Most Important Terms and Conditions

                  Edelweiss Housing Finance Limited

Please find below a brief of the important terms and conditions pertaining to the above loan account: I. Loan Details:-

II. Fee and Other Charges:

The details of other applicable fee and other charges are mentioned in the Fees & Charges enclosed as Annexure to MITC documents  and also updated on our website https://www.edelweisshousingfin.com/fees-and-charges/

Taxes, duties, levies and Cess etc. under the applicable laws as may be amended from time to time, would be charged over and above the abovementioned fees and/or charges. The charges are as on date and subject to change from time to time. The Company shall update the revised version on its website from time to time.

Detailed terms and conditions on the Fees, Charges, Cost and Claims are mentioned in the Loan Agreement.

III. Security for the Loan

Security of the loan would generally be security interest on the property being financed and / or any other additional security in the nature of additional property/ Guarantors as may be mandated by EHFL. Borrower/s is/are advised to refer the Loan Agreement and Sanction Letter to know the security details of the Loan sanctioned.

IV. Insurance of the property / Borrowers
The Borrower shall insure and keep insured the Property against fire and other customary risks and hazards, for a value as may be required by the EHFL, with an insurance company. EHFL shall be made the sole beneficiary under the insurance policy.

Property insurance   :

Borrowers Insurance: 

V. Conditions for Disbursement of the Loan

EHFL shall not disburse the loan or any installment thereof to the Borrower unless the conditions mentioned in the Housing Loan sanction letter and Loan Agreement are complied with, to the satisfaction and sole discretion of EHFL. A few of which are as given below:

• The Borrower must fulfill the EHFL’s requirement of creditworthiness.
• Submit all relevant documents as mentioned in the Sanction Letter/Loan Agreement
• Execution of loan agreement and such other ancillary documents.
• Submission of post dated cheques/ECS etc. towards repayment of installments.
• Creation of security in favour of EHFL.
• The Borrower must ensure that he has absolute, clear and marketable title to the property (security) and the said property is absolutely unencumbered and free from any liability whatsoever.
• Intimate EHFL of any change in his employment / contact details.
• Utilisation of disbursement should be towards acquisition/construction of property or as per the end use specified. In the construction cases, disbursement shall be linked to stage of construction.
• Pre-EMI Interest will be charged till the full sanction amount is not disbursed
• No event of default shall have happened on the Loan. The Event of Defaults are mentioned in the Loan Agreement.
• No circumstances shall have occurred, which in the opinion of EHFL may make it impossible for the Borrower to fulfill the obligations as per Loan Agreement and other standard documents executed by the Borrower for availing the loan.
• NOC/Permission/approvals to mortgage etc and creation of security

VI. Repayment of the Loan and Interest  

The information on interest rate, Pre Equated Monthly Installment Interest (PEMII)/Equated monthly installment (EMI) and number of installment, tenure of loan are mentioned in the Sanction Letter provided to the Borrower. Any change in adjustable rate of interest /PEMII/EMI shall be informed to the borrower as per the EHFL’s Fair Practice Code at the contact details available with the EHFL. The Loan is required to be repaid in the prescribed EMI/PEMII on the due date as mentioned in the Loan Agreement.

The repayment of EMI/PEMII is mandated through ECS/post-dated cheques in favor of EHFL.

The Borrower must ensure:

• That sufficient fund is available in the designated Bank account of Borrower to be debited.
• Not to cancel/put stop payment on the cheques/instruments given towards the repayment of EMI. Also, not to close or change the account upon which repayment instrument is drawn (unless he/she makes alternate arrangement for the repayment as agreeable to EHFL).
• To pay the installment on or before the relevant due date, if not, the outstanding loan amount and all accrued interest would become immediately due and payable. The Borrower would also be liable to pay the fees as set out in the Statement of Charges.
• Detailed terms and conditions of repayment of loan are mentioned in of the Loan Agreement.

VII. Brief procedure to be followed for Recovery of Overdues

In the event of default (i.e. if the amount outstanding in the loan account of the Borrower is not paid by the due date or in case of breach of any clause of the agreement), the Borrower would be sent reminder from time to time for payment of any outstanding on his loan account, by post, fax, telephone, e-mail, SMS and/or through third parties appointed for collection purposes to remind, followup and collect dues. The Collection methodology includes the following:

• Tele- Calling and Pick up : It involves contacting the Borrower over the phone and making them

aware about the missed due date and requesting to pay the arrears at the earliest.

• Field Collection: It involves meeting the Borrower and collecting the payment of the amount due. The activity shall be carried out through employees of EHFL or authorized representatives. The payment would be collected either in cash or in the form of a cheque/DD and receipt will be issued to Borrower.
• Legal action shall be taken based on circumstances of each delinquent account, as per the policy of EHFL and pursuant to the provision of applicable laws.

Hence, EHFL shall use a judicious mix of field visit, written communication and legal action to ensure proper and effective coverage for the different category of delinquent account.

VIII. Date on which annual outstanding balance statement will be issued: On Customer’s request.

IX. Customer Services

A) Visiting hours –Branches: 10AM – 5 PM, Mon-Fri (Except Public Holidays)
B) For any service related issue including request for documents, Borrower can get in touch with the EHFL by:

1. 1. • Email at assistance@edelweisshousingfin.com
      • Contact Us at 1-800-1026371 (Toll-free) between Monday to Friday from 10 A.M TO 5 P.M.
      • Online by logon to edelweisshousingfin.com

C) Timelines for providing the following documents:

1. 1. • Loan Account statement – 2 working days
      • Photocopy of the title document – 12 working days
      • Return of original documents on closure /transfer of the loan-15 working days

IX. Grievance Redressal

In case of any complaint/grievance, the Borrower may contact our Corporate Office through any of the following channels:

Mrs. Shivali Shinde

Email: assistance@edelweisshousingfin.com

Mail: Edelweiss Housing Finance Ltd, Tower 3, Wing B, Kohinoor City, Kohinoor City Kirol Road, Kurla(W) Mumbai 40007;

Telephone: 022 – 43428150 /Toll Free No: 1-800-1026371

After examining the matter, it would be EHFL’s endeavor to provide the Borrower with our response, within a period of six (6) weeks from the receipt of such complaint/grievance.

If the customer does not receive response from the Company or is dissatisfied with the response received, the complainant may approach the Complaint Redressal Cell of National Housing Bank by lodging his complaint in Online mode at the link http://grids.nhbonline.org.in or in Offline mode by post in prescribed   format available  at link https://grids.nhbonline.org.in/(S(gbasi5bgsifwr4wmckts4z4x))/Complainant/Default.aspx, to  the following address:

Complaint Redressal Cell, Department of Regulation and Supervision, National Housing Bank, 4^th Floor, Core-5A, India Habitat Centre, Lodhi Road, New Delhi – 110 003

It is hereby agreed that for detailed terms and conditions of the Loan, the parties hereto shall refer to and rely upon the Loan Agreement and other security documents executed / to be executed by them.

I/We the borrowers hereby confirm and declare that the above terms and conditions have been read by me/us /read over to me/ us in my/our vernacular language by

Mr./Ms._____________________________________________________of the Company. I/We have understood the term and conditions as mentioned above and agree, confirm and declare to abide by the same. I/We also acknowledge the receipt of a copy of Most Important Terms & Conditions.