Hero Housing - Sanction - 09.09.2022 - MC

सीओ:कॉर्पोरेट क्रे डिट विभाग
CO: CORPORATE CREDIT DEPARTMENT
CO/CDN/Gr-1/Sanction No:396 /2022-23 12.09.2022
SANCTION LETTER
Deputy General Manager/Branch Head

Large Corporate Branch
Indian Bank
New Delhi
Sir/Madam,
Sub: A/c M/s Hero Housing Finance Limited – LCB New Delhi
Ref: Branch proposal dated 27.07.2022 recommending Sanction of Fresh Term Loan and other
approvals.
--------------------------------------------------------------------------------------------------------------------------------
With reference to the above, Management Committee at its meeting held on 09.09.2022 has
accorded approval for Sanction of the following:
a) Approval / Acceptance of assessed limits FB : NA

(where we are leader ) NFB : NA
b) Limits recommended for sanction (our share)
Facility Limit (Rs. in Crs) Margin (%) Rate of Period
Existing Proposed Interest /
Commission
Fresh Term 0.00 150.00 9.09% 1 Year MCLR Door to door
Loan (7.75%) tenor of 7
+0.20% years;
( Presently
7.95%)
OCC( WCD 0.00 50.00 9.09% 1 Year MCLR
L as (7.75%)
sublimit) +0.10% 1 Year
( Presently
7.85%)#
Total 0.00 200.00 - -
#Finer ROI for WCDL, if other than the one sanctioned for OCC, will be approved by MD &
CEO/ ED (in absence of MD &CEO)
c) Repayment Schedule (for TL tenor): To be availed in tranches within 6 months of Sanction

Each Tranche shall be repayable in equal monthly installments after moratorium of 3
months.
a) Securities proposed:
Nature of Description Value as on Nature of charge
Corporate Office: 254-260, Avvai Shanmugam Salai, Royapettah, Chennai – 600 014
Phone: 044-2813 4569/4506, Email: hocredit@indianbank.co.in
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Hero Housing Finance Limited with LCB New Delhi- MC Sanction dated 09.09.2022
security
Primary: Hypothecation (Non-Exclusive, Pari-Passu) Non-Exclusive, Pari-Passu
Fresh Term to the extent of 1.10 times of Principal
Loan and Outstanding.
OCC Under Security trustee arrangement- Vistra
ITCL (India) Limited
Collateral: Nil
e) Name(s) of Guarantor(s) with networth as on

Present Net worth
Name of Guarantor
Amount As on
Nil
Note: Where Corporate Guarantee is furnished, please ensure the compliance of Section
186 Companies Act. 2013.
f) Availability of ECGC cover
(ECIB-PC/ ECIB-PS/ Buyer-wise policy / other specific policies)
Extent of cover available - % for pre-shipment
- % for post-shipment
Existing Liabilities of the Company

Facility Limit (Rs. in DL (Rs. in Crs) ROI Margin
Crs)
Term Loan I 150.00 91.07 1 Year MCLR 9.09%
then (7.35%)+
0.35% (7.70%
presently)
Term Loan II 200.00 169.23 1 Year MCLR 9.09%
then (7.35%) +
0.35% (7.70%
presently)
Term Loan III 100.00 91.45 1 Year MCLR 9.09%
( Tranche I) then (7.40%)
+ 0.35%
(7.75%
presently)
Term Loan III 100.00 94.02 1 Year MCLR 9.09%
( Tranche II) then (7.35%)
+ 0.35%
(7.70%
presently)
Total 550.00 445.77
For the existing facilities: Securities, terms and conditions etc. as per the existing
sanctions shall continue.
g) Other Approvals:
i. Approval for Fresh Concessions (For Fresh Term Loan / OCC)

