Most Important Terms and Conditions
Doha Bank Q.P.S.C. offers Home Loan at floating rate of interest as well as fixed rate of interest details of which can be sought from your Relationship Manager or you can visit our nearest branch or visit our website www.dohabank.co.in.
The loan shall be utilized strictly for purchase of house/flats as detailed in the borrower’s application form and in the manner prescribed. The property shall be used for residential purpose only.
|Floating rate loans are linked to our MCLR rate (Marginal Cost based Lending Rate) which is published on our website. Interest on your loan will accrue on a monthly basis and any change in interest rates would correspondingly impact your Equated Monthly Installment (EMI) and/or loan tenure.
|The loan is to be repaid on the due dates in Equated Monthly Installments (EMI) over the tenure of the loan. The repayment installment commences from a date specified in the sanction letter/loan agreement. The liability to the bank will be extinguished only when the outstanding in the loan account becomes Nil, on payment of residual amount, if any.
|You need to pay your EMI on the due date. Non-payment of EMI would attract default interest over and above the interest rate applicable to the loan. It may also affect your credit rating and other loans availed from Doha Bank. In addition to the above, the Bank may initiate collections and legal action to recover the dues. The Bank can recall the loan and the property can be attached.
|A processing fee of 1% of the loan amount subject to a minimum of Rs. 25,000/- plus GST tax and other charges shall be payable by you. Processing fee paid is non-refundable.
|NIL prepayment charges for floating rate loans.
For fixed rate: 2% of the outstanding loan amount plus GST tax and charges, if any.
|Certain services are offered on the loan facility at respective fees or charges. You may refer to our website www.dohabank.co.in or the application form for the schedule of fees and charges. They are also available upon request at any of our branches in India. You are requested to note that the tariff structure is subject to change with prospective effect from time to time at our sole discretion. Revised tariff would be displayed at our branches and on our website www.dohabank.co.in. Refer to the Fees and Charges Schedule.
|You may switch from floating interest rate to fixed interest rate on the loan and vice versa by paying applicable fees to the Bank.
|The loan will be secured by equitable / registered mortgage on the property for which the loan is sanctioned.
|You shall ensure that the house/flat is insured comprehensively for the market value covering fire, flood, earthquake, etc. with the Bank as beneficiary/loss payee under the insurance policy at all times during pendency of the loan.
|Please note that you will be liable to pay / bear applicable indirect taxes including GST Tax on all our fees and charges and any other amount liable to tax under prevailing Indirect Tax Laws.
|KYC documents such as proof of identity, proof of address, etc. as per prevailing policy. Financial documents as per prevailing policy.
|The security documents need to be stamped/franked and registered as per the applicable laws at your expense.
|You would be required to sign a Sanction Letter/Loan Agreement and other standard documents. Sanction Letter/Loan Agreement carries the key terms of your loan such as loan amount, loan tenure, interest rate, etc. of your loan.
|Prepayment and Foreclosure
|You can prepay/foreclose the loan by giving a notice in writing and pay in accordance with our rules of prepayment/foreclose, along with charges if any.
|Please seek independent professional tax advice for any tax related issues in relation to the loan.
|You acknowledge our right to provide details of your account to third party agencies for the purpose of availing support services of any nature by us, without any specific consent or authorization from you or any joint applicants.
|In the event of default i.e. if the amount due is not paid by due date, the customer will be sent reminders from time to time for payment of any outstanding on his/her loan account, by post, fax, telephone, email, SMS messaging and/or through third parties.
Terms and conditions:
Your loan approval expires after 75 days post which a fresh approval will have to be sought. The approval may be kept open at the Bank’s sole discretion. We may at our sole discretion recall the loan offer/approval at any point of time.
We may disburse the loan in lump sum or in instalments, at our discretion. We may disburse the loan amount directly to the builder/seller/society, as the case may be, as per your request. We may not make any further disbursements on happening of any events as stipulated in the loan agreement as ‘Events of default’ or for any other reason as deemed fit by the Bank.
Disbursements under the loan shall be made subject to the following conditions:
(a) fulfilment and compliance with the terms and conditions of the loan agreement and furnishing of all other standard documents as specified by the Bank;
(b) no event of default has occurred or is subsisting;
(c)you furnishing an evidence that the disbursement is required for the purpose for which the loan was initially approved; and
(d)no circumstances shall have occurred, which in our opinion, may make it impossible for you to fulfill the obligations under the loan agreement or other documents executed by you for availing of the loan.
The disbursement shall be deemed to have been made to the borrower on the date of actual disbursement of the loan in our bank’s system or the date of the cheque or the payment advice, whichever is earlier, and the interest on the loan shall accrue accordingly. The EMIs on the loan will commence based on the date of disbursement of the loan.
