TABLE OF CONTENT

Introduction of Home Loan:

Are you tired of dealing with the hassle of rent agreements, renewals, and security deposits? Do you yearn for the freedom to paint your walls any color you choose? If so, it may be time to consider owning a home.

Buying a house is a dream, or we can say a huge financial goal for many. Owning a home has a lot of advantages besides leaving behind a legacy for your children. While buying a house can seem like an unattainable dream, it is important to remember that owning a home comes with numerous benefits, such as building equity. Also, when you are not around or not actively using it, it generates passive income through renting.

But let us face it, not everyone has the funds to buy a house outright or from investments. That is where home loans come in. In this article, we will explore the meaning, advantages, and types of home loans to help you achieve your dream of homeownership.

What is a home loan?

A home loan, also called a mortgage, is a type of loan that is specially designed to help you finance the purchase of a real estate property. When you take out a home loan, a lender, like a bank or financial institution, will provide you with the funds you require to purchase your home. You will then need to repay this loan over a set period of time, usually ranging from 15 to 30 years, along with interest.

The amount of the loan and the rate of interest that banks will offer you depends on several factors, including your credit score, income, and the amount of the down payment you are able to provide. In most cases, the higher your credit score and the larger your down payment, the more favorable terms you are likely to receive.

It's important to remember that taking out a home loan is a significant financial commitment. You will need to set aside some budget carefully to ensure that you can afford your monthly installments in addition to other living expenses. However, a home loan can also be a wonderful way to make home ownership more affordable and accessible, allowing you to build equity in your property and establish a stable financial foundation for the future.

Types of home loan:

There are several types of home loans available in India according to the purpose, from a loan to buy land to an addition to the existing property. Let us understand in detail all types of home loans that can help you live in your dream house.

  1. Home loan to buy land

    2. If you are considering buying land, you may need to take a home loan to help finance the purchase. While many people think of home loans as being exclusively for buying houses, they can also be used to purchase raw land for building or other purposes.

    When you take a home loan to buy land, the lender will assess the value of the property and your creditworthiness to determine the terms and conditions of the loan.

    1. Terms & conditions

      2. You will typically need to provide a down payment, which can range from 10% to 50% of the purchase price, depending on the lender's requirements.

    2. Advantages

      3. You can specifically design by yourself according to your needs.

    3. Disadvantages

      4. It is important to note that purchasing raw land can be a riskier investment than buying an existing home, as there may be unexpected costs associated with preparing the land for construction or dealing with zoning or environmental regulations.

  2. Home loan

    3. The most general type of home loan is buying a pre-constructed home loan, in which various variants are available as well, depending on bank to bank. You can take a home loan at fixed or floating interest rates ranging from 9.85% and 11.25%.

    85% of the total amount of a home is provided as a loan by the banks, and the remaining 15% will be arranged by you.

  3. Construction loans

    4. If you are planning to build a new home, you may need to take out a home loan to help finance the construction. This type of loan, known as a construction loan, is designed to provide the funds needed to pay for the building costs during the construction process.

    When you take out a home loan for constructing a house, the lender will typically make payments directly to the contractor or builder as the construction progresses rather than giving you a lump sum upfront. This is known as a draw system, and it ensures that the funds are being used appropriately and that the construction is proceeding as planned.

    1. Terms & conditions

      2. To be eligible for a construction loan, you will need to provide detailed plans and specifications for the home, as well as a budget that outlines the costs associated with the construction process. You will also typically need to provide a down payment, which can range from 10% to 20% of the total project cost.

    2. Advantages

      3. Once the construction is complete, the loan can be converted to a traditional mortgage, allowing you to repay the loan over a particular period of time.

    3. Disadvantages

      4. Construction loans typically have a higher interest rate than traditional home loans, as they are considered to be riskier investments for lenders.

  4. Extension loans

    5. An extension loan is a type of loan that can be used to finance the extension or renovation of an existing property. These loans are designed to help homeowners increase the value and functionality of their homes without having to sell or move to a new property.

    When you take out an extension loan, you can use the funds to pay for the costs associated with adding new rooms, expanding existing rooms, upgrading appliances, or making other improvements to your home. Extension loans are typically secured against your home, meaning that your property will serve as collateral for the loan.

    1. Terms & conditions

      2. The terms and conditions of extension loans can vary depending on the lender and the amount of the loan. You will typically need to provide documentation showing the estimated cost of the extension or renovation project, as well as evidence of your income and creditworthiness.

