MITC

Mentor India Terms & Conditions

Introduction

Mentor India Limited (MIL) in order to promote transparency in the operation provides to its borrowers the Most Important Terms And Condition (MITC) which should be known by them before and after taking the loan.

Effective date − this policy will be effective from the date of approval of Board Meeting which was held on 30/03/2015.

MIL has formed MITC as per the prescribed format given by NHB (shown as under).

MOST IMPORTANT TERMS AND CONDITIONS (MITC)

(name of the specified loan product)

Major Terms & Conditions of the housing loan agreed to between __(applicant)____and MENTOR INDIA LIMITED are as under

Applicant Detail

APPLICANT NAME
FATHER NAME  
CO-APPLICANT NAME (IF ANY)  
AGREEMENT NUMBER  
SANCTION DATE  

Loan & Repayment

LOAN AMOUNT SANCTIONED
PURPOSE OF LOAN  
RATE OF INTEREST  
TENURE OF LOAN  
MONTHLY INSTALLMENTS  
RATE OF INTEREST FIXED/ FLOATING  
MODE OF PAYMENT  
ADDITIONAL SECURITIES  
ANY OTHER DETAILS FOR PAYMENT OF PRINCIPAL AMOUNT OF LOAN AND INTEREST INCLUDING DUE DATE/S.  

Property detail

MORTGAGE ( PROPERTY ADDRESS)  
PROPERTY TYPE  
PROPERTY OWNER  
INSURANCE OF THE PROPERTY/ BORROWERS The borrower has been advice to take property insurance and submit the receipts and if insurance is not take that will cost risk of the borrower.

Fee & Other charges:

PRE PAYMENT CHARGES As per NHB norms
INSPECTION FEE ( BEFORE SANCTIONED STAGE) Rs. 550 for loan < 10 lacs and Rs. 1050 for loans > 10 lacs
CONVERSION CHARGES Not Applicable
CHEQUE BOUNCING CHARGES Rs.1000+ 60% per year on EMI Amount till fully paid.
STATEMENT CHARGES Rs. 200 /-
LATE EMI PAYMENT CHARGES Rs. 1000 + 60% per year on EMI amount till fully paid.
CHEQUE SWAP CHARGES Rs. 500
* The above rate are exclusive of Service Tax.
Mentor India Limited(MIL) retains the right to alter any charges or fees from time to time orto introduce any new charges or fees as it may deem appropriate with due intimation to the borrower.

Security for the loan :-

DOCUMENTS REQUIRED
GUARANTOR (MENTION THE NAME & ADDRESS, IF ANY)
OTHER SECURITY (MENTION THE DETAILS OF OTHER SECURITIES, IF ANY)

Condition for disbursement :

CONDITIONS FOR DISBURSEMENT OF THE LOAN
  • Search Report & title clearance has to be obtained from advocate.
  • Valuation report to be obtained from authorized valuer.
  • No Objection Certificate has to be obtained from the Builder.

Recovery Procedure :

BRIEF PROCEDURE TO BE FOLLOWED FOR RECOVERY OF OVER DUES (MENTION BRIEFLY THE NOTICE ETC., TO BE GIVEN TO THE BORROWER FOR RECOVERY OF OVER DUES BEFORE PROCEEDING UNDER THE APPLICABLE LAW)
  • Company notice/Tel/ SMS for 1due EMI.
  • Personal visit/ Tel / SMS for 3 due EMI
  • Legal recovery procedures for > 3 due EMI

Recovery Procedure :

VISITING HOURS AT THE OFFICE 3.00 to 6pm
BUSINESS HOURS 09.30 A.M to 07.00 P.M
CUSTOMER SERVICE Contact customer care counter
PROCEDURE TO OBTAIN THE FOLLOWING including time line therefore
I. LOAN ACCOUNT STATEMENT Within 3 working days after customer’s request
II. RETURN OF ORIGINAL DOCUMENT ON CLOSURE / TRANSFER OF THE LOAN Within 21 days after final amount is updated in our system.

Other Details:

RIGHT TO VISIT THE PROPERTY Authorized representative of MIL shall have right to visit the property mortgaged and take photographs (intimation of visit shall be given in advance)
FORECLOSURE OF ACCOUNT Anytime after 12 EMI had been received
REPAYMENT EMI FREQUENCY Every month
DOCUMENTS TO BE SUBMITTED BEFORE DISBURSEMENT As per company requirements
DISBURSEMENT TIME  
ANNUAL OUTSTANDING STATEMENT Issued between

Grievance Redressal:

A. EMAIL ID AND OTHER CONTACT DETAILS AT WHICH COMPLAINT CAN BE LODGED For any grievances related to the housing loans or any process thereof, the customer may submit the compliant in writing through email or by post/ courier.
The Address & Mail Id As Under:
Mentor House, Govind Marg, Sethi Colony Jaipur, 302004
mentor.india@rediffmail.com
B. TURNAROUND TIME FOR RESOLVING THE ISSUE 10 (Ten) Working Days.
C. MATRIX FOR ESCALATION FOR LODGING THE COMPLAINTS If customer is not convinced with the redressal of complaint then customer can call:
  Mr Tarun Kacholia
Contact No :+91 7665027777
  Turnaround time to address the compliant would be 30 working days.
  In case the complainant is still dissatisfied with the response received/ or where no response is received, the complainant may approach the Complaint Redressal Cell, Department of Regulation & Supervision,
  National Housing Bank, 4thFloor Core 5A, India Habitat Center, Lodhi Road, New Delhi – 110 003 or email at crcell@nhb.org.in