The Agreement For Loan Against Property is a crucial financing document used in India when borrowers seek to obtain credit by offering their immovable property as collateral. This agreement is essential for both individual and business borrowing, providing a structured framework for property-based lending while ensuring compliance with Indian banking and property laws. The document incorporates mandatory requirements under various Indian legislations including the Transfer of Property Act, Banking Regulation Act, and SARFAESI Act, while addressing practical aspects of loan disbursement, security creation, and enforcement. It serves as a comprehensive record of the lending arrangement, protecting both lender and borrower interests through detailed terms, conditions, representations, and obligations.
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1. Parties: Identifies and provides details of the Lender and Borrower(s)
2. Background: Contextual information about the loan purpose and property being mortgaged
3. Definitions and Interpretation: Defines key terms used in the agreement and rules of interpretation
4. Loan Amount and Purpose: Specifies the sanctioned loan amount and its approved utilization
5. Interest Rate and Charges: Details of interest rate, processing fees, and other applicable charges
6. Repayment Terms: Loan tenure, EMI structure, and repayment schedule
7. Security Creation: Details of the mortgage/security interest creation over the property
8. Borrower's Representations and Warranties: Declarations regarding legal capacity, property title, and other material facts
9. Borrower's Covenants: Ongoing obligations regarding property maintenance, insurance, and loan compliance
10. Events of Default: Circumstances constituting 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: Communication procedures between parties
14. Governing Law and Jurisdiction: Applicable law and courts having jurisdiction
1. Guarantor Provisions: Required when there are third-party guarantors for the loan
2. Additional Security: Used when additional collateral or security is being provided beyond the primary property
3. Special Conditions for Business Use: Additional terms when loan is for business purposes
4. Prepayment Terms: Specific terms for early loan repayment, if allowed
5. Property Maintenance and Usage: Detailed terms for commercial properties or properties with specific usage restrictions
6. Multiple Borrower Provisions: Required when there are co-borrowers with specific obligations
7. Assignment and Transfer: Terms for loan assignment or property transfer, if permitted
8. Force Majeure: Provisions for unforeseen circumstances affecting loan servicing
1. Schedule I - Property Description: Detailed description of the mortgaged property including boundaries and measurements
2. Schedule II - Loan Repayment Schedule: Detailed EMI schedule with principal and interest breakup
3. Schedule III - Property Documents: List of property documents deposited with the lender
4. Schedule IV - Charges and Fees: Detailed breakdown of all applicable charges and fees
5. Schedule V - Insurance Requirements: Specific insurance requirements and minimum coverage details
6. Schedule VI - Property Title Documents: List of title documents and their verification status
7. Appendix A - KYC Documents: List of identity and address proof documents provided
8. Appendix B - Technical Valuation Report: Summary of property valuation and technical assessment
Relevant legal definitions
Agreement
Applicable Law
Borrower
Business Day
Co-Borrower
Default Interest
Due Date
EMI (Equated Monthly Installment)
Event of Default
Facility
Financial Year
Guarantor
Interest Rate
Lender
Loan
Loan Account
Material Adverse Effect
Mortgage
Mortgaged Property
Outstanding Amount
Party/Parties
Payment Date
Pre-Payment
Principal Amount
Property Documents
Repayment Schedule
Sanction Letter
Schedule
Security
Security Interest
Stamp Duty
Term
Title Deeds
Valuation Report
Working Day
Insurance Policy
KYC Documents
Processing Fee
Registration Charges
CERSAI
Encumbrance
Force Majeure
Governing Law
Jurisdiction
Notice
Permitted Purpose
RBI
Related Party
Representation
SARFAESI Act
Technical Assessment Report
Warranty
Applicable Law
Borrower
Business Day
Co-Borrower
Default Interest
Due Date
EMI (Equated Monthly Installment)
Event of Default
Facility
Financial Year
Guarantor
Interest Rate
Lender
Loan
Loan Account
Material Adverse Effect
Mortgage
Mortgaged Property
Outstanding Amount
Party/Parties
Payment Date
Pre-Payment
Principal Amount
Property Documents
Repayment Schedule
Sanction Letter
Schedule
Security
Security Interest
Stamp Duty
Term
Title Deeds
Valuation Report
Working Day
Insurance Policy
KYC Documents
Processing Fee
Registration Charges
CERSAI
Encumbrance
Force Majeure
Governing Law
Jurisdiction
Notice
Permitted Purpose
RBI
Related Party
Representation
SARFAESI Act
Technical Assessment Report
Warranty
Clauses
Parties and Definitions
Loan Facility
Security Creation
Interest and Charges
Repayment
Representations and Warranties
Borrower Covenants
Property Maintenance
Insurance
Events of Default
Remedies
Assignment and Transfer
Force Majeure
Indemnification
Notices
Severability
Amendment and Modification
Waiver
Entire Agreement
Counterparts
Governing Law
Dispute Resolution
Confidentiality
Term and Termination
Further Assurance
Compliance
Registration and Stamp Duty
Property Inspection
Title and Ownership
Environmental Compliance
Anti-Money Laundering
Know Your Customer
Successors and Assigns
Loan Facility
Security Creation
Interest and Charges
Repayment
Representations and Warranties
Borrower Covenants
Property Maintenance
Insurance
Events of Default
Remedies
Assignment and Transfer
Force Majeure
Indemnification
Notices
Severability
Amendment and Modification
Waiver
Entire Agreement
Counterparts
Governing Law
Dispute Resolution
Confidentiality
Term and Termination
Further Assurance
Compliance
Registration and Stamp Duty
Property Inspection
Title and Ownership
Environmental Compliance
Anti-Money Laundering
Know Your Customer
Successors and Assigns
Relevant Industries
Banking & Financial Services
Real Estate
Insurance
Legal Services
Construction
Retail
Healthcare
Education
Manufacturing
Hospitality
Professional Services
Relevant Teams
Legal
Credit
Risk Management
Operations
Compliance
Property Valuation
Documentation
Recovery
Insurance
Customer Relations
Due Diligence
Mortgage Processing
Relevant Roles
Legal Counsel
Loan Officer
Credit Manager
Risk Analyst
Property Valuer
Mortgage Specialist
Compliance Officer
Branch Manager
Relationship Manager
Credit Analyst
Documentation Officer
Recovery Manager
Insurance Specialist
Title Examiner
Due Diligence Officer
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