    2. Advantages

      3. Extension loans usually have a longer repayment period than other types of loans, which can help make the monthly payments more affordable.

    3. Disadvantages

      4. However, it is important to note that because these loans are secured against your home, there is a risk of foreclosure if you are unable to make your payments.

  5. Home improvement loans

    6. If you are a homeowner looking to make improvements to your property, you may want to consider taking out a home improvement loan. These loans are specifically designed to help you finance the cost of renovations or upgrades to your home.

    When you take a home improvement loan, you can use the funds to pay for a wide variety of improvements, such as a kitchen remodel, a bathroom renovation, or the installation of new flooring. Some lenders may also allow you to use the loan to fund energy-efficient upgrades or other projects designed to increase the value of your home.

    1. Terms and conditions

      2. The terms and conditions of home improvement loans can differ depending on the lender and the amount of the loan. In most case scenarios, you will need to provide documentation outlining the cost of the project and your creditworthiness. You may also have to provide proof of income and other financial information.

    2. Advantages

      3. One advantage of home improvement loans is that they are often unsecure, meaning that you do not have to provide collateral to secure the home loan. This can make the application process faster and easier than other types of loans.

    3. Disadvantages

      4. However, because these loans are unsecured, they may have higher interest rates than other kinds of loans. It is important to carefully review the terms and conditions of the loan before signing an agreement to it and to make sure that you can comfortably make the monthly payments.

  6. NRI home loan

    7. If you are an NRI (Non-Resident Indian) looking to purchase property in India, you may be eligible for an NRI home loan. When you apply for an NRI home loan, you will typically need to provide documentation showing proof of your NRI status, as well as evidence of your income and creditworthiness.

    1. Terms and conditions

      2. You will be required to make a down payment, which can range from 10% to 25% of the property value.

    2. Advantages

      3. It allows NRIs and PIOs to invest in property in India, even if they are living and working abroad. This can help NRIs and PIOs build wealth and establish a foothold in the Indian property market.

    3. Disadvantages

      4. The interest rate on NRI home loans may also be higher than for other types of loans due to the perceived higher risk associated with lending to NRIs.
Also Read: How to Choose a Home Loan - Factors to Consider

Benefits of taking a home loan

There are numerous benefits of taking a home loan other than having your own house in which you have ownership of use it however you want. Some of the various advantages are as follows-

  1. Increase in property value:

    2. Property values in India tend to appreciate over time, which means that purchasing property with the help of a home loan can be a smart investment in the long run. As the property value increases, so does the borrower's equity in the property.

  2. Competitive interest rates:

    3. Home loan interest rates in India are competitive and are often lower than rates for other types of loans. It makes home loans an attractive option for borrowers looking for affordable financing.

  3. Affordable EMIs:

    4. Home loans in India come with flexible repayment options, allowing borrowers to choose a repayment schedule that suits their financial situation. It means that EMIs (equated monthly installments) can be structured to be affordable and within the borrower's budget.

  4. Owning a home:

    5. The biggest benefit of taking a home loan is that it allows you to own a home of your own. With the help of a home loan, you can purchase a property and pay it off over a period of time, making the dream of owning a home a reality.

  5. Use for other purposes:

    6. In some cases, home loans can also be used for other objectives, such as funding a child's education or starting a business. It can provide additional financial flexibility and support your long-term financial goals.

Tax benefits of taking a home loan

Home loans come with several tax benefits for borrowers. Here are the full tax benefits of taking a home loan.

  1. Deduction under Section 80C:

    2. Borrowers can claim a deduction of up to Rs. 1.5 lakhs under section 80C of the Income Tax Act, 1961, for the repayment of the principal amount of the home loan. This deduction can be claimed for both self-occupied and rented properties.

  2. Deduction under Section 24(b):

    3. Borrowers can claim a deduction of up to Rs. 2 lakhs under section 24(b) of the Income Tax Act, 1961, for the interest paid on the home loan. This deduction can be claimed for both self-occupied and rented properties. If the house property is rented out, you can claim the entire interest amount in the deduction.

  3. Additional deduction for first-time homebuyers

    4. First-time homebuyers can claim an additional deduction of up to Rs. 50,000 under Section 80EEA of the Income Tax Act. To be eligible for this deduction, the home loan must have been taken between 1st April 2019 and 31st March 2021, and the value of the property must not exceed Rs. 45 lakhs.

