Housing loan undertaking form model

India's one of the leading HFC (housing finance company)’s housing loan undertaking form model is here.

It is very useful to first time home buyer.

I / We here by undertake that I / We know the following details of housing loan processing & I / We agree to this systems & procedures.

^ There are 3 stages of loan processing. 

1.Loan Sanction.

2. Legal Clearance and

3. .Disbursement of Loan.

^  Subject to legal scrutiny & approval by our Panel Advocate.

^  Loan would not be given for Laminated Documents and also for SARFAESI  (Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002) properties, Including Vendor’s.

^.         Value of the property (plot of Land & Cost of Construction)  is subject to the assessment & approval by our Panel Valuer, His/her opinion will be final.

^          Age of the Building for the existing Home (or) Flat is less than 25 years.

^          Plot Coverage of  house /  flat is less than 80% (that is 80% of the land area only

constructed  /   will be constructed. (Example 800 Square feet of construction in 1,000 square feet of land)

^          FSI (Floor Space Index) is less than 2 times (That is  Total construction area is / will be less than two times of the land area. (Example: 2,000 square feet of construction in 1,000 square feet of land)

^.         Disbursement will be made only if the Margin money (Total estimate  / Cost – Loan amount) has been invested / paid to the builder.

^          For plot + Construction First payment will be released for Loan amount – Estimate (or) 60% of the Market  / Agreement / Registration Value of the property, whichever is less.

^          For second sale (Resale property), Cheque would not be issued in favour of Power of Attorney, Including Plot purchase.

^          For second sale (Resale property), either the market value as per the Valuer’s report or  the agreement value plus stamp duty of  8% , whichever is lower will be taken for calculation.

^          For second sale (Resale property) &  Purchase from Builder, I / We undertake to accompany the advocate / agent to collect the documents from the Registrar Office / Builder.

^          For second sale (Resale property) if vendor is having Loan (and) for applicant’s Take Over Loan, Collateral Security needs to be given for equal to the Loan Amount or On Sanction Vendor Loan to be closed by Vendor / Applicant/s and all original documents need to be submitted for Disbursement.

^          For the Loans applied as PLO, Rate of Interest (ROI) will be fixed only at the time of Conversion to Regular Sanction.

^          All the necessary Verifications & Inspections like Residence, Employment / Business, Bank accounts, Property Inspection, CIBIL (credit information beuro of india ltd ) etc., will be done by

^          I have disclosed all the loans including loans on credit cards in the application or in separate Format,  and assure you that the re-payment is regular on these loans.

^          Local Guarantor needs to be given for Loan term beyond service period and for Non professional NRIs (Non Residence Indians).

^          Repayment of Monthly Due is thru Local bank ECS (Electronic Clearing Service) only

^          Enquiry or Discussion timing is between 10 AM to 4PM between Monday to Friday (on week days only).

Place:                                                                                    Signature of Applicant/s (or) POA:

Date :                                                                                    Name     :            

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