The Letter of Intent for Housing Loan is a crucial preliminary document in the Indian housing finance ecosystem, issued after initial loan application assessment but before final loan agreement execution. It represents the lender's commitment to provide financing subject to specified conditions, typically issued when the borrower has met basic eligibility criteria. This document, governed by Indian banking and property laws, outlines essential terms including loan amount, interest rate, tenure, and security requirements. It serves as a bridge between loan application and final agreement, giving borrowers the confidence to proceed with property transactions while protecting the lender's interests. The LOI is particularly important in the Indian context where property transactions often require proof of financing arrangement before proceeding with sale agreements.
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1. Bank/Financial Institution Details: Complete details of the lending institution including name, branch, and address
2. Applicant Details: Full name and contact details of the loan applicant(s)
3. Reference Number: Unique reference number for the loan application
4. Loan Amount Approved: Statement of the approved loan amount and loan-to-value ratio
5. Interest Rate Terms: Details of the applicable interest rate (fixed/floating) and reset terms
6. Loan Tenure: Duration of the loan and repayment period
7. Property Details: Brief description of the property being financed
8. Security/Collateral: Details of the mortgage/security required for the loan
9. Validity Period: Time period for which the LOI remains valid
10. Key Terms and Conditions: Essential conditions that must be met before loan disbursement
1. Co-Applicant Details: Details of co-applicants when applicable
2. Insurance Requirements: Specific insurance requirements if mandated by the lender
3. Processing Fee Details: Information about processing fees when not standard
4. Pre-EMI Interest: Details of interest payment during construction period for under-construction properties
5. Special Conditions: Any special conditions or requirements specific to the case
1. Schedule A - Fee Structure: Detailed breakdown of all applicable fees and charges
2. Schedule B - Document Checklist: List of documents required for final loan processing
3. Schedule C - Interest Calculation Method: Detailed explanation of how interest will be calculated
4. Appendix 1 - Property Evaluation Report: Summary of technical evaluation of the property
5. Appendix 2 - Disbursement Schedule: Proposed schedule of loan disbursement, especially relevant for under-construction properties
Relevant legal definitions
Clauses
Relevant Industries
Banking
Real Estate
Financial Services
Housing Finance
Mortgage Lending
Construction
Property Development
Relevant Teams
Legal
Credit Assessment
Risk Management
Loan Processing
Customer Relations
Property Valuation
Compliance
Operations
Documentation
Mortgage Services
Relevant Roles
Loan Officer
Branch Manager
Credit Manager
Mortgage Specialist
Housing Finance Manager
Legal Counsel
Property Appraiser
Risk Assessment Officer
Relationship Manager
Credit Analyst
Banking Operations Manager
Compliance Officer
Financial Advisor
Loan Processing Officer
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