  4. Deduction for joint home loans:

    5. If two or more people have taken a joint home loan, they can claim separate deductions for the principal and interest repayment amounts. Each borrower can claim a deduction of up to Rs. 1.5 lakh under Section 80C and up to Rs. 2 lakhs under Section 24(b) for their share of the repayment amount.

  5. Deduction for pre-construction interest:

    6. Borrowers can also claim a deduction for pre-construction interest under Section 24(b) of the Income Tax Act. This deduction can be claimed for up to 5 years from the year in which the construction of the property was completed or until the borrower starts paying the actual interest, whichever is earlier.

  6. Deduction for stamp duty and registration charges:

    7. Borrowers can also claim a deduction for the stamp duty and registration charges you have paid at the time of purchasing the property. Such a deduction can be claimed under Section 80C of the Income Tax Act, 1961, subject to a maximum limit of Rs. 1.5 lakh.

Also Read: How To Claim Tax Deduction On Home Loan?

Factors to consider before taking a home loan

There are several factors you need to keep in mind while doing your research before taking a home loan to ensure that you make an informed decision and choose a loan that fits your financial goals and budget. These factors are as follows-

  1. Eligibility criteria:

    2. Before applying for a home loan, it's important to check the eligibility criteria set by the lender. Factors such as age, income, credit score, and employment status can affect your eligibility for a home loan.

  2. Interest rates:

    3. Home loan interest rates can vary significantly depending on the lender and loan product. It is important to compare interest rates and choose a loan with a competitive rate that fits your budget.

  3. Loan amount:

    4. Determine the loan amount you need based on the cost of the property, your down payment, and other expenses related to purchasing the property. Avoid borrowing more than you need to keep your monthly payments affordable.

  4. Loan tenure:

    5. Choose a loan tenure that works for you based on your financial goals and ability to repay the loan. A longer tenure can result in lower monthly payments but can also result in higher interest costs over time. Also, compare prepayment charges as well before finalizing the contracts, as when you have money to prepay your loan and be debt-free, make sure that it is doable instead of becoming an unnecessary liability for you.

  5. Processing fees and other charges:

    6. In addition to interest rates, home loans can come with processing fees, prepayment charges, and other fees that can add to the overall cost of your home loan. Be sure to understand all of the fees and charges associated with the loan before applying.

  6. Documentation requirements:

    7. Home loan applications require a significant amount of documentation, including income proof, identity proof, and property documents. Be sure that you gather all the necessary documents in advance to speed up the loan approval process.

  7. Repayment schedule:

    8. Understand the repayment schedule and options available to you, such as making prepayments or opting for a step-up or step-down repayment schedule. A step-up repayment schedule allows you to start with lower payments and gradually increase them over time, while a step-down schedule allows you to start with higher payments and gradually decrease them over time.

Documents required

Here are the typical documents required while filing an application for a home loan in India:

  1. Identity proof: Any government-issued identity proof document such as Aadhaar Card, PAN Card, Voter ID, Passport, or Driving License.

  2. Address proof: Any government-issued address proof document such as Aadhaar Card, Passport, Voter ID, Driving License, or Utility Bill.

  3. Income proof: Documents to prove your income, such as salary slips, income tax returns, bank statements, or Form 16.

  4. Employment proof: Proof of employment such as an appointment letter, experience letter, or employee ID card.

  5. Property documents: Documents related to the property being purchased, such as sale agreement, allotment letter, possession letter, and payment receipts.

  6. Bank statements: Bank statements for the last 6-12 months to show your financial stability.

  7. Passport-size photographs: Recent passport-sized photographs of the applicant(s).
These are some of the common documents required while applying for a home loan. However, the specific documents required may vary depending on the lender and the loan product. It is always a clever idea for you to check with the lender for a comprehensive list of documents required to ensure a smooth loan application process.

Also Read: What is a Home Loan Protection Plan?

Conclusion

To sum it up for you, a home helps you purchase a house or property. Banks and financial institutions offer home loans, and the loan amount, interest rate, and tenure based on various factors such as your income, credit score, property value, and loan product.

There are several types of home loans available to cater to your specific needs, such as home purchase loans, home construction loans, and home improvement loans. The benefits of a home loan include tax benefits, lower interest rates, and the ability to own a property without having to pay the entire cost upfront. Overall, a home loan can be a great financial tool for you to achieve your dream of owning a home.

Own the Home You Truly Deserve
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FAQs – Frequently Asked Questions


  • What does a home loan mean ?

