Most Important Terms and Conditions

The Most Important Terms and Conditions (MITC) of the loan between the borrower/s and IIFL Home Finance Limited, having its registered office at IIFL House, Sun Infotech Park, Road No. 16V Plot No. B-23, MIDC, Thane Industrial Area, Wagle Estate, Thane - 400604 (hereinafter referred to as “IIFL HFL”) are agreed upon and mentioned below.

1. Loan - A loan is sanctioned basis of a combination of several factors like repayment capacity, collateral security, past and present credit history, and other risk parameters. Borrower/s is/are advised to refer to the Loan Agreement to know the loan amount sanctioned.

2. Interest –

• Type: (Fixed or Floating) - IIFL HFL offers only Adjustable Interest rate (AIR) throughout the tenure of all retail loans
• Interest Chargeable - AIR (Adjustable Interest Rate) is computed with reference to the Prime Lending Rate of IIFL HFL together with the margin, if any, as specified in detail in the Loan Agreement. Refer latest ROI grid for Indicative Rate of Interest under AIR.
• Moratorium or Subsidy: Not applicable
• Date of reset of interest: Interest Rate Reset Revision Cycle “IRRRC” is the quarter of the English calendar year beginning from the first day of January, April, July, and October of each year. AIR will be reset on the first day of the quarter following the month in which the PLR is changed.
• Modes of Communication of changes in interest rate: Any Change in Adjustable Interest Rate is duly informed to the Borrowers through SMS (vide regd. mobile number)/ E-mail (vide regd. E-mail ID) / Postal services like Courier, India Post or any other electronic mode prevalent for the time being. For the latest update please visit our website https://www.iiflhomeloans.com/

3. Installment Types – Monthly

4. Loan Tenure: IIFL HFL offers a wide range of loan tenures starting from 1 year up to 25 years depending on a combination of various parameters like age of borrower/s, loan product, collateral security, etc. Borrower/s is/are advised to refer to the Loan Agreement to know the loan tenure sanctioned.

5. Purpose of Loan - IIFL HFL offers a variety of loan options depending on the requirement of the borrower/s like a Home Loan for Purchase/ Construction/ Renovation/ Purchase of Land or Loan Against Property or Loan for Purchase of commercial property etc. Borrower/s is/are advised to refer to the Loan Agreement to know the Purpose of the loan sanctioned.

6. The interest rate reduction to be followed for the applicable fee structure is mentioned on Schedule of charges

7. Customers can opt for an interest rate reduction facility. The fee is payable as per the interest rate reduction grid mentioned on Schedule of charges

8. On Foreclosure: Kindly refer detailed "schedule of charges”

• Fee refundable if loan not sanctioned/ disbursed: The processing fee paid by the customer for availing the loan is non-refundable.
• Penalty for delayed payments: 18% per annum on outstanding EMI *All fees/charges are subject to applicable taxes. *Stamp duty, e-filing charges, and other statutory dues applicable on the Security/Transaction documents may vary depending on locations and payable by borrower/s in addition to processing fees. The above-mentioned fees and charges are subject to change from time to time. For the latest updated details of applicable fees and other charges, please refer to the Schedule of charges

9. Security/ Collateral 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 IIFL HFL. Borrower/s is/are advised to refer to the Loan Agreement and Sanction Letter to know the security details of the Loan sanctioned.

10. Insurance of the property / Borrowers:

• The Borrower/s shall keep the property under security insured with a Comprehensive Insurance Policy equivalent to the loan outstanding at any point of time during the pendency of the loan with IIFL HFL as the sole beneficiary under said policy/policies.
• The Borrower/s may keep his/their life insured equivalent to the loan outstanding at any point of time during the pendency of the loan with IIFL HFL as the sole beneficiary under said policy/policies.

11. Conditions for Disbursement of the Loan: IIFL HFL shall not disburse any loan to the Borrower/s unless the conditions mentioned in the Sanction Letter and Loan Agreements are complied with, to the satisfaction and sole discretion of IIFL HFL. A few of these are given below:

• Fee refundable if loan not sanctioned/ disbursed: The processing fee paid by the customer for availing the loan is non-refundable
• The Borrower must fulfill the IIFL HFL’s requirement of creditworthiness.
• Execution of loan agreement and other ancillary documents
• Submission of cheques/ECS/ACH/ etc. any other clearing system in force for the time being towards repayment of installments
• Creation of security in favor of IIFL HFL.
• Utilization of disbursement should be as per the end use specified
• The Borrower must disclose every material fact/s that may affect the borrower’s loan proposal.

