The Promissory Note For Housing Loan is a crucial document in Indian housing finance that establishes a legally binding promise by a borrower to repay a specific sum of money to a lender. It is commonly used by banks and housing finance companies when extending housing loans to individuals or entities. The document must comply with the Negotiable Instruments Act, 1881, the Banking Regulation Act, 1949, and various other Indian banking and property laws. It typically includes details about the loan amount, interest rate, repayment schedule, and default consequences. This document is essential for both securing the lender's interests and providing clear terms to the borrower, while also serving as evidence of debt in legal proceedings if necessary.
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1. Date and Place: Specifies the date of execution and place where the promissory note is made, which is crucial for determining jurisdiction and limitation period
2. Unconditional Promise: Clear statement of unconditional promise to pay a certain sum of money to the specified party
3. Parties Details: Full names, addresses, and identification details of the maker (borrower) and payee (lender)
4. Loan Amount: The principal amount of the loan in both figures and words to avoid any ambiguity
5. Interest Rate: Clearly stated interest rate, whether fixed or floating, and method of calculation
6. Repayment Terms: Details of repayment schedule, EMI amounts, and payment dates
7. Mode of Payment: Specified method of making payments and account details where applicable
8. Place of Payment: Specified location or branch where payments are to be made
9. Default Provisions: Consequences of default in payment and applicable penal interest
10. Maker's Signature: Space for borrower's signature with name and date
1. Co-borrower Details: Include when there are co-borrowers jointly taking the housing loan
2. Guarantee Clause: Include when there is a guarantor for the loan
3. Property Details: Include when the note needs to reference the specific property being financed
4. Insurance Requirements: Include when mandatory insurance requirements are tied to the loan
5. Pre-payment Terms: Include when allowing for pre-payment options and associated terms
6. Electronic Payment Authorization: Include when setting up automatic electronic payments
7. Cross-collateralization Clause: Include when the loan is secured by multiple properties or assets
1. Schedule A - Loan Amortization Schedule: Detailed year-wise or month-wise break-up of principal and interest payments
2. Schedule B - Property Description: Detailed description of the property being financed including boundaries and measurements
3. Schedule C - Interest Calculation Method: Detailed explanation of how interest is calculated, especially for floating rates
4. Schedule D - Payment Schedule: Detailed EMI payment schedule with due dates
5. Appendix 1 - KYC Documents: List of identity and address proof documents provided by the borrower
6. Appendix 2 - Insurance Details: Details of property insurance and other mandatory insurance policies
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Relevant legal definitions
Clauses
Relevant Industries
Banking
Real Estate
Housing Finance
Financial Services
Construction
Property Development
Legal Services
Insurance
Relevant Teams
Legal
Loan Processing
Credit Assessment
Documentation
Compliance
Risk Management
Operations
Mortgage Services
Customer Service
Property Valuation
Relevant Roles
Loan Officer
Mortgage Specialist
Legal Counsel
Banking Operations Manager
Credit Manager
Housing Finance Manager
Compliance Officer
Real Estate Manager
Property Lawyer
Banking Executive
Document Verification Officer
Risk Assessment Officer
Branch Manager
Housing Loan Processing Officer
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