    A home loan is a kind of loan offered by banks and financial institutions that enables individuals to purchase a house or property.

  • What is the maximum amount of loan that one can get for buying a house ?

    The maximum amount of loan you can use for buying a house varies from lender to lender and depends on different factors, such as the individual's income, credit score, property value, and loan tenure.

  • What is the minimum down payment required for a home loan ?

    While taking a home loan, you need to pay a minimum amount down payment, typically between 10 to 20%, depending on the lender, credit score and loan product.

  • What is the loan tenure for a home loan ?

    The loan tenure for a home loan can range from 5 to 30 years, depending on the lender and loan product.

  • What is the interest rate for a home loan ?

    The interest rate for a home loan varies from lender to lender and depends on various factors such as the loan amount, loan tenure, credit score, and income.

  • Can a co-applicant be added to a home loan ?

    Yes, a co-applicant such as a spouse, parent, or sibling can be added to a home loan to increase the eligibility and loan amount.

  • What are the tax benefits of a home loan ?

    There are several tax benefits associated with a home loan in India, including tax deductions on the principal repayment, interest paid on loan, and stamp duty and registration charges.

  • Can a home loan be prepaid or foreclosed ?

    Yes, a home loan can be prepaid or foreclosed at any time during the loan tenure. However, prepayment or foreclosure charges may apply, depending on the lender and loan product.

  • What are the processing fees and other charges associated with a home loan ?

    Processing fees, prepayment charges, and other charges such as administrative charges and documentation charges may apply, depending on the lender and loan product.

  • How long does it take for a home loan to be approved ?

    The time taken for a home loan to be approved on various factors such as the lender's processing time, documentation requirements, and property verification. Typically, getting a home loan approved can take between a few days to a week.

 

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The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.

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No Liability

This Website is provided to you on an "as is" and "where-is" basis, without any warranty. ABCL, for itself and any ABC Companies and third party providing information, Materials (defined later), facilities, or content to this Website, makes no representations or warranties, either express, implied, statutory or otherwise of merchantability, fitness for a particular purpose, or non-infringement of third party rights, with respect to the website, the information or any products or facilities to which the information refers. ABCL will not be liable to you or any third party for any damages of any kind, including but not limited to, direct, indirect, incidental, consequential or punitive damages, arising from or connected with the site, including but not limited to, your use of this site or your inability to use the site, even if ABCL has previously been advised of the possibility of such damages. Any access to information hosted on third party websites of billers/banks/merchants/ABC Companies etc. is not intended and shall not be treated as an offer to sell or the solicitation of an offer to buy any product/offering of these ABC Companies or third parties.

The Facilities Provider or ABCL or ABC Companies shall have absolutely no liability in connection with the information and Material posted on this Website including any liability for damage to your computer hardware, data, information, materials, or business resulting from the information and/or Material or the lack of information and/or Material available on the Website. In no event shall ABCL or ABC Companies shall be liable for any for any special, incidental, consequential, exemplary or punitive damages for any loss, arising out of or in connection with (a) the use, misuse or the inability to use this Website; (b) unauthorized access to or alteration of your transmissions or data; (c) statements or conduct of any third party on the site; or (d) any other matter whatever nature relating to this Website.

Further, the Facilities Provider cannot always foresee or anticipate technical or other difficulties. The facilities may contain errors, bugs, or other problems. These difficulties may result in loss of data, personalization settings or other facilities interruptions. The Website does not assume responsibility for the timeliness, deletion, mis-delivery, or failure to store any user data, communications, or personalization settings.

The Facilities Provider, ABCL, ABC Companies and the providers of information shall not be liable, at any time, for any failure of performance, error, omission, interruption, deletion, defect, delay in operation or transmission, computer virus, communications line failure, theft or destruction or unauthorized access to, alteration of, or use of information contained at this Website.

Manner of Use of Personal Information

All Personal Information including Sensitive Personal Information provided/related to you, shall be stored/used/processed/transmitted expressly for the Purpose or facilities indicated thereon at the time of collection and in accordance with the Privacy Policy. Other than those otherwise indicated and agreed by You, this Website do not collect or store or share your Personal Information. Aditya Birla Capital is the brand and accordingly all products and facilities are provided by respective ABC Companies as applicable. Therefore, for any of these Purposes, the Website will use ABC Companies their authorized third party vendors, agents, contractors, consultants or facilities providers (individually a ‘Third Party Service Provider’ and collectively, the “Third Party Service Providers”) and to that extent you understand and authorize the Facilities Provider to share/transmit such information to Third Party Service Providers. Such sharing of information will be solely for the purpose to fulfill / complete / authenticate your specific requests/transaction execution and for providing information about any ABC Companies product or facilities or services or for data analytics or to deliver to you any administrative notices, alerts or communications relevant to your Purpose (and which may include sending promotional emails or SMS or calls or any other mode permitted under law) or to analyze the usage and improve the facilities/solutions offered or for any research or troubleshooting problems, detecting and protecting against errors or to improve features, tailor the facilities on the Website to your interests, and to get in touch with you whenever necessary.

