0712-2585800 / 9607954702
142 Golcha House, New Colony, Byramji Town, Nagpur, Maharashtra 440001
Rate of Interest Policy
Background
As per the Reserve Bank of India Master Direction – Non-Banking Financial Company – Housing Finance Company (Reserve Bank) Directions, 2021, Housing Finance Company shall provide information on interest rates on the Company’s website. Further, the rate of interest should be communicated to customers in the sanction letters issued to them. The Company has authorized Chief Executive Officer to review the interest rates from time to time.
Review of Policy
The Policy shall be reviewed once in a year or in between if required.
Interest Rate – Home Loans & Loan Against Property (LAP)
Sr. No. |
Particulars |
Loan Type |
Loan Amount |
Rate of Interest (ROI) |
||
Fixed |
Min |
Max |
||||
1 |
Direct Lending |
Home Loan |
1 Lac to 7 Lacs |
23% |
- |
- |
Loan Against Property (LAP) |
1 Lac to 7 Lacs |
25% |
- |
- |
||
2 |
Co-Lending |
Home Loan & Loan Against Property (LAP) |
1 Lac to 7 Lacs |
20% |
- |
- |
3 |
Partners |
Loan Against Property (LAP) |
1 Lac to 4 Lacs |
- |
24% |
26% |
Notes:
Other Charges
Besides interest, other financial charges like processing fees, cheque bouncing charges, delayed payment collection charge/visit, re-scheduling charges, pre-payment / foreclosure charges, non availment of full loan amount charge, overdue charge, etc., would be levied by the Company wherever considered necessary. Besides these charges, stamp duty, service tax / GST and other cess would be collected at applicable rates. Any revision in these charges would be implemented in MITC (Most Important Terms & Conditions) and the same shall be updated on the website of the Company.
Communication Framework
Interest Rate Policy would be uploaded on the website of the Company and any change in the interest rates and charges for existing customers would be uploaded on the website of the Company.
Amendments to the Interest Rate Policy
The Board authorized the Chief Executive Officer to review and make appropriate changes to the Interest Rate Policy from time to time basis which includes the upward/downward revision in interest rates applicable to various loan products and the relevant charges applicable for such loan products.
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