Bank OTS
Bank OTS
Bank OTS
P HOUSING FINANCE
Apna Ghar,Apni Pehcharn
Without Prejudice
Date: 20 Sep 2023
To,
Mr. SAMAD MAHAMMAD SHAIKH
MILKAT NO 2063 PLOT NO 19 MAUJE DEOGAON RANGARI,
TQ KANNAD AND DIST AURANGABAD
Dear Sir/Ma'am,
We, Poonawalla Housing Finance Limited, do hereby extend this correspondence to you, the Borrower, in our capacity
as your Lender, with regard to the proposed settlement scheme for your Loan Account.
With reference to the subject matter outlined above, we acknowledge receipt of your request for a full and final
settlement of your Loan Account, citing your inability to pay the entire outstanding balance as per our records, owing
to your individual circumstances.
Pursuant to our prior discussions, and in accordance with your specific representations and request, we hereby agree
to settle your total outstanding dues at the amount of INR 75,000/- (Indian Seventy Five Thousandonly) effective
as of the date of this OTS Letter.
Furthermore, you have agreed and irevocably undertaken to PHFL to pay the entire OTS Amount in installment(s)
as outlined in the repayment plan provided in the table below.
SN Payment Date (on or before) Due Amount (INR) Means of Payment
27 Sep 23 75,000/ RTGS/NEFT/Demand Draft (DD)
This settlement is contingent upon your strict adherence to the OTS Payment Schedule, realisation of the DD or
transfer of the Due Amount or any