You need to repay the loan in equated monthly instalments on the due date as mentioned in the Sanction Letter. The instalment amount would comprise of principal and interest. You are required to repay the loan EMI through Standing Instruction from your Doha bank NRI account/letter of authority to debit your Doha bank NRI account or such other mode as approved by the Bank. You need to ensure that the repayment instrument/instruction is honoured. Accordingly, you must ensure that:
(a) sufficient funds are available in the designated account to be debited;(b) you do not cancel/put stop payment on the cheques/instruments given towards loan repayment; (c)you do not cancel or vary payment arrangement/Standing Instructions (unless required by us) given towards the loan repayment; and (d) you do not close or change the account on which repayment instrument is drawn (unless you make an alternate arrangement for the repayment as agreeable to us).
If you do not pay the instalment on or before the relevant due date, the outstanding loan amount and all accrued interest would become immediately due and payable. You would also be liable to pay the fee as set out in the Fees and Charges Schedule.
In the event of default (i.e. if the amount due is not paid by the due date or breach of any clause of the loan agreement), you will be sent reminders from time to time for payment of any outstanding on your loan account, by post, fax, telephone, e-mail, SMS messaging and/or through third parties appointed for collection purposes to remind, follow-up and collect dues. Any third party so appointed, shall adhere to the Indian Banks Association’s (IBA) code of conduct on debt collection. For recovery of dues, we may send you reminders via notices or by making personal visits and/or repossession of security.
As per Reserve Bank of India guidelines, we provide credit information relating to any customer who has availed of a credit facility, to the Credit Information Bureau (India) Limited (CIBIL) or any other bureau on a monthly basis. The information provided includes information regarding whether the loan account is regular or delinquent. In the event a loan account is delinquent as of the date of such reporting and the account is subsequently regularized, the status of the account will only be updated prospectively, at the time of the next monthly reporting. To avoid any adverse credit history with such bureaus, you should ensure timely payment of the amount due on the loan.
Prepayment and foreclosure
You can prepay or foreclose the loan by giving a notice in writing and pay in accordance with our rules of prepayment/foreclosure, along with charges, if any. Please refer to the Fees and Charges Schedule for more details. If you make a prepayment/pay towards foreclosure by cheque, the payment will take effect only when the cheque is cleared. Your original documents submitted to us, would be returned within 30 days of satisfactory loan closure, as per the conditions of the loan agreement signed by you.
Statement of account
We will send half-yearly statement of the loan account at your communication address registered with us. If you need a copy of the statement of account, you may visit our branch and request for a copy subject to the applicable fee.
Know Your Customer / Due diligence requirement
You need to submit the Know Your Customer (KYC) documents at the time of opening a new account or as and when requested by the Bank. The Bank reserves a right to allow / restrict operations in a bank account maintained with the Bank, if the customer is not able to satisfy the due diligence requirements in line with the Bank’s policy.
Joint and several liability
Where the Loan is provided to more than one Borrower, then the liability of the Borrower to repay the Loan together with interest and all other amounts and to observe the terms and conditions of the loan agreement/ and any other agreement(s), document(s) made between the Borrower and the Bank in respect of the loan is joint and several.
The Bank and other members of the Doha Bank Group are required to and may take any action to meet obligations relating to or in connection with the detection, investigation and prevention of financial crime and act in accordance with the laws, regulations and requests of regulatory authorities operating in various jurisdictions. The Bank may take such action as it may deem appropriate in this regard.
You acknowledge our right to provide details of your account to third party agencies for the purpose of availing support services of any nature by us, without any specific consent or authorisation from you or any joint applicants.
Your default in respect of any other credit facility agreement or arrangement with the Bank or its Group Companies shall be deemed to be a default across all credit facilities availed by you with any of our entities. We shall, in the event of such default be entitled to exercise any or all our rights under the facility/security documents executed by you with any of our Group entities.
You are responsible for fulfilling any obligation that you may have with respect to the filing of returns or other required documentation in respect of and the payment of all relevant taxes, including, without limitation, all income, capital gains, wealth and estate duties, stamp duties, GST tax, value added tax and any other applicable taxes. The Bank does not provide any legal or tax advice. You should seek independent legal and/or tax advice.
Change of address
You need to notify the Bank regarding change of residential address due to relocation or any other reason and you need to intimate the new address to the Bank within two weeks of such a change.
Foreign Exchange Management Act, 1999 (FEMA) guidelines for Non-Resident Indians
Loan disbursed to you should not be utilized for business of chit fund or nidhi company or agricultural or plantation activities or in real estate business, or construction of farm houses or trading in Transferable Development Rights (TDRs), or investment in capital markets including margin trading and derivatives. You are required to ensure that the loan amount disbursed to you is not remitted outside India.Interest Rates
In case of any questions or further information, please contact your Relationship Manager who will be happy to help. You can also: E-mail – firstname.lastname@example.org or Call our Phone Banking service or Visit us at any of our branches.
All grievance/escalations should be marked to:
Customer Care Centre,
Doha Bank Q.P.S.C., Sakhar Bhawan,
Ground Floor, Plot No. 230,
Block No. III, Backbay Reclamation,
Nariman Point, Mumbai-400021,
Nodal Officer e-mail: pTaluja@dohabank.co.in.
You may contact the Nodal Officer Team on 022 – 6286 1114 / 1143 (Between 10 a.m. and 6 p.m.; from Monday to Saturday, except bank holidays).