12. Repayment of Loan & Interest: Repayment of loan to be by way of pre-EMI/EMI during the entire tenure of the loan as per terms outlined in the Loan Agreement. The borrower is advised to refer to the Loan Agreement for details of repayment in Equated Monthly Installments (EMI/Pre EMI) or other payments, EMI cycle, due dates, etc. Any change in the AIR/EMI would be communicated to the borrowers in advance

13. Brief procedure to be followed for Recovery of Overdues: On the occurrence of an Event of Default as mentioned in the Loan Agreement, the Borrower is to be sent a reminder from time to time for payment of the outstanding amount on his loan account by Telephone, E-mail, Courier, SMS and/or through third parties appointed for collection purposes to remind, follow-up and collect dues. The Collection methodology broadly includes the following:

• Tele‐Calling: It involves contacting the Borrower over the phone and making them aware of 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 IIFL HFL or authorized representatives. The payment would be collected either in cash or in the form of a cheque/DD against the valid receipt only which will be issued to the Borrower
• Legal action shall be taken based on the circumstances of each delinquent account, as per the policy of IIFL HFL and pursuant to the provision of applicable laws. IIFL HFL shall use a judicious mix of field visits, written communication, and legal action to ensure proper and effective coverage for the different categories of delinquent accounts.

14. Annual Outstanding Balance Statement: IIFL HFL will issue the Annual Outstanding Balance Statement along with Annual Income Tax Certificate for the preceding Financial Year to all Home Loan Borrowers in the first quarter of every Financial Year

15. Customer Services:

• 1. Borrower can visit the Service Branch during visiting hours of 10:00 am – 4:30 pm from Monday to Friday (Except Public Holidays).
• 2. Borrower can contact our call center at 18602673000 (helpline) between 9:30 am – 6 pm from Monday to Friday (Except for Public Holidays).
• 3. Borrower can reach Customer Service online:- https://www.iifl.com/contact-us/home-loan/raise-a-request
• 4. Indicative Timelines of common request servicing:
  1. *Loan account statement – 3 working days from the date of request
  2. *Photocopy of the title documents – 7 working days from the date of request
  3. *Return of original documents on closure/transfer of loan – 15 working days from the date of request
  4. *Issuance of loan foreclosure statement - 15 working days from the date of request

16. Grievance Redressal: For any service-related issue including obtaining documents or in case of any complaint/grievance, the Borrower may communicate in writing, orally, electronically through e-mail, website, telephone, and modes given below. The Borrower may contact our Office through any of the following channels:

• By telephone communication with our call center at 18602673000 (helpline) b/w 9:30 am – 6 pm from Monday to Friday (Except Public Holidays).
• By way of online request - https://www.iifl.com/contact-us/home-loan/raise-a-request
• By way of a written letter addressed to Customer Service - Home Loans, IIFL Home Finance Ltd, IIFL Home Loans Plot No. No 98, Phase IV, Gurugram, Haryana 122016
• By way of physically visiting the Service Branch and lodging a complaint in the Complaint Register maintained at our branches

In case the response is unsatisfactory or no response is received from above-mentioned sources, the complaint may be escalated to:

Grievance Redressal Officer - Jeanetter Thomas at GRO@iifl.com, IIFL Tower, 98, Udyog Vihar, Phase-IV, Gurgaon, Haryana -122015

Borrower can further escalate the complaint to Nodal Officer: Sugandha Kochhar at NO@iifl.com, IIFL Tower, 98, Udyog Vihar, Phase-IV, Gurgaon, Haryana -122015

In case the complainant is dissatisfied with the response received from IIFL HFL or where no response is received, the Complainant may approach the Complaint Redressal Cell of National Housing Bank by lodging its complaint in online mode at the link https:// grids.nhbonline.org.in OR in offline mode by post, in the prescribed format, available at link to Complaint Redressal Cell, Department of Regulation & Supervision, National Housing Bank,

4th Floor, Core 5A, India Habitat Centre, Lodhi Road, New Delhi – 110003 It is hereby agreed that for detailed terms and conditions of the Loan, the parties hereto shall refer to and rely upon the loan and 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, understood, and agreed upon borrower/s.

Note* Updated till April, 27, 2023