Except in the manner as stated in the Privacy Policy, the Website will not disclose your Personal Information with any affiliated or unaffiliated third parties,

You may receive e-mails /communications/notifications from the Third Party Services Providers regarding facilities updates, information/promotional e-mails/SMS and/or update on new product announcements/services in such mode as permitted under law.

Use of Website in India

This Website is controlled and operated from India and there is no representation that the Materials/information are appropriate or will be available for use in other locations. If you use this Website from outside the India, you are entirely responsible for compliance with all applicable local laws. There is no warranty or representation that a user in one region may obtain the facilities of this website in another region.

Information published on the Website may contain references or cross references to products, programs and facilities offered by ABC Companies/third parties that are not announced or available in your country. Such references do not imply that it is intended to announce such products, programs or facilities in your country. You may consult your local advisors for information regarding the products, programs and services that may be available to you.

In your use of the Website, you may enter correspondence with, purchase goods and/or facilities from, or participate in promotions of advertisers or members or sponsors of the web site, including those of ABC Companies. Unless otherwise stated, any such correspondence, advertisement, purchase or promotion, including the delivery of and the payment for goods and/or facilities, and any other term, condition, warranty or representation associated with such correspondence, purchase or promotion, is solely between you and the applicable ABC Companies and/or third parties.

You agree that Facilities Provider / ABC Companies has no liability, obligation or responsibility for any such correspondence, purchase or promotion between you and any other ABC Companies and/or third parties.

Third party websites

This Website may be linked to other websites (including those of ABC Companies) on the World Wide Web that are not under the control of or maintained by ABCL. Such links do not indicate any responsibility or endorsement on our part for the external website concerned, its contents or the links displayed on it. These links are provided only as a convenience, in order to help you find relevant websites, facilities and/or products that may be of interest to you, quickly and easily. It is your responsibility to decide whether any facilities and/or products available through any of these websites are suitable for your purposes. The Facilities Provider or ABCL is not responsible for the owners or operators of these websites or for any goods or facilities they supply or for the content of their websites and does not give or enter into any conditions, warranties or other terms or representations in relation to any of these or accept any liability in relation to any of these (including any liability arising out of any claim that the content of any external web site to which this web site includes a link infringes the intellectual property rights of any third party).

USE of APP

In case any facilities/services, access/dissemination of information or execution of transaction is done through use of any APP related to ABC Companies, the additional terms and conditions governing the Use of APP shall be applicable and to be read along these Terms of Use.

Postings and monitoring

The Facilities Provider or ABCL or ABC Companies does not routinely monitor your postings to the Website but reserves the right to do so if deemed necessary if it is related to the facilities offered on the web site and to comply with law. However, in our efforts to promote good citizenship within the internet community, if the Facilities Provider or ABCL or ABC Companies becomes aware of inappropriate use of the Website or any of its facilities, any information, opinions, advice or offers posted by any person or entity logged in to the Website or any of its associated sites is to be construed as public conversation only, and the Facilities Provider or ABC Companies shall not be liable or responsible for such public conversation. You agree that in such cases, we will respond in any way that, in our sole discretion, as deemed appropriate. You acknowledge that Facilities Provider or ABC Companies will have the right to report to law enforcement authorities any actions that may be considered illegal, as well as any information it receives of such illegal conduct. When requested, ABC Companies/Facilities Provider will co-operate fully with law enforcement agencies in any investigation of alleged illegal activity on the internet.

Submissions and unauthorized use of any Materials contained on this Website may violate copyright laws, trademark laws, the laws of privacy and publicity, certain communications statutes and regulations and other applicable laws and regulations. You alone are responsible for your actions or the actions of any person using your user name and/or password. As such, you shall indemnify and hold Facilities Provider, ABCL / ABC Companies and its officers, directors, employees, affiliates, agents, licensors, and business partners harmless from and against any and all loss, costs, damages, liabilities, and expenses (including attorneys' fees) incurred in relation to, arising from, or for the purpose of avoiding, any claim or demand from a third party that your use of the Website or the use of the Website by any person using your user name and/or password (including without limitation your participation in the posting areas or your submissions) violates any applicable law or regulation, or the rights of any third party.