i. Approval for finer ROI for Fresh Term Loan of Rs. 150.00 Crs
at 1 Year MCLR (7.75%)+0.20% (Presently 7.95%) as against
the Card rate of 1 Year MCLR (7.75%)+3.15% (Presently
10.90%).
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ii. Approval for finer ROI for OCC Limit of Rs. 50.00 Crs at 1 Year
MCLR (7.75%)+0.10% (Presently 7.85%) as against the Card
rate of 1 Year MCLR (7.75%)+3.15% (Presently 10.90%).
iii. Approval for Upfront Fees for term loan at Rs. 30.00 Lakhs+
GST as against the card rate of 1.00%+ GST.
iv. Approval for Processing fees for OCC at Rs. 10.00 Lakhs+
GST as against the card rate of Rs. 356/ Lakh.
v. Approval for waiver of commitment fees.
vi. Prepayment charges @ 0.25% p.a. on the amount prepaid for
the residual period of the loan on simple interest basis. The
said charges to be waived subject to notice period of 30 Days.
In case of adverse revision/change in agreed spread or/and
Benchmark Rate by bank; Borrower has the right to prepay the
loan without any prepayment penalty subject to notice period
of 30 Days.
vii. Approval to increase rate of interest by 25 bps in case of each
notch downward in external rating based on audited /
provisional balance sheet.
ii. Approvals of Deviations in Policy/Benchmarks/Other guidelines
i. Approval for deviation in RoA at 0.08% as on 31.03.2022 as
against the benchmark of minimum 1.50%.
ii. Approval for deviation in ICR at 1.04 times as on 31.03.2022
as against the benchmark of minimum 1.50 for fresh proposal.
iii. Approval for deviation in the guideline for NBFC- “PAT should
be positive in last 3 years
iii. Other Approvals
i. Approval for availability period of 6 Months from the date of
Sanction.
ii. Approval for timeline of 3 months for creation and perfection of
security from the date of disbursement of each tranche, subject
to documentation to be done upfront.
Term Sheet
Company Hero Housing Finance Limited
Facility Term Loan OCC
Limit Rs. 150.00 Crores Rs. 50.00 Crores
Purpose For ongoing business requirement of For working capital
the company including Onward requirements
lending under company’s normal
course of business.
Tenor Door to Door tenor of 7 years 1 Year
Repayment Terms Repayable in 81 equal monthly On Demand
installments after moratorium period of
3 months from the date of
disbursement.
Rate of Interest 1 Year MCLR (7.75%)+0.20% 1 Year MCLR (7.75%)
(Presently 7.95%) +0.10% (Presently
MCLR on the date of disbursement 7.85%)
will be applicable. MCLR on the date of
disbursement will be
applicable.
Prepayment 0.25% p.a. on the amount prepaid for --
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Charges the residual period of the loan on

simple interest basis. The said
charges to be waived subject to notice
period of 30 days. In case of adverse
revision/change in agreed spread
or/and Benchmark Rate by bank;
Borrower has the right to prepay the
loan without any prepayment penalty
subject to notice period of 30 days.
Security Hypothecation (Non-Exclusive, Pari-Passu) to the extent of 1.10
times of Principal Outstanding.
Security Creation Security to be Created & perfected within 3 month of disbursement
of the facility subject to documentation to be done upfront. Failing
which penal interest to be charged @1% p.a. till such security is
created.
Security Trustee Vistra ITCL (India) Limited
Guarantee NIL NIL
Review Charges Card Rate -
Inspection Card Rate Card Rate
Charges
Processing Fee/ Rs. 30.00 Lakhs + GST Rs. 10.00 Lakhs + GST
Upfront Fee
Commitment Nil Nil
Charges
Due diligence Nil Nil
Verification
Charges/
Transaction &
Folio Charges
Stamp Duty To be borne by Borrower
Charges
Documentation Card Rate
Charges
Terms and Conditions
A. Specific Conditions
(i) Pre Release Conditions
a. Loan to be disbursement only after compliance of following
 Issue of Sanction letter on Branch Letter head in duplicate & retaining one
copy duly accepted by Borrower with Documents.
 Documents to be executed as per norms
 Conduct of Legal Audit
 Pre-release audit to be conducted
b. The company has to furnish an undertaking to the effect that none of accounts of
their associates/group concerns is classified as NPA with other banks/FIs
c. An undertaking will be obtained from the company to the effect that the funds will
be strictly for the purpose sought for and will not be utilized for any
speculative/unauthorized purpose Branch to ensure compliance of RBI guidelines
on “Loan System for Delivery of Bank Credit” for FBWC limit i.e. WCDL should be
minimum 60% of the sanctioned fund based working capital limit.
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d. Company to submit declaration about the credit facilities enjoyed by them from
other banks in Annexure-I of RBI circular No. DBOD No. BP.BC
No.46/08.12.001/2008-09 dated 19.09.2008
e. The borrower will submit an undertaking to effect that the name of the Company
or of its Directors does not appear in the RBI Defaulters List or Wilful defaulters
list of RBI
f. The Company has to submit
 Declaration that none of the directors are in the RBI defaulters/ Wilful defaulters
list and CIBIL data base,
 They are not disqualified u/s 164(2(a)) of Companies Act, 2013
 There are no arrears of payment of undisputed statutory liability.
(ii) Post Release Conditions

