch /call at branch: All branches to maintain Customer Complain Registers. The customer may approach Territory Manage / Team Leader to register complaint in the register. Customer may also hand over written complaints at branch or send by post/courier. Complaint will be attended within a week’s time.

    ii)If not satisfied with reply / complaint is unresolved at branch level, customer may approach at our Regional office. The address of Regional office is available at branches.

    iii) If you are still not satisfied with reply, please approach at our Head office Address: Mahindra Rural Housing Finance Ltd. Sadhana House, 2nd Floor, 570 P.B. Marg, Worli, Mumbai – 400 018 Or through email at mrhfl.hocomplaint@mahindra.com

    iv) In case you do not receive response from the company within reasonable time or are dissatisfied with the response received, you may approach at Complaint Redressal Cell at National Housing Bank by lodging its complaints in online mode at the link https://grids.nhbonline.org.in or in offline mode by post, in prescribed format available at link http://nhb.org.in/Grievance-Redressal-System/Lodging-Complaint-Against-HFCs-NHB–Physical-Mode.pdf to Complaint Redressal Cell, Department of Regulation & Supervision, National Housing Bank, 4th Floor, Core 5A, India Habitat Center, Lodhi Road, New Delhi – 110 003.

    Note :- MRHFL retains the right to alter any charges or fees from time to time or to introduce any new charges or fees as it may deem appropriate with due intimation to the borrower.

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