We reserve the right to terminate access to this Website at any time and without notice. Further this limited license terminates automatically, without notice to you, if you breach any of these Terms of Use. Upon termination, you must immediately destroy any downloaded and printed Materials.

If you come across any breaches/violation or offensive material you must report to us at abc.secretarial@adityabirla.com

Use of Cookies

You agree and understand that the Website will automatically receive and collect certain anonymous information in standard usage logs through the Web server, including computer/computer resource-identification information obtained from "cookies" sent to your browser from a web server or other means as explained in the Privacy Policy.  

Facilities Changes and Discontinuation

The Website reserves the right to discontinue or suspend, temporarily or permanently, the facilities. You agree that the Facilities Provider/ ABC Companies will not be liable to you in any manner whatsoever for any modification or discontinuance of the facilities. The format and content of this Website may change at any time. We may suspend the operation of this Website for support or maintenance work, in order to update the content or for any other reason.

ABCL, ABC Companies, and its directors, employees, associates, or other representatives shall not be liable for any damages or injury, arising out of or in connection with the use, or non-use including non-availability of the Website and also for any consequential loss or any damages caused because of non-performance of the system due to a computer virus, system failure, corruption of data, delay in operation or transmission, communication line failure, or any other reason whatsoever. The Website will not be responsible for any liability arising out of delay in providing any information on the Website.

Compliance with the Law

You agree that you will not:

  • Use any robot, spider, scraper, deep link or other similar automated data gathering or extraction tools, programme, algorithm or methodology to access, acquire, copy or monitor the Website, or any portion of the Website.
  • Use or attempt to use any engine, software, tool, agent, or other device or mechanism (including without limitation, browsers, spiders, robots, avatars or intelligent agents) to navigate or search the Website, other than the search engines generally available by third party web browsers
  • Post or transmit any file which contains viruses, worms, Trojan horses or any other contaminating or destructive features, or that otherwise interferes with the proper working of the Website or the facilities.
  • Attempt to decipher, decompile, disassemble, or reverse engineer any of the software, comprising or in any way making up a part of the Website or the facilities.
  • You agree not to use the facilities for illegal purposes or for the transmission of material that is unlawful, harassing, libelous (untrue and damaging to others), invasive of another's privacy, abusive, threatening, or obscene, or that infringes the rights of others.

Restrictions on Commercial Use or Resale

Your right to use the facilities is personal to you; therefore, you agree not to resell or make any commercial use of the facilities. In addition, the Website welcomes your feedback as a user of the facilities. Any feedback you provide will become the confidential and proprietary information of the Website, and you agree that the Website may use in any manner and without limitation, all comments, suggestions, complaints, and other feedback you provide relating to the Website. The Website shall have a worldwide, royalty-free, non-exclusive, perpetual, and irrevocable right to use feedback for any purpose, including but not limited to incorporation of such feedback into the Website or other Website software or facilities.

No Endorsements

All product and facilities marks contained on or associated with the facilities that are not the Website marks are the trademarks of their respective owners. The Website would require you to respect the same. References to any such names, marks, products or facilities of third parties or hypertext links to third party sites or information does not imply the Website’s endorsement, sponsorship or recommendation of the third party, information, product or facilities.

Promotional Offers

You may receive from time to time, announcement about offers with intent to promote this Website and/or facilities/products of ABC Companies (“Promotional Offers”). The Promotional Offer(s) would always be governed by these Terms of Use plus certain additional terms and conditions, if any prescribed. The said additional terms and conditions, if prescribed, would be specific to the corresponding Promotional Offer only and shall prevail over these Terms of Use, to the extent they may be in conflict with these Terms of Use. The Website reserves the right to withdraw, discontinue, modify, extend and suspend the Promotional Offer(s) and the terms governing it, at its sole discretion.

Charges for use of Website

There are no charges or fees to be paid by you for use of this Website. However, you are responsible for all telephone access fees and/or internet service fees that may be assessed by your telephone and/or internet service provider. You further agree to pay additional charges, if any levied by Third Party Service Provider(s), for the facilities provided by them through the Website (Additional Charges).