a. Branch to ensure adherence to RBI guidelines on “Opening of Current Accounts
by Banks - Need for Discipline”.
b. Compliance of latest RBI guidelines DOR.CRE.REC.No.77/21.04.172/2021-22
dated 05.01.2022- Master Circular on Bank Finance to Non-Banking Financial
Companies (NBFCs) to be ensured.
c. Security to be Created and perfected within timeline of 3 months from the date of
disbursement of each tranche.
d. CERSAI formalities to be completed, wherever applicable Annual book debt
verification to be carried out on sample basis to ensure underlying assets
charged to us for our exposure. However, any Book Debt Audit conducted by the
ASM or Annual book debt verification audit assigned by any of the lender(s) shall
be accepted by our Bank. Further ASM report to be shared periodically with the
Bank.
e. Financials/ALM/Inter Group transactions/Contingent liabilities to be obtained on
quarterly basis and analyzed.
f. Branch to ensure that funds sanctioned were not utilised for debarred activities as
per RBI Master Circular on NBFC, by obtaining CA Certificate stating that
receivables offered as security does not belong to group / associated companies
g. Account will be monitored by Bank in terms of circulars/guidelines issued/to be
issued by CO from time to time.
h. The account will be reviewed at yearly intervals or earlier at the discretion of the
Bank and the Company will provide all requisite papers/information for this
purpose.
i. All other terms and conditions as applicable for such type of advance will be
observed.
j. Further the Company will not utilize the said term loan funds towards
 Bill discounting/ rediscounting by NBFC except for rediscounting of bills
discounted by NBFCs arising from sale of –
(a) commercial vehicles (including light commercial vehicles), and
(b) two wheeler and three wheeler vehicles, subject to the following
conditions:
• the bills should have been drawn by the manufacturer on dealers
only;
• the bills should represent genuine sale transactions as may be
ascertained from the chassis / engine number; and
• before rediscounting the bills, banks should satisfy themselves
about the bona fides and track record of NBFCs which have
discounted the bills.
 Investment by NBFC, both current and long term, in any company by
way of shares and debentures
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 Financing of NBFC for further lending to individuals for subscribing to

IPOs.
 Financing to NBFC for their onward lending to individuals for purchase
of shares from secondary markets
 Extending loans to Subsidiary Companies/Associates or for making
Inter Corporate Deposits
 Investment in equity of other group companies
 Any speculative purposes
k. Security perfection, charge creation, compliance of all other terms and conditions
of sanction/RBI and Bank guidelines may be ensured.
B. Unconditional Cancellablity Clause: The Bank reserves the absolute right to

cancel the limits(either fully or partially) unconditionally without prior notice.
a) In case the limits/ part of the limits are not utilized by you and/or
b) In case of deterioration in the loan accounts in any manner whatsoever and
/ or
c) In case of non-compliance of terms and conditions of sanction.
C. The sanction is valid for 6 months for Term Loan and 3 Months for Working
Capital from date of sanction. For revalidation, if any will be accorded at the
discretion of the Bank. Any changes / applicable revalidation/ modification
charges of Sanction Tickets to be borne by the borrower. Revalidation is at the
sole discretion of the Bank.
Mandatory 1. The borrower should maintain adequate books of accounts,

