Most Important Terms and Conditions (MITC) (for Individual Housing Loan)

Most Important Terms and Conditions (MITC)


Terms and Conditions


This letter should not be construed as giving rise to any binding obligation on the part of the Company to provide the financial assistances/ facilities, mentioned overleaf, unless the applicant has duly executed agreement and other transaction documents, in a form and manner as may be required by the Company, from time to time, including creation of the security.


    1. The sanction is subject to legal scrutiny of title deeds/ documents and technical valuation of the property proposed to be mortgaged. The stand of the Company regarding title and value of property shall be considered final for the purpose of sanctioned loan.

    2. The applicant will create an Equitable Mortgage/ Registered Mortgage of the property as may be stipulated by the Company at its sole discretion. The Loan will be secured by first mortgage of the property proposed for availing this loan and / or such other security, as MHFL may find necessary and acceptable. Such documents/ reports/ evidence as may be required by MHFL shall be produced to ascertain that the property to be mortgaged with MHFL has a clear and marketable title. The original title deed/s of the property(ies) proposed to be mortgaged shall be deposited by the applicant with the Company for securing the loan.

    3. In case of under-construction property, the loan will be disbursed as per the stages of construction and the rules of the MHFL in that behalf and not necessarily, as per the builder's agreement. Further, construction shall be completed between 36 months else Housing loan shall be converted into Non-Housing Loan and accordingly interest rate will be revised depending on Company policy decision.


    1. The loan will not be disbursed in part or full, until own contribution (Margin) has been paid in full, i. e. the cost of the dwelling unit less loan sanctioned by MHFL.

    2. In case of additional limits, the existing mortgage shall be extended to cover the proposed additional limit and / or as per the sanctioned conditions.

    3. The applicant shall be required to inform MHFL in writing about any changes in correspondence address, change in employment, loss of job, business, profession, as the case maybe immediately after such change/ loss , notify the causes of delay, loss / damage to the property, notify the additions / alterations to the property .

    4. The loan amount has been fixed, inter alia on the assumption that the cost of the dwelling unit to be purchased or constructed will be as estimated in the application. In the event of the cost actually incurred being less, MHFL reserves the right to suitably reduce the loan amount.

    5. Notwithstanding anything stated elsewhere in this letter or otherwise, the facilities mentioned overleaf will be available solely at Company's discretion and subject to compliance of all formalities and documentation as may be specified/required by the Company. In the event of any non- compliance of with the same, all the fees paid to MHFL will be non-refundable.

    6. The term "Applicant" shall also include all co-applicants, wherever applicable, except where the context implies otherwise and all references to "the Company" or MHFL, shall mean MAGMA HOUSING FINANCE LIMITED, unless the context implies otherwise.

    7. Acceptance of this letter is a confirmation that, the applicant has read and understood the contents as mentioned aforesaid and it also confirms that the applicant has not been promised any free gifts/discounts or any other commitment whatsoever which is not documented in the loan agreement with the Company. It is further confirmed that no cash/ bearer cheque has been collected from the applicant with respect to the loan.

    8. This letter of offer shall stand revoked and cancelled and shall be absolutely null and void if:

      1. any material changes occur in the proposal for which this loan is sanctioned;

      2. any material fact concerning income, or ability to repay or end-use or any other relevant aspect of the proposal or application for loan is withheld, suppressed, concealed or not made known to MHFL;

      3. any statement made in the loan application is found to be incorrect or untrue:

    9. (a) All statutory levies like Stamp duty, Registration Charges etc. or taxes applicable from time to time will have to be borne by the applicant.

(b) The applicant is liable to pay other applicable charges notified under MHFL tariff sheet- Schedule of charges enclosed/ updated on Company website from time to time/ displayed at branches.

    1. The rate of interest applicable to the facilities shall be as per FRR prevailing on the date/s of disbursement(s). The Company shall review and, if


considered necessary, revise the FRR at any time and from time to time as per its policy, market conditions and/ or applicable laws and regulations, if any, during the tenor of the loan at its sole discretion.

    1. In case of any revision in interest rates as mentioned in above clause, EMI amount and/ or tenure of repayment may be varied at the sole discretion of the company.

    2. You are required to provide 4 Security post-dated cheques (SPDCS), to be replenished, well in advance, as and when they are exhausted towards payment of outstanding balances or bank account is closed.

    3. The EMIs, Pre-EMI interests are to be paid on or before 7th(seventh) day of every month and in case that day is a Sunday or a public holiday, on the immediately preceding day.