No Endorsement

You are advised to be cautious when browsing on the internet and to use good judgment and discretion when obtaining information or transmitting information. From this Website, users may visit or be directed to third party web sites. The Website makes no effort to review the content of these web sites, nor is the Website or its licensors responsible for the validity, legality, copyright compliance, or decency of the content contained in these sites.

In addition, the Website does not endorse or control the content of any other user and is not responsible or liable for any content, even though it could be unlawful, harassing, libelous, privacy invading, abusive, threatening, harmful, vulgar, obscene or otherwise objectionable, or that it infringes or may infringe upon the intellectual property or other rights of another. You acknowledge that the Website does not pre-screen content, but that the Website will have the right (but not the obligation) in their sole discretion to refuse, edit, move or remove any content that is available via the facilities.

Electronic Communications

These Terms of Use and any notices or other communications regarding the Facilities may be provided to you electronically, and you agree to receive communications from the Website in electronic form. Electronic communications may be posted on the Website and/or delivered to your registered email address, mobile phones etc either by Facilities Provider or ABC Companies with whom the services are availed. All communications in electronic format will be considered to be in "writing". Your consent to receive communications electronically is valid until you revoke your consent by notifying of your decision to do so. If you revoke your consent to receive communications electronically, the Facilities Provider shall have the right to terminate the facilities.

Assignment

You shall not assign your rights and obligations under this Agreement to any other party. The Website may assign or delegate its rights and/or obligations under this Agreement to any other party in future, directly or indirectly, or to an affiliated or group company.

Legal Disclaimers

The information provided on or through the Website is for general guidance and information purposes only and they do not in any manner indicate any assurance or opinion of any manner whatsoever. Any information may be prone to shortcomings, defects or inaccuracies due to technical reasons. Certain information on Website may be on the basis of our own appraisal of the applicable facts, law and regulations in force at the date hereof.

The information (and opinions, if any) contained on the Website may have been obtained from public sources believed to be reliable and numerous factors may affect the information provided, which may or may not have been taken into account. The information provided may therefore vary (significantly) from information obtained from other sources or other market participants. Any reference to past performance in the information should not be taken as an indication of future performance. The information is dependent on various assumptions, individual preferences and other factors and thus, results or analyses cannot be construed to be entirely accurate and may not be suitable for all categories of users. Hence, they should not be solely relied on when making investment decisions. Your investment or financial decision shall always be at your own discretion and based on your independent research; and nothing contained on the Website or in any information would construe ABCL/ABC Companies or any of its employees/authorized representative as having been in any way involved in your decision making process. Any information and commentaries provided on the Website are not meant to be an endorsement or offering of any stock or investment advice.

Nothing contained herein is to be construed as a recommendation to use any product, process, equipment or formulation, in conflict with any patent, or otherwise and Facilities Provider / ABCL/ABC Companies makes no representation or warranty, express or implied that, the use thereof will not infringe any patent, or otherwise. Information on this Website sourced from experts or third party service providers, which may also include reference to any ABCL Affiliate. However, any such information shall not be construed to represent that they belong or represent or are endorsed by the views of the Facilities Provider or ABC Companies. Any information provided or sourced from ABCL Affiliate belongs to them. ABCL is an independent entity and such information from any ABCL Affiliate are not in any manner intended or to be construed as being endorsed by ABCL or Facilities Provider. The information does not constitute investment or financial advice or advice to buy or sell, or to endorse or solicitation to buy or sell any securities or other financial instrument for any reason whatsoever. Nothing on the Website or information is intended to constitute legal, tax or investment advice, or an opinion regarding the appropriateness of any investment or a solicitation of any type. Investment in the securities market and any financial instruments are inherently risky and you shall always assume complete and full responsibility for the outcomes of all the financial or investment decisions that you make, including but not limited to loss of capital. You are therefore advised to obtain your own applicable legal, accounting, tax or other professional advice or facilities before taking or considering an investment or financial decision.

No Solicitation

No Information at this Website shall constitute an invitation to invest in ABCL or any ABC Companies. These are meant for general information only or to meet statutory requirements or disclosures. ABCL or any of its employees are in no way liable for the use of the information by you, when making any decision or investing or trading through any investment vehicles or ABC Companies, or any other third party which may be engaged in offering of these services.