covenants as per applicable accounting practices and standards, which
(Pre should correctly reflect its financial position and scale of
Disbursement) operations and should not radically change its accounting
system without notice to the Bank unless such a change is
required by applicable laws/any statute/extant regulatory
requirements in case the company must comply with extant
requirements.
2. The Bank will have the right to share credit information as
deemed appropriate with Credit Information Companies
(CICs) or any other institution as approved by RBI from time
to time.
3. Bank will have the right to examine at all times the borrower’s
books of accounts and to have the borrower’s factories
inspected, from time to time, by officer(s) of the Bank and /or
qualified auditors and/ or technical experts and or
managements consultants of the Bank’s choice. Cost of such
inspection shall be borne by the borrower.
4. Promoter’s shares in the borrowing entity should not be
pledged to any Bank /NBFC/ Institution resulting in breach of
Management Control without our consent.
5. Management control means Promoter and Promote Group
will continue to hold more than 50% of shareholding or right to
appoint majority of directors.
Mandatory 1. The borrower should maintain adequate books of accounts,
covenants as per applicable accounting practices and standards, which
(Post should correctly reflect its financial position and scale of
Disbursement) operations and should not radically change its accounting
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system without notice to the Bank unless such a change is

required by applicable laws/ any statue/extant regulatory
guidelines/framework in which case the company must
comply with all extant requirements.
2. The Bank will have the right to share credit information as
deemed appropriate with Credit Information Companies
(CICs) or any other institution as approved by RBI from time
to time.
3. Bank will have the right to examine at all times the borrowers
books of accounts and to have the borrower’s office
inspected, from time to time, by officer(s) of the Bank and /or
qualified auditors and/ or technical experts and or
managements consultants of the Bank’s choice.
4. In case in default in repayment, Promoter’s shares in the
borrowing entity should not be pledged to any Bank/ NBFC/
Institution without our consent.
5. In case of default in repayment of the loan / advances or in
the payments of the interests thereon or any of the agreed
installments of the loan on due date(s) by the borrower, the
Bank and / or the RBI will have an unqualified right to disclose
or publish the borrower’s name or the name of the borrower /
units and its directors / partners/ proprietors as defaulters
/willful defaulters in such manner and through such medium
as the Bank or RBI in their absolute discretion may think fit.
6. The borrower should not induct into its Board a person whose
name appears in the willful defaulters list of RBI / CICs. In
case such a person is already on the Board of the borrowing
company, it would take expeditious and effective steps for
removal of that person from its Board. Nominee
directors/Independent Directors are excluded for this purpose.
7. In the event of default in repayment to the Bank or if cross
financial default has occurred the Bank will have the right to
appoint its nominee on the Board of Directors of the borrower
to look after its interest.
8. In restructuring of debt, the regulatory guidelines provide for
conversion of debt to equity. The Bank shall have the right to
convert loan to equity or other capital in accordance with the
regulatory guidelines.
9. After provision for tax and other statutory liabilities, unless
expressly permitted otherwise the Bank will have a first pari
passu right on the profits of the borrowers for repayment of
amounts due to the Bank.
10. The borrower shall keep the Bank informed of the happening
of any event likely to have a substantial effect on their profit or
business: for instance, if, the monthly production or sales are
substantially less than what had been indicated, the borrower
shall immediately inform the Bank with explanations and the
remedial steps taken and / or proposed to be taken.
11. Promoter Group continues to hold majority management
control (more than 50% of shareholding or right to appoint
majority of directors) during the currency of loan.
12. The borrower will utilize the funds for the purpose they have
been lent. Any deviation will be dealt with as per RBI
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guidelines.
Mandatory NIL
Negative
covenants
(Pre
Disbursement)
Mandatory 1. In the event of financial default, the Bank shall have the
Negative right to securitise the assets charged and in the event of
Covenants such securitization, the Bank will suitably inform the
(Post borrower(s) and guarantor(s).
Disbursement) 2. The undernoted covenants will be subject to prior notice
being given by the borrower and being agreed to by the
Bank. If the Bank turns down the borrower’s request but
the later still goes ahead, Bank shall have the right to call
up the facilities sanctioned:
I. Formulate any scheme of amalgamation or
reconstruction
II. Undertake any new project, implement any
scheme of expansion/diversification outside
financial services or capital expenditure or
acquired fixed assets (except normal
replacements or as indicated in funds flow/
cashflow statement submitted) if such investment
result into breach of financial covenants or division
of working capital funds to financing of long-term
assets.
III. Enter into borrowing arrangement secured with
any other bank, financial institution, company or
otherwise or accept deposits which increase
indebtedness beyond permitted limits, stipulated if
any at the time of sanction
IV. Undertake any guarantee or letter of comfort in the
nature of guarantee on behalf of any other
company (including group companies) other than
in the normal course of business.
V. Declare dividends for any year except out of profits
relating to that year after making all dues and
necessary provisions and provided further that
such distribution may be permitted only if no event
of default / breach in financial covenant is
subsisting in any repayment obligations to the
Bank.
VI. If security cover is inadequate, Create any charge,
lien or encumbrance over its undertaking or any
part thereof in favour of any financial institution,
bank, company firm or persons.
VII. Enter into any contractual obligation of a long term
nature or which, in the reasonable assessment of
the Bank, is detrimental to repayment Capacity of
the borrower, viz. acquisitions beyond the
capability of borrower as determined by the
present scale of operations or tangible net worth of
the borrower / net means of promoters etc.,
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leveraged buyout etc.

