Brief procedure to be followed for Recovery of overdues Delinquency management commences with pre-delinquent actions based on early warning triggers and includes xxxxxxx reminders to the borrower from time to time for payment of the outstanding amount on the loan account through various options viz., post, fax, telephone, e-mail, sms and/or through third parties appointed for collection purposes to remind, follow-up and collect dues.The Collection methodology broadly includes the following:
Brief procedure to be followed for recovery of dues: - In the event of a default in terms of the home loan agreement, the Lender shall send reminders to its customers through emails, SMS, letters, facsimile transmissions and visits, as the case may be and then, if the need so arises follow up with a notice to such effect before proceeding as per the terms of the home loan agreement and applicable laws and procedures prescribed therein.
Brief procedure to be followed for Recovery of overdues On occurrence of any event of default as mentioned in the Loan Agreement (“Event of Default”), all outstanding amounts owned by the Borrower to the Company shall become payable forthwith and the Company reserves the right to undertake such necessary processes/measures to enforce its rights under the Loan Agreement including but not limited to charging Overdue Charges for the delayed payment, recovery of over dues by enforcing the Security, SARFAESI proceedings etc in accordance with the remedy available under the Law. The actual procedure shall be determined by the Company depending upon the circumstances of each case.
Brief procedure to be followed for Recovery of overdue: Borrower/s are explained the repayment process of the loan in respect of, tenure, periodicity, amount and mode of repayment of the loan. No notice, reminder or intimation is given to the borrower/s regarding his/her obligation to pay the Pre-EMI /EMI regularly on due date. On non-payment of Pre-EMI/EMI by the due dates, IHLL shall remind the borrower/s by making telephone calls, sending written intimations by post and electronic medium or by making personal visits by XXXX’s authorized personnel at the addresses provided by the borrower/s. Costs of such calls/communication/visits shall be recovered from the borrower/s. Notwithstanding what is stated herein, it shall be the liability of the borrower/s to ensure that the Pre-EMI/EMIs are regularly paid on the due dates. Credit information relating to any borrower/s’ account is provided to the Credit Information Bureaus on a monthly basis. To avoid any adverse impact on the credit history, it is advised that the borrower/s should ensure timely payment of the amount due on the loan amount. The recovery process of enforcement of mortgage/securities, including but not limited to, taking possession and sale of the mortgaged property in accordance with the procedure prescribed under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2000 (SARFAESI Act) or under any other law, is followed purely as per the directions laid down under the respective law. Intimation/ Reminders / Notice(s) are given to borrower/s prior to initiating steps for recovery of overdue, under the Negotiable Instruments Act, Civil Suit as well as under the SARFAESI Act.
Brief procedure to be followed for Recovery of overdue On occurrence of any event of default as mentioned in the Loan Agreement (“Event of Default”), all outstanding amounts owned by the Borrower to MHIL shall become payable forthwith and MHIL reserves the right to undertake all such necessary processes/measures to enforce its rights under the Loan Agreement.
