Provident – MITC
PART 1: Plan Eligibility – Terms and Conditions
- Simultaneous with booking the Apartment you agree to – (i) pay an amount equal to _____ (____percent) of Sale Consideration by way of Owner's Equity 1 or the actual Equity contribution demanded by the Bank; and (ii) execute and register relevant agreements and documents no later than 30 (thirty) days from the date of allotment letter.
- You agree and undertake to pay to us a sum equal to _____ (_____ percent) of Sale Consideration by way of Owner's Equity i ("Pre-Disbursement Payment" ) or the actual Equity contribution demanded by the Bank, in full and without delay, prior to disbursement of the home loan sanctioned by the Bank. You agree that your representation and undertaking to pay the Pre-Disbursement Payment in full and within the timelines specified herein constitutes the basis on which we have agreed the Plan to you and any failure on your part is grounds for immediate withdrawal of the Plan and cancellation of the allotment in your favour.
- All amounts due and payable by you to us are calculated on total cost of the Apartment, i.e., all costs including but not limited to basic cost of the Apartment, infrastructure charges, any premium charges, clubhouse charges, applicable goods and services tax ("GST") and other charges as stated in the agreement to sell, but expressly excludes applicable stamp duties, registration fees and charges, legal charges, bank charges, processing fees, and other charges that are stipulated under the agreement to sell and/or specified by the loan sanctioning bank from time to time.
- Your home loan must be sanctioned by one of our partner banks or NBFCs ("Bank" or "Banks", as the context requires), in order for you to be eligible for the Plan.
PART 2: Plan – Terms and Conditions
On satisfactory completion of Plan eligibility terms and conditions stated above and after we have received the Pre-Disbursement Payment in full, the following terms and conditions will be applicable:
- From date of first disbursal of the loan till the date of application by the company to obtain the occupancy certificate, Provident Housing Ltd will pay the bank, Interest due ii on either monthly basis or on lump-sum basis iii (at the time of each disbursement). Such payment shall be governed by the terms solely agreed between Provident Housing Ltd and the Bank.
- If you cancel the agreement for sale or terminate your booking and purchase of the Apartment at any time prior to possession or during validity of the Plan, Provident Housing Limited is entitled to recover the entire amount of Interest paid to the bank during the Plan, offered under the Plan and all charges, costs, fines, fees, or expenses levied by the sanctioning bank and the entire amount of owner’s equity will be forfeited. In addition to this Provident Housing Limited shall be entitled to deduct the cancellation charges as per sale/construction agreement.
While Provident Housing Limited assists customers in the home loan process, primary responsibility for applying for and obtaining sanction of the home loan is solely your responsibility, and you agree and undertake to ensure that disbursement of the first instalment of the sanctioned home loan shall be made to the Company no later than 30 (thirty) days from the date of booking, failing which an interest of SBI MCLR + 2% p.a. would be charged on the outstanding amount.
- "Owner’s Equity" is the difference amount between total apartment cost / total sale consideration and sanctioned home loan amount. This difference amount must be paid by the purchaser from purchaser's own funds. For example, if sale consideration is ₹ 1000 and loan is sanctioned for ₹ 700, owner's equity is ₹ 300. Calculation of apartment cost eligible for financing is at the sole discretion of the bank/financial institution from which housing loan is availed.
- "No Interest plan" means funding/payment/subsidization of only the interest on the principle amount sought & disbursed from the housing loan sanctioned to the buyer. This interest is payable monthly till the intimation of the possession or as per the specific date as mentioned above, whichever is earlier.
- "Lump-sum basis" involves payment of Interest amount to Bank upfront at the time of disbursement and is subject to adjustments due to upfront payment as agreed between Provident Housing Limited and the Bank. You agree not to raise any claims towards such adjustments.