Most Important Terms and Conditions (MITC) for Home Loans

Dear Customer,

Thank you for your application for availing a captioned loan from InCred Housing Finance Private Limited (Formerly known as Bee Secure Home Finance Private Limited) (hereinafter referred to as “IHFPL”/ “the Company”). Major Terms and Conditions agreed between …………………………………………………………………… (the borrower) and the lender are as under :

1. Loan Amount (Sanctioned Amount) : Rs……… (Rupees……………………………………..only)

2. Interest

(i) Type ( Fixed or Floating or Dual Rate/ Special Rate)

(ii) Interest Chargeable

…...i.e …..%(Reference Rate ± ……………) for floating rate loans and ………% fixed rate loans)

(iii) Moratorium or Subsidy To be mentioned, if any.

(iv) Date of Reset of Interest As per the Company’s internal policy on determination of Rate of Interest.

(v)Modes of Communications of changes in Interest Rate:

Any change in the Rate of Interest will be communicated through Letter/ SMS/ E-mail to the borrower(s) or Information at branch or Notification on the Company’s website.

3. Installments Types

Monthly/Quarterly/ Half Early/ Yearly

4. Loan Tenure


5.Purpose of Loan

Purpose to be mentioned

6.Fee and Other Charges(The following fee and charges are exclusive of service Tax, education cess & other govt. taxes, levies etc. and subject to change and will be at the sole discretion of InCred Housing Finance Private Limited and any change in charges, would be uploaded on the website or intimated to the customer via letter/email)

(i) Processing Fee*

a) Home Loan : Upto 3% of the loan amount sanctioned

b) Top Up/ LAP : Upto 4% of the loan amount sanctioned

* Out of the above Fee, non-refundable initial amount of Rs.5000 + ST to be paid along with application. Balance to be paid post sanction.

(ii) During the term of loan (all the types of fee/ charges to be specified)):

(a) PDC/ECS Bounce Charges (per instrument) : ₹ 500

(b)Swap Charges /EMI Cycle change : ₹ 1000**

(c) Change in loan tenor or EMI, addition /deletion of borrower(s)

post loan disbursement : ₹ 10000**

(d) Duplicate Income Tax Certificate - Home Loan : ₹ 500

(e) Property Swap Charges : 2% of principal amount outstanding

(f) Statement of account : ₹ 500

(g) Loan cancellation charges : ₹ 5000 + rate of interest from the date of disbursement till date of request for cancellation.

(h) Document Retrieval : ₹ 1000

(i) Cheque/ Draft/Cash Collection Charges : ₹ 300

(j) Cash Collection Charges : ₹ 5 per thousand

(j) CERSAI Charges For Loan Amount upto 5,00,000/- : ₹ 50

(k) CERSAI Charges For Loan Amount above 5,00,000/- : ₹ 100

(m) CKYCR Charges : As applicable

** Swap Charges will be NIL in case of change in loan repayment mode to ACH

(iii) On Foreclosure***

(a) Floating rate Housing / Non- Housing Loans for Individuals : Nil

(b) Fixed rate Housing Loans/ Non- Housing Loans for Individuals

through Own Funds : Nil

(c) Fixed rate Housing Loans for Individuals through Balance Transfer : 2% of principal amount outstanding

Non Individual Housing / Non-Housing Loans (Fixed/Floating) : 2% of principal amount outstanding

Documents handling charges post closure of loan : 1000/day, beyond 30 days from date of closure

***Part payment/Foreclosure of loan is allowed after completion of 12 months from date of first disbursement

(iv) Refund of Processing Fee if loan not sanctioned/ disbursed

Apart from the initial amount of Rs.5000/- balance may be refunded.

(v) Conversion Charges for switching from floating to fixed interest and vice-versa ; Re- Pricing / Conversion Charges (If Offered) :

2% of the Principal Amount Outstanding

(vi) Penalty for Delayed Payments

2.5% p.m. on EMI overdue

7. Security / Collateral for the loan

(i) Mortgage : Details of Property to be mortgaged

(ii) Guarantor : Name of the Guarantor

(iii) Other Security : Details of Other securities if any

8.Insurance / Property of Borrowers

The borrower shall be vigilant and shall ensure the property is, during the pendency of the loan, always duly protected and properly insured against all risks. The Borrower hereby agrees that IHFPL shall be made the sole beneficiary under the insurance policy/policies, and the Borrower shall provide evidence thereof to IHFPL regarding IHFPL regarding IHFPL being made the beneficiary immediately thereafter. The borrower shall pay the premium amounts promptly and regularly so as to keep the policy/policies alive at all times during period of loan.

9. Conditions for Disbursement of the Loan:

a) Submission of all relevant documents as mentioned by regarding IHFPL in the sanction letter/loan agreement.

b) Clear, marketable title of the property in favour of the borrower(s);

c) Clear Legal & Technical report on assessment of the property.

d) Payment of own contribution, as specified in sanction letter/loan agreement. In case of any alternative arrangement based on a specific product being offered by IHFPL the same shall be informed to and acknowledged by Borrower.

e) Creation of Equitable/ Registered Mortgage or creation of security as per the process prescribed by state government or the Company, if any. Any statutory/ incidental charges in this regard to be paid by customer as per actuals;

f) The construction to be undertaken as per approved plans

g) Disbursement of loan to be linked to the stages of construction as specified in the sanction letter or the allotment letter;

h) All the required statutory approvals for the property to be obtained;

i) Positive Verification of all the documents to be submitted

j) CERSAI charge creation to be done, as applicable;

k) CKYCR to be done as applicable;

l) All property owners to be on the loan structure;

m) Occurrence of an event of default as defined the loan agreement;

n) Any other specific condition mentioned in the sanction letter/ loan agreement.