    4. This Letter of offer is valid for a period of 60 (Sixty) days from date of this letter, irrespective of any terms being modified during aforesaid period.

    5. Top-up amount, if any, out of the total loan-exposure sanctioned, will be disbursed after adjusting current principal outstanding in the existing Loan Account/ Proposal No. (s), as applicable. At the same time, all the Proposal Nos. will be linked to each other and related property- documents will not be released till the time, all the Proposal Nos. are closed in the books of Magma.

    6. Insurance is a subject matter of solicitation and cannot be sold. Any violation, please report it to

    7. All insurance (both Life and non life) policies are effective from date of certificate of insurance.

    8. No modification, alteration or waiver of the terms and conditions of sanction as stated hereinbefore will be valid enforceable and binding, unless such modification, alteration or waiver is ratified/ approved by MHFL. Magma expressly disclaims any liability for any such modification/alteration or waiver to the terms and conditions of the facility by way of electronic communication including but not limited to electronic mails unless the same has originated from the following e- mail addresses:-;


Most Important Terms and Conditions (MITC)


Major terms and conditions of the HL under Loan account no. HF/0523/ H/19/100058 sanctioned by Magma Housing Finance Limited (hereinafter referred to as 'the company') to Mr./Ms. MURALI PRAKASH and other co-borrowers(hereinafter referred as 'the borrower')are as under:


  1. Loan details

    1. Loan Amount sanctioned:

    2. Purpose of the Loan

    3. Rate of interest (RoI):

      1. Applicable type of RoI : FLOATING


      1. on floating rate basis current RoI: % p.a

  1. Fee and other charges

As mentioned in Schedule of Charges enclosed with the letter.

  1. Information on interest rates, common fees and charges

The Company shall provide information on interest rates, common fees and charges through any one or more of the following media -

    1. Putting up notices at the Company's branches;

    2. Through telephone or helplines;

    3. On the Company's Website, as and when launched;

    4. Through designated staff / helpdesk.

Once rate of interest, fee and charges are notified through any of above media, the customer shall be deemed to have noticed changes in interest rates, common fees and charges.

  1. Security for the loan

The following property has been mortgaged as security for loan: Property address:






Guarantor Details:

Any Other Security:

  1. Date of Annual Statement : Annually on 2nd of May

  2. Insurance of the property/Borrowers

The Company has explained terms and conditions of insurance to the borrower to his/ her satisfaction if the borrower has shown intent to avail the insurance cover.

  1. Procedure for recovery of overdues

In case of non-payment of dues by the customer, the Company shall have right to initiate legal action against the borrower in accordance with provisions of the Loan Agreement and applicable laws. Before initiating any such legal action, the Company shall sent notice to the customer as required under applicable laws.

  1. Moratorium or Subsidy if any: As per sanction terms

  2. Date of Reset of Interest : As when announced by Magma.

  3. Customer Service :

Office Visiting Hour : Weekdays and First & Last Saturday of the Month From 10:00 AM to 6:00 PM for all Months & 4th Saturday upto 2:00 PM for months with 5 Saturdays.

Contact Person : Customer Service Desk

Procedure to retrieve : Customer need to call on help line 1800 266 3202 or can write us on

Turn Around Time (TAT) to retrieve SOA - 10 days on mail & 12 days on mailing address


Turn Around Time (TAT )to retrieve Copy of documents - 15 days on mail & 17 days on mailing address

Turn Around Time (TAT) to retrieve Original documents: maximum 15 days post loan closure updation & will be handed over to Customer at Branch post confirmation call.

  1. Customer Service/ Grievance Redressal

In case of any query/ grievance, you will have option to reach the Company's representatives as per the enclosed Query Resolution Process.

It is hereby agreed that for detail terms and conditions of Loan, the parties hereto shall refer to and rely up to the loan and other security documents executed/ to be executed by them.

The above terms and conditions have been read by the borrowers(s)/ read over to the borrower by Mr./ Ms. of the Company and have been understood by the borrower(s).

I/ we acknowledge that duplicate copy of MITC has been provided to me/ us. Applicant/Co-applicantName Signature Date Applicant





Tariff Sheet - Schedule of Charges










Upto 0.5% of Sanctioned Loan Amount

Initial Commitment Fee including applicable taxes


Not to exceed Rs.10,000/- in Retail Loan

Loan Sourcing/ Loan Documentation/ Technical/

Valuation/ Legal/ CERSAI/ CKYC/ NeSL Charges including applicable taxes (Non- Refundable)

Upto 2.0% of Sanctioned Loan Amount

Loan Cancellation Charges/ Rebooking charges

Rs. 5,000 / -

Payment Instrument Bounce Charges

(Cheque/ECS/ACH or any other mandate )

Rs. 600 /-

Penal Charges for delay in deposit of Outstanding

dues (O/s EMI + Bounce Charges/ Any other dues)

2.50% p.m.