VIII. Promoter Group continues to hold majority
management control (more than 50 % of
shareholding or right to appoint majority of
directors) during the currency of loan.
IX. If case of financial default, Repay monies brought
in by the Promoters / Directors /Principal
Shareholders and their friends and relatives by
way of deposits /loan/advances. Further, the rate
of interest, if any, payable on such deposits /loan /
advances should be lower than the rate of interest
charged by the Bank on its term loan and payment
of such interest will be subject to regular
repayment of installments to term loans granted /
deferred payment guarantees executed by the
Bank or other repayment obligation, if any, due
from the borrower to the Bank.
X. The Borrower shall keep the Bank advised of any
circumstance adversely affecting it financial
position
Fees & Charges
Particulars Card Rate Amount
recommended
Upfront Fees 1.00%+GST Rs. 30.00 Lakhs+
for term loan GST
One time Rs. 356/- Lakhs Rs. 10.00 Lakhs+
Processing fees ( Max: 8900000) GST
for OCC
Review Rs. 6.00 Lakh + Rs. 6.00 Lakh + GST
Charges on TL GST
Documentation Rs 60000/- + GST Rs 60000/- + GST
Charges ( Card rate) ( Card rate)
Commitment 1.18% per annum Nil
fees (exclusive of the
overall ceiling of
2.00% penal
interest) on the
un-utilised portion
of the fund based
working capital
limits
Inspection 0.075% subject to 0.075% subject to
Charges maximum of Rs. maximum of Rs.
50000/- + actual 50000/- + actual
TA/DA incurred TA/DA incurred and
and other out of other out of pocket
pocket expenses to expenses to be
be recovered from recovered from the
the borrower. borrower.
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Due Diligence/ - Nil

Verification
charges/
Transaction and
folio charges
All other charges incurred on CERSAI, legal, insurance, stock
audit, CIBIL and any other charges as per extant guidelines.
Prepayment Charges: Prepayment charges @ 0.25% p.a. on
the amount prepaid for the residual period of the loan on simple
interest basis. The said charges to be waived subject to notice
period of 30 Days. In case of adverse revision/change in agreed
spread or/and Benchmark Rate by bank; Borrower has the right
to prepay the loan without any prepayment penalty subject to
notice period of 30 Days.
Penal Interest
Each of the following events will attract penal interest. The bank
will be at liberty to charge penal interest over and above the
eligible rate in the event of any of the following subject to an
overall penal interest rate of 2.00% points.
Event of default Penal
rate
Non submission /delayed submission of renewal 1.00%
data at least one month prior to due date.
Non submission/Delayed submission of stock 1.00%
statement
Non submission of Audited Balance sheet within 8 1.00%
months of closure of Financial year and quarterly
performance details as per stipulated date
For the period of overdue interest / installment in 2.00%
respect of Term Loan and over-drawings above the
drawing power /limit in Fund Based Working Capital
accounts on account of interest / devolvement of
Letters of Credit / Bank Guarantee, insufficient
stocks, receivables, etc
Non compliance of terms of sanction within the 1.00%
stipulated period
Note:
1. Mere paying penal interest will not oblige the bank to allow
the non-compliance of the requirement to continue.
General 1. Bank reserves the right to vary the spread at any point of
Terms time, after mutual consent with the borrower. Borrower
& Conditions can prepay the loan without any prepayment penalty if
such revision is unacceptable to the borrower.
Pre 2. The Bank reserves to itself the right to cancel / suspend /
Disbursement reduce un-utilised limits sanctioned and to alter / amend /
: vary the terms of sanction including rate of interest at its
sole discretion without assigning any reason whatsoever,
if account is irregular.
3. Bank reserves the right to increase the rate of interest by
25 bps in case of each notch downward in external rating
based on audited / provisional balance sheet.
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4. Sanction is valid for a period of 6 months for Term Loan

