MOST IMPORTANT TERMS AND CONDITIONS (MITC)
GOVERNING THE LOAN SCHEMES OF KERALA HOUSING FINANCE LIMITED (w.e.f. July 1, 2015)

1. Amount of Loan : Upto Rs.25 lakhs

2. Interest
(a) Type : Fixed
(b) Interest chargeable : 15% p.a. (For housing loans) & 19.5% (For non-housing loans)

3. Installment Type : Equated Monthly Installment (EMI)

4. Loan Tenure : Upto 10 years

5. Purpose of Loan : For construction/purchase/renovation/extension of residential house and for business purposes or for purchase of land for construction of a residential house on it.

6. Fees and Other Charges
(a) Processing Fee : 2% of the amount of loan applied for. (0.5% refundable if loan is not sanctioned.)
(b) On pre-closure : “Nil’ if the pre-closure is made using borrower’s own funds 2% if the pre-closure is by way of takeover of loan by another financial instituition.
(c) Penalty for delayed payment of EMI : 2% p.m. on the delayed EMIs for the delayed period.

7. Security / Collateral for the Loan
(a) Equitable mortgage of the house for / against which the finance is extended.
(b) Personal guarantee of borrower, co-borrower and guarantor.
(c) Other collateral security, if required.

8. Conditions for Disbursement of the Loan.
a) All statutory approvals should be obtained.
b) All stipulated documents should be submitted.
c) Loan agreement and other loan documents have to be executed.
d) Mortgage transaction has to be put through.
e) Applicant’s margin has to be invested.
f) Progress of construction/repair/renovation, as applicable in the case, should be satisfactory.

9. Repayment of the Loan & Interest
a) By way of Equated Monthly Installments (EMI)
b) No. of EMIs : Upto 120
: c) Pre EMI interest (PEMII) is payable for the period from disbursement date to date of commencement of EMI.

10. Brief procedure followed for recovery of overdues.
For single or two defaults, branch would send ordinary notice to the borrower, if there is no response to reminders over phone. If there is no response, the borrower would be contacted in person. On committing the third default, registered notice would be sent to the borrower, co-borrower and guarantor. If all other efforts including sending of registered notice and meeting the borrowers and guarantor in person do not evoke any positive response and the default persists, the branch would resort to legal steps for recovery of the loan.

11. Date on which annual outstanding statement will be issued : March 31st every year.

12. Customer Service aspects.
a) Working hours of the branch : Monday-Friday : 10 AM to 5 PM, Saturday : 10 AM to 2 PM
b) Contact point for customer service issues : “May I Help You” counter.
c) For obtaining loan account statement, photocopy of title documents, return of original documents on closure of loan, please contact “May I Help You” counter or the Accountant.

13. Grievance Redressal
If the customers have any grievances, they can make a complaint in writing or email addressed to the concerned Branch Manager, quoting the account number and gist of the complaint. In case the grievance is not resolved within 15 days, a copy of the complaint/email with acknowledgment may be forwarded to the Grievance Escalation address: General Manager, Kerala Housing Finance Limited, Registered & Head Office, 2nd Floor, Pan African Plaza, Near Pulimoodu Junction, M.G.Road, Trivandrum-695001. Complaints can also be forwarded to the email id, khflho@yahoo.com. In case of any complaint, customers can also contact the National Housing Bank at the following address and lodging a complaint in online mode at the link http://grids.nhbonline.org.in OR in offline mode by post, in prescribed format available at link http://www.nhb.org.in/Grievance-Redressal-System/ Lodging-Complaint-Against-HFCs-NHB%E2%80%93Physical-Mode.pdf, to Complaint Redressal Cell, Department of Regulation and Supervision, National Housing Bank, 4th Floor, Core 5-A, India Habitat Centre, New Delhi-110003. The complaint can also be e-mailed at crcell@nhb.org.in.

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