Interest rate/ Switching Fee (Applicable on

outstanding principal amount)


Payment Instrument Swap fee

Rs. 500 /- per swap

(Duplicate copy of Interest Statement/ Statement of Accounts/ NOC/ Foreclosure Letter/ Welcome Letter/ Amortization Schedule/ Loan Agreement) apart from Statement shared annually or Loan Agreement Copy provided with Welcome Letter at the time of Loan Disbursement Retrieval of copy of documents

Rs. 250 for soft copy shared through Email or Digital Link and ₹550 on hard copy respectively (including GST)


Retrieval of copy of documents

Rs. 250 /- for one document Rs. 500 /- for 2 to 4 documents

Rs. 750 /- for more than 4 documents

Part payment charges & Pre-payment/ Foreclosure Charges (Applicable on outstanding principal amount at the time of closure)

4% for loans under Fixed Interest Rate Cases or under Fixed Interest Rate period for loans under Combined Interest Rate and payment is not out of borrower's own source.4% for loans on floating interest rate for loans extended for business purposes.Or As per prevailing Tariff Sheet notified under Company Policy

with compliance to Regulatory Notifications

Collection Charges

Rs 200/- per






Differential Interest (Any interest accrued due to gap in applicable rate of in- terest and existing rate of interest of any loan account)

Will be refunded or charged at any time suitable to customer or at the time of closure of the loan.

Any other incidental charges incurred by Magma

Housing Finance Limited during the course of the loan

As assigned/ allocated to the loan account

Over the Counter service charges-Repayment or Other Matters

As applicable at the time of services


Please note:

  1. Floating Rate of Interest (ROI) chargeable on loan is linked to benchmark Floating Reference Rate (FRR). Rate of Interest on a loan shall be payable as per the corresponding revision in benchmark Floating Reference Rate (FRR).

  2. Pl. Note Fee/Charges mentioned above are excluding applicable tax & charges, while making payment applicable taxes and other statutory charges to be added as notified by statutory/govt. bodies.

  3. Above Tariff Schedule is not exhaustive and the charges presently mentioned are at the rates currently prevalent and can be changed from time to time, at the sole and absolute discretion of the Company and such changes shall be final and binding on all its customers.

For latest update on applicable Fee/charges or change in Floating Reference Rate (FRR) please refer to our website or visit our nearest branch as same is displayed on our notice board. We will also be sending regular update on your Mobile No. through SMS facility to update you on recent change; in case of change in your Mobile No. please intimate to the Company to update the relevant information in its records.

  1. For any further clarifications, please feel free to contact us at our toll free customer care helpline number 1800-266-3202. Alternatively, you can write to us at

5 You can also make payment online, please visit Magma Housing Finance Limited Website use the link https:// en and follow the instruction detailed under the link.


Customer Query Resolution Process


Call Us

For any of your queries or service requirements, please call us at 1800 266 3202. We would be eager to serve you better. Our customer care service is available between 8:00am and 8:00pm All Days.


You may also write to us at the address:

Manager - Customer Services, Magma Housing Finance Limited, Regd. Office: “Development House,” 24 Park Street, Kolkata 700 016


You have option e-mailing us at: (Please mention your Loan Account Number and Contact Number in the subject line).


We will endeavor to resolve your query within 7 working days of receiving your letter or within 48 hrs of receiving your email. If we are not able to resolve your query within 7 working days then we would explain you the reason why the Company would need more time to respond.


Escalation 1

In case you are not satisfied with the response from our Customer Care/ Helpline, you can write to Head- Customer Service at (Please mention your Loan Account Number and Contact Number in the subject line).


Escalation 2

If you are still not satisfied, you can write to the Nodal Officer at


Escalation to National Housing Bank (NHB)

In case you are dissatisfied with the response received, you may approach National Housing Bank at following address:


National Housing Bank, Department of Regulation and Supervision (Complaint Redressal Cell), 4th Floor, Core-5A, India Habitat Centre, Lodhi Road, New Delhi - 110003.


Such complaint may also be registered online with NHB at