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House Loan Agreement

House Loan Agreement Template for India

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Key Requirements PROMPT example:

House Loan Agreement

"I need a House Loan Agreement for a ₹75 lakh loan for an under-construction apartment in Mumbai, with stage-wise disbursement and RERA compliance requirements, to be executed by March 2025."

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Document background
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.
Suggested Sections

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

Optional Sections

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

Suggested Schedules

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

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
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
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
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

Industries
Transfer of Property Act, 1882: Governs the transfer of property and mortgage transactions, including legal requirements for creating a valid mortgage
Registration Act, 1908: Mandates the registration of mortgage deeds and property documents with the Sub-Registrar's office
Indian Contract Act, 1872: Provides the fundamental principles of contract formation, validity, and enforcement applicable to loan agreements
Banking Regulation Act, 1949: Regulates banking operations and lending practices in India, including housing finance
National Housing Bank Act, 1987: Regulates housing finance companies and provides guidelines for housing loans
SARFAESI Act, 2002: Enables banks and financial institutions to recover their bad debts without court intervention
Consumer Protection Act, 2019: Protects borrower rights and provides remedies against unfair lending practices
Indian Stamp Act, 1899: Determines the stamp duty payable on loan agreements and mortgage documents
Real Estate (Regulation and Development) Act, 2016: Relevant when the loan is for under-construction property, ensuring property-related compliances
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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