and 3 Months for Working Capital. Subsequently the bank
reserves the right to refuse revalidation. On revalidation,
bank reserves the right to change the terms and
conditions including rate of interest based on the review of
the proposal at the time of revalidation.
5. In case of non-acceptance of some of the terms and
conditions stipulated in the sanction, the borrower should
take up with the bank their request for amendment in
sanction terms within 15 days from the date of
communication of sanction terms by the bank/branch. The
amendment however will be at the sole discretion of the
bank on merits.
6. The advance will be released only upon payment of
processing fee/upfront fee, and any other charges as may
be prescribed by the Bank from time to time.
7. In addition to these terms and conditions all the facilities
sanctioned shall be subject to the Bank’s rules as well as
the directives issued by RBI from time to time.
8. The duplicate copy of the sanction letter to be returned
duly singed by the authorised signatory as token of
acceptance of terms and conditions.
Post 1. The advance must be used for the purpose for which it is
Disbursement sanctioned. The borrower shall provide an “End use
: certificate” from the chartered accountant. The “end use
certificate” shall certify that the funds drawn down have
been used for the purpose mentioned in the loan
application. Any deviation will be dealt with as per RBI
guidelines.
2. Unless otherwise specified, the sanction of Working
Capital limits availed will remain in force for a period of
one year from the date of sanction. Any request for
renewal / enhancement should be made at least three
months in advance and the application should be
accompanied by all the relevant data as required by Bank.
3. The Borrower shall ensure that the balance in the account
including the periodical interest charged / chargeable is
well within the drawing limit at all times.
4. Interest will be charged on the last working day of the
month on per annum payable monthly basis or as
prescribed by Reserve Bank of India/Bank and shall be
serviced as and when due.
5. In Case of financial Default and Continuing, Bank is
entitled to transfer or assign the whole or part of their
rights and obligations under/in respect of the facility to
other persons/entities without notice to the borrower.
6. In case of non availment/ partial availment of
limits/deterioration in a Borrower’s credit worthiness, the
unavailed limits are cancellable unconditionally.
Borrower’s 1. The Company shall pass necessary Resolution under the
constitution: Companies Act 2013, for execution of documents and
Company availment of facilities from the Bank.
2. In the event of slippage in Asset Classification of the
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borrower’s accounts, the Bank will have the discretion to

have a Nominee Director on the Board of the Borrower
Company.
All other terms & conditions of earlier sanctions remain unchanged.
Committee Specific Conditions

 To recover minimum upfront fees of Rs. 30.00 Lakhs+ GST on Term Loan.
 Collection account to be maintained with our Bank/ collections to be transferred to
our Bank account.
 OCC Limit of Rs. 50.00 Crs to be released first and Fresh Term Loan of Rs. 150.00
crs to be released after opening of collection account with our Bank and obtaining of
NACH Mandate.
Yours faithfully
Assistant General Manager (Corporate Credit)

CC: FGMO New Delhi
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Hero Housing - Sanction - 09.09.2022 - MC

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सीओ:कॉर्पोरेट क्रे डिट विभाग

CO: CORPORATE CREDIT DEPARTMENT

CO/CDN/Gr-1/Sanction No:396 /2022-23 12.09.2022

Deputy General Manager/Branch Head

a) Approval / Acceptance of assessed limits FB : NA

c) Repayment Schedule (for TL tenor): To be availed in tranches within 6 months of Sanction

e) Name(s) of Guarantor(s) with networth as on

Existing Liabilities of the Company

i. Approval for Fresh Concessions (For Fresh Term Loan / OCC)

Charges the residual period of the loan on

Terms and Conditions

(ii) Post Release Conditions

 Financing of NBFC for further lending to individuals for subscribing to

B. Unconditional Cancellablity Clause: The Bank reserves the absolute right to

Mandatory 1. The borrower should maintain adequate books of accounts,

system without notice to the Bank unless such a change is

leveraged buyout etc.

Due Diligence/ - Nil

4. Sanction is valid for a period of 6 months for Term Loan

borrower’s accounts, the Bank will have the discretion to

Committee Specific Conditions

Assistant General Manager (Corporate Credit)

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