HFFC - Home First Finance Company

The Most Important Terms And Conditions (MITC)

The Most Important Terms and Conditions (MITC) between
Name of Borrower: _____________________
And Home First Finance Company India Private Limited (HFFC)
are mentioned below and are to be read and understood in conjunction with the terms contained in the Sanction Letter and the loan transaction documents (“Transaction Documents”). The MITCs mentioned here are merely indicative and not exhaustive. The loan shall be governed by the Transaction Documents including the loan agreement.

Key Terms of the Loan

Loan Amount
Purpose of Loan
HFFC PLR as on Sanction Date
Interest Rate
Offset to HFFC-PLR
Tenure
PDC/ECS Bounce Charges
Default Penalty
Additional Interest
Number of EMIs
EMI Amount
Due Date for EMIs/PEMII
Repayment Mode
Processing Fee
Risk Rating

Note: Stamp Duty applicable on Memorandum of Equitable Mortgage (MOE) may vary depending on location and will be charged in addition to processing fees.

Property Details
Floating Rate of Interest” means the rate of Interest applicable on the loan, which is benchmarked (linked) to the prime lending rate of Home First Finance Company (HFFC-PLR) and is subject to review by HFFC based on the prevailing lending rate in the market and the continuous assessment of credit worthiness of borrower indicated by a “risk rating”. The difference between the HFFC-PLR and the floating rate of interest on your loan is called “spread” or “offset” and will be mentioned in the sanction letter.
HFFC-PLR is dependent on the interest rates prevailing in the market, and may therefore increase or decrease depending on prevailing interest rates in the market. HFFC-PLR shall be updated on www.homefirstindia.com (“Website”) for your information.
Security for the Loan: The borrower (“Borrower”) agrees to create exclusive equitable mortgage of property in favour of HFFC for the home loan provided by HFFC by depositing the original title deeds of the property in custody of HFFC
Stamp duty applicable on the Memorandum of Equitable Mortgage may vary depending on the location and will be charged in addition to processing fees
Insurance of the property /borrower, if any: If any insurance is taken by the borrower for which the borrower also avails a loan, the amount of the insurance loan taken by the borrower will be added to the Loan amount payable and accordingly the EMI will also change. Detailed features of the insurance policy are given in the policy documents provided by the insurer.
Disbursement of the loan shall commence after:
- Submission of all relevant documents as mentioned by HFFC in the sanction letter/loan agreement
- Payment of own contribution by the Borrower (total cost of flat less the loan amount), as specified in the sanction letter
During the construction phase, HFFC will charge interest called as pre-equated monthly installments or “PRE-EMI interest” (PEMII) only on the amount disbursed as loan at such time.
For instance, if the total loan amount sanctioned is Rs.10 lakhs, but the amount disbursed is only Rs. 4 lakhs, Pre-EMI interest will be charged on Rs. 4 lakhs only.
Payment of equated monthly installments (EMI) shall commence after the loan amount is completely disbursed. The EMI will comprise of the principal repayment and the interest calculated on the outstanding principal. Interest shall be calculated on a monthly reducing basis
PEMIIs and EMIs may be repaid through post dated cheques (PDCs), electronic transfer (NEFT) or the electronic clearing service (ECS) method, by the 4th day of every month.
Partial or full prepayment of the loan by the Borrower may be made at any stage. NO PREPAYMENT OR CLOSURE CHARGE WILL BE LEVIED. In the event of a partial prepayment, customers may alter the EMIs or the tenure of the loan, subject to approval by HFFC
Where the loan is provided to more than one (1) applicant, or where the payment obligations are secured by any guarantee, the co-applicant/s and guarantor shall be liable for the repayment of the loan to an equal extent.
Borrower agrees to regularly provide to HFFC information, including details regarding progress/delay in construction, any major damage to the property, change in employment/contact details, nonpayment of taxes pertaining to property etc.
Recovery of Over Dues: “Additional Interest” shall be charged on delay in payment of the EMI or PEMII or any other amounts due to HFFC beyond the specified due dates. Additional interest will be charged at the prevailing fixed/floating interest rate from the due date until payment is made to HFFC on the amount that is overdue.
For e.g., if a Pre-EMI payment is made on 14th instead of the due date (4th), Additional Interest will be charged on the Pre-EMI amount for the period of 10 days at the same rate of interest that is applicable on the loan.
On occurrence of any event of default as mentioned in the loan Agreement (“Event of Default”), all outstanding amounts owed by the Borrower to HFFC shall become payable forthwith & HFFC reserves the right to undertake all such necessary processes to enforce its rights under the loan agreement.
“Default Penalty” will be charged on the occurrence of any Event of Default on the Borrower’s dues as defined in the loan agreement. Default penalty will be charged at 2% (per annum) from the date of occurrence of the Event of Default till the date of resolution.
For e.g., if an EMI is paid 40 days after the due date, Default Penalty will be charged at the rate of 2 % (p.a.) on the Total Dues (Principal Outstanding plus interest / charges/ fees etc.) for a period of 40 days].
HFFC may disclose any information/documents relating to the borrower to any third party for credit verification, regulatory or promotional purpose. Also HFFC may send SMS to your mobile/e-mail you for information & updates pertaining to your loan account and any other products or services being offered / introduced by HFFC.
Customer Services:
Customer Service Queries including requirement of documents can be addressed to us through the following channels:
1. Toll Free Number: 1800 425 8425
2. E-mail: loanfirst@homefirstindia.com
3. Write to us at:
        Customer Service Officer
        Home First Finance company India private Limited
        511, Acme Plaza, Andheri Kurla Road,
        Andheri East, Mumbai 400059
4. Contact our Customer Service Officer at your nearest branch between 10 AM to 6 PM
  - Copies of documents can be provided in 7 working days from date of placing request
  - Original documents will be returned within 10 working days from date of closure of loan
Grievance Redressal:
Customers may raise their queries through the below mentioned channels in case they do not receive a satisfactory response within 15 days of raising the query through the above channels.

      Call us at: 9167959014

      Email: query@homefirstindia.com

In case the customer is dissatisfied with the response from the company, the customer may approach:
Complaint Redressal Cell,
Department of Regulation & Supervision
National Housing Bank,
4th Floor, Core 5A
India Habitat Centre, Lodhi Road
New Delhi 110 003
Or email at crcell@nhb.org.in

The above terms and conditions have been read by the borrower/s / read over to the borrower by Shri/Smt./Km. _________________________________ of HFFC and have been understood by the borrower/s.

____________________________                         __________________________
Signature or Thumb impression                                  Authorized Signatory of HFFC of the Borrower/s