The House Loan Agreement serves as the primary legal document in Indian housing finance transactions, establishing the contractual relationship between lending institutions and borrowers seeking to finance residential property purchases. This document is essential when individuals require institutional financing for buying, constructing, or renovating residential properties in India. The agreement comprehensively covers loan terms, security creation through property mortgage, borrower obligations, and lender's rights, while ensuring compliance with Indian banking regulations, property laws, and consumer protection requirements. It includes crucial details about interest rates, repayment schedules, default consequences, and property insurance requirements, forming the basis for the entire loan transaction and subsequent enforcement if needed.
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1. Parties: Details of the lender (bank/financial institution) and borrower(s), including their complete addresses and registration/identification details
2. Background: Brief context of the loan application, property details, and purpose of the loan
3. Definitions: Definitions of key terms used throughout the agreement
4. Loan Amount and Purpose: Specific details of the sanctioned loan amount and its intended use
5. Interest Rate and Computation: Details of applicable interest rate (fixed/floating), calculation method, and revision terms
6. Repayment Terms: EMI amount, payment schedule, prepayment provisions, and tenure of the loan
7. Security and Mortgage: Details of the property being mortgaged and additional security if any
8. Borrower's Representations and Warranties: Declarations regarding legal capacity, property title, and other material facts
9. Borrower's Covenants: Ongoing obligations of the borrower including property maintenance, insurance, and tax payments
10. Lender's Rights and Remedies: Rights of the lender in case of default or breach of agreement terms
11. Events of Default: Comprehensive list of circumstances constituting default and their consequences
12. Insurance: Requirements for property insurance and loan protection insurance
13. Notices: Method and addresses for serving notices between parties
14. Governing Law and Jurisdiction: Applicable law and courts having jurisdiction over disputes
1. Guarantor Provisions: Required when there is a guarantor for the loan, detailing their obligations and liabilities
2. Co-Borrower Provisions: Needed when there are co-borrowers, specifying joint and several liability
3. Construction Linked Disbursement: Required for under-construction properties, detailing stage-wise disbursement
4. Balance Transfer Provisions: Needed when the loan involves taking over an existing loan from another lender
5. RERA Compliance: Required for loans involving under-construction properties regulated under RERA
6. Electronic Payment Authorization: Optional section for setting up automatic EMI payments
7. Special Conditions: Any unique terms specific to the particular loan case
1. Schedule I - Property Description: Detailed description of the mortgaged property including boundaries and measurements
2. Schedule II - Loan Disbursement Schedule: Details of how and when the loan amount will be disbursed
3. Schedule III - Repayment Schedule: Detailed EMI schedule with principal and interest breakup
4. Schedule IV - Interest Rate Terms: Detailed terms of interest rate calculation and revision
5. Schedule V - Fee Schedule: List of all applicable fees and charges
6. Schedule VI - Insurance Requirements: Detailed insurance requirements and terms
7. Appendix A - Required Documents: List of documents submitted by borrower and their status
8. Appendix B - Standing Instructions: Details of payment mechanisms and auto-debit instructions
Relevant legal definitions
Agreement
Applicable Law
Borrower
Business Day
Co-Borrower
Default Interest
Due Date
EMI (Equated Monthly Installment)
Event of Default
Financial Year
Guarantor
Interest Rate
Lender
Loan
Loan Account
Material Adverse Effect
Mortgage
Outstanding Amount
Payment Schedule
Pre-EMI Interest
Prepayment
Principal Amount
Property
Rate of Interest
Repayment Schedule
Sanctioned Amount
Schedule
Security
Security Interest
Tenure
Term of Loan
Title Documents
Total Loan Amount
Valuation Report
Working Day
Applicable Law
Borrower
Business Day
Co-Borrower
Default Interest
Due Date
EMI (Equated Monthly Installment)
Event of Default
Financial Year
Guarantor
Interest Rate
Lender
Loan
Loan Account
Material Adverse Effect
Mortgage
Outstanding Amount
Payment Schedule
Pre-EMI Interest
Prepayment
Principal Amount
Property
Rate of Interest
Repayment Schedule
Sanctioned Amount
Schedule
Security
Security Interest
Tenure
Term of Loan
Title Documents
Total Loan Amount
Valuation Report
Working Day
Clauses
Loan Amount and Disbursement
Interest Rate
Repayment Terms
Security and Mortgage
Property Description
Insurance Requirements
Representations and Warranties
Borrower Covenants
Lender Covenants
Events of Default
Remedies
Assignment and Transfer
Notices
Indemnification
Force Majeure
Governing Law
Dispute Resolution
Severability
Amendment
Entire Agreement
Waiver
Costs and Expenses
Confidentiality
Term and Termination
Rights and Obligations
Property Maintenance
Tax Obligations
Further Assurance
Electronic Payment Authorization
Construction Terms
Interest Rate
Repayment Terms
Security and Mortgage
Property Description
Insurance Requirements
Representations and Warranties
Borrower Covenants
Lender Covenants
Events of Default
Remedies
Assignment and Transfer
Notices
Indemnification
Force Majeure
Governing Law
Dispute Resolution
Severability
Amendment
Entire Agreement
Waiver
Costs and Expenses
Confidentiality
Term and Termination
Rights and Obligations
Property Maintenance
Tax Obligations
Further Assurance
Electronic Payment Authorization
Construction Terms
Relevant Industries
Banking
Financial Services
Real Estate
Housing Finance
Insurance
Legal Services
Property Development
Mortgage Services
Relevant Teams
Legal
Credit
Risk Management
Compliance
Operations
Documentation
Mortgage Processing
Customer Relations
Underwriting
Property Valuation
Loan Recovery
Business Development
Relevant Roles
Loan Officer
Credit Manager
Legal Counsel
Mortgage Specialist
Risk Assessment Officer
Compliance Officer
Branch Manager
Property Valuation Expert
Documentation Specialist
Relationship Manager
Underwriter
Financial Advisor
Banking Operations Manager
Recovery Officer
Housing Finance Specialist
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