The information contained on this Website does not represent and should not be used to construe (i) the terms on which a new transaction would be entered into by ABCL or ABC Companies, (ii) the terms on which any existing transactions could be unwound by ABCL or ABC Companies, (iii) the calculation or estimate of an  amount that would be payable following an early termination of any past/existing transactions or (iv) the valuations given to any transactions by ABCL or ABC Companies in their books of account for financial reporting, credit or risk management purposes.

Statutory Disclosure

ABCL and ABC Companies are engaged in a broad spectrum of activities in the financial services sectors. You understand and acknowledge that Aditya Birla Money Limited (‘ABML’), Aditya Birla Finance Limited (‘ABFL’) and Aditya Birla Sun Life Asset Management Company Limited and trustees and sponsor of Aditya Birla Sun Life Mutual Fund (‘ABSLMF’) are group companies and ABML / ABFL also acts as a distributor of ABSLMF.  Any recommendation or reference of schemes of ABSLMF if any made or referred on the Website, the same is based on the standard evaluation and selection process, which would apply uniformly for all mutual fund schemes. You are free to choose the execution facilities in the manner deemed fit and proper and no commission will be paid by ABSLMF to ABML / ABFL if you choose to execute a transaction with ABSLMF on the Website, unless otherwise agreed by you and ABML/ABFL separately. Information about ABML/ABFL, its businesses and the details of commission structure receivable from asset management companies to ABML/ABFL, are also available on their respective Website.

Similarly Aditya Birla Money Insurance Advisory Services Limited and Aditya Birla Insurance Brokers Limited are insurance intermediaries and engaged in the distribution of Insurance Products and it may services may include products of Aditya Birla Sun Life Insurance Company Limited and Aditya Birla Health Insurance Company Limited. However there is no conflict on these services and commissions if any payable are in accordance of the extant regulations.

Force Majeure

The Facilities Provider, ABC Companies and any of its Third Party Service Providers shall not be liable for any delay or failure in performance resulting directly or indirectly from acts of nature, forces, or causes beyond their reasonable control, including, without limitation, Internet failures, computer equipment failures, telecommunication equipment failures, other equipment failures, electrical power failures, strikes, virus, other malicious computer code, hacking, labour disputes, riots, insurrections, civil disturbances, shortages of labour or materials, fires, flood, storms, explosions, acts of God, war, earthquake, governmental actions, orders of domestic or foreign courts or tribunals, non-performance of third parties, or loss of or fluctuations in heat, light, or air conditioning.

Indemnification

You agree to protect and fully compensate Facilities Provider, ABCL, ABC Companies, subsidiaries, licensors, suppliers and facilities providers, employees, officers and directors, from any and all third party claims, liability, damages, expenses and costs (including but not limited to reasonable attorneys fees) caused by or arising from your use of the facilities, your violation of the Terms of Use or your infringement, or infringement by any other user of your account, of any intellectual property or other right of anyone.

No Waiver

The Facilities Provider, ABC Companies or any of its third party service providers and processor bank/merchants etc. shall not be deemed to have waived any of its/their rights or remedies hereunder, unless such waiver is in writing. No delay or omission on the part of Facilities Providers and ABC Companies, in exercising any rights or remedies shall operate as a waiver of such rights or remedies or any other rights or remedies. A waiver on any one occasion shall not be construed as a bar or waiver of any rights or remedies on future occasions.

Exclusive Agreement

You agree that these Terms of Use are the complete and exclusive statement of agreement supersede any proposal or prior agreement, oral or written, and any other communications between you and the Facilities Provider and its Third Party Service Providers or processor bank/merchants relating to the subject matter of these Terms of Use. These Terms of Use, as the same may be amended from time to time, will prevail over any subsequent oral communications between you and the Website and/or the processor bank.

Termination

Either party can terminate this Agreement by notifying the other party in writing. Upon such termination You will not be able to use the facilities of this Website.

Governing Law and Jurisdiction

The Website specifically prohibits you from usage of any of its facilities in any countries or jurisdictions that do not corroborate to all stipulations of these Terms of Use. The Website is specifically for users in the territory of India. In case of any dispute, either judicial or quasi-judicial, the same will be subject to the laws of India, with the courts in Mumbai having exclusive jurisdiction.

These Terms and Conditions are governed by and to be interpreted in accordance with laws of India, without regard to the choice or conflicts of law provisions of any jurisdiction. You agree, in the event of any dispute arising in relation to these Terms and Conditions or any dispute arising in relation to the Website whether in contract or tort or otherwise, to submit to the jurisdiction of the courts located at Mumbai, India for the resolution of all such disputes.

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