10. Repayment of the Loan & Interest :

Amount of EMI-

Total number monthly installments:

Procedure for advance intimation of the changes in the rate of interest/EMI- Any change in the Rate of Interest will be communicated through Letter/ SMS/ E-mail to the borrower(s) or Information at branch or Notification on the Company’s website.

11.Recovery of dues / overdue amounts:

On occurrence of any event of default as defined/ mentioned in the loan agreement, all outstanding amounts comprising of the principal, interest, additional interest and other charges, if any, owed by the Borrower to IHFPL shall become payable forthwith. IHFPL reserves the right to take such action as may be deemed fit, in accordance with applicable laws, to recover its dues by enforcing its rights under the loan agreement/ documentation entered into with the Borrower.

12. Date on which annual outstanding balance-statement will be issued:

By 30th June every year.

13. Customer Services:

a) Visiting hours at the office - 09.00 am to 6.00 pm Monday to Friday.

b) Contact Customer Service Executive on 1800 102 2192 or SMS LOANS to+91-8826272192 or email us at

c) Loan Account Statement - A customer needs to request in writing to the branch or customer service e-mail ID of the Company for account statement of his/ her loan. The loan account statement will be provided within 2 working days from the date of receipt of the request and applicable charges

d) Photocopy of title documents- Photocopy of the title documents will be provided within 7 working days from the date of placing written request at branch. Applicable fees in this regard will be charged.

e) Return of original documents on closure/transfer of loan - Original loan documents will be returned to you within 15 working days from date of full and final payment made towards loan closure. If the documents are not collected within the prescribed time-period then applicable administrative charges shall be collected from customer.

14.Grievance Redressal:

As a customer, if you have any feedback/ suggestions or grievances with respect to the services offered by InCred Housing Finance Private Limited (hereinafter referred to as ‘the Company’), you may please write to the Company’s Customer Service Department through any of the following channels:

 Call at : 1800 102 2192

 SMS- SMS+91-8826272192

 Email-

 You may write a letter at the address-

Customer Service Department

InCred Housing Finance Private Limited

1502-A, B Wing 15th Floor ,The Capital

Bandra Kurla Complex , Bandra ( E ) , Mumbai 400051


How a complaint should be made:

Customers are requested to necessarily provide necessary loan details i.e. Loan Account Number, Details of Feedback/ Suggestion/ Complaint and valid Contact Information including phone no. & e-mail ID while lodging communicating with the Company

When to expect a reply:

The Company shall endeavor to address/respond to all queries/grievances within reasonable time and keep the customer in informed about the status of their complaints. Each customer query/ complaint being unique in nature, may take up to 4 weeks for complete resolution after investigation.

Whom to approach for redressal

Customers are requested to first raise their concerns through any of channels mentioned above. In case of delayed or no response from the respective channel within the specified timelines, such complaint may be escalated to the Grievance Redressal Officer of the Company whose details are as given below:

Name: Vaidyanathan.R.

Telephone no.: 022-42117799


Grievance Redressal Officer

InCred Housing Finance Private Limited

Unit No.1203, 12th Floor, The Capital

C-70, G Block ,Bandra Kurla Complex , Bandra ( E ), Mumbai 400051


Escalation to National Housing Bank

In case the customer does not receive the response from the Company within 4 weeks or is dissatisfied with the response received, the customer may approach the Complaint Redressal Cell of National Housing Bank by lodging its complaint in online mode at the link OR in offline/ physical mode by post to the following address:

 National Housing Bank, Department of Regulation and Supervision (Complaint Redressal Cell), 4th Floor, Core- 5A, India Habitat Centre, Lodhi Road, New Delhi-110003

 Such complaint may also be e-mailed at

15. The sanction and / or disbursal of the loan shall be at the sole discretion of InCred Housing Finance Private Limited.

16. InCred Housing Finance Private Limited shall, at its sole discretion and under intimation to you, be entitled to amend or modify the term and conditions of the loan and all such amendment or modification, shall be deemed to be effective and binding on you.

The above mentioned Most Important Terms and Conditions (MITC) are to be read in conjunction with the terms contained in Sanction letter and the Loan Agreement and the other documents which the borrower has executed with IHFPL (collectively referred as Loan documents). The MITC mentioned above are merely indicative and not exhaustive.

It is hereby agreed that for detail terms and conditions of the Loan, the parties hereto shall refer to and rely upon the loan and the 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 by Shri/Smt./Km…………………………………………………………………………………………………………..of the company and have been understood by the borrower/s.

For InCred Housing Finance Private Limited
(Authorised Signatory)



Signature(s) or thumb impression of the Borrower(s) :