The Private Home Loan Contract is a crucial legal document used in India when individuals seek financing for residential property purchase, construction, or renovation. This agreement is essential for establishing a legally binding relationship between the lending institution and the borrower(s), ensuring clarity and enforceability of all loan terms. The document must comply with various Indian banking and property laws, including the Transfer of Property Act, SARFAESI Act, and National Housing Bank regulations. It typically includes detailed provisions about loan disbursement, interest calculations, repayment schedules, property mortgage details, borrower obligations, and default consequences. The agreement serves as the primary reference document throughout the loan tenure, protecting both lender and borrower interests while providing a clear framework for dispute resolution.
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1. Parties: Identifies and provides full details of the lender and borrower(s)
2. Background: Explains the context of the loan application and property purchase
3. Definitions: Defines key terms used throughout the agreement
4. Loan Amount and Purpose: Specifies the sanctioned loan amount and its intended use for property purchase
5. Interest Rate and Calculations: Details the applicable interest rate, whether fixed or floating, and calculation method
6. Repayment Terms: Specifies the loan tenure, EMI amount, and repayment schedule
7. Security and Mortgage: Details of the property being mortgaged as security for the loan
8. Borrower's Representations and Warranties: Declarations and guarantees made by the borrower regarding their eligibility and property details
9. Borrower's Covenants: Ongoing obligations of the borrower during the loan tenure
10. Events of Default: Circumstances that constitute default and their consequences
11. Lender's Rights and Remedies: Actions the lender can take in case of default or breach
12. Insurance: Requirements for property insurance and loan protection coverage
13. Notices: Process for sending and receiving official communications
14. Governing Law and Jurisdiction: Specifies Indian law as governing law and relevant jurisdiction
1. Co-borrower Details: Required when there are multiple borrowers or guarantors
2. Balance Transfer Provisions: Included when the loan involves taking over an existing home loan from another lender
3. Pre-payment Terms: Detailed when specific pre-payment options or penalties need to be outlined
4. Construction Linked Disbursement: Required when the loan is for under-construction property with stage-wise disbursement
5. Electronic Payment Authorization: Included when automatic EMI payments are set up
6. Force Majeure: Added to address unforeseen circumstances affecting loan repayment
7. Assignment Clause: Required when the lender wants the right to assign the loan to another institution
1. Schedule I - Property Description: Detailed description of the mortgaged property including boundaries and measurements
2. Schedule II - Loan Disbursement Schedule: Timeline and conditions for loan disbursement
3. Schedule III - Repayment Schedule: Detailed EMI schedule with principal and interest breakup
4. Schedule IV - Fee Schedule: List of all applicable fees, charges, and processing costs
5. Schedule V - Insurance Requirements: Detailed requirements for property and life insurance
6. Appendix A - Required Documents: List of documents submitted by borrower for loan processing
7. Appendix B - KYC Documents: Copies of identity and address proof documents
8. Appendix C - Property Documents: Copies of property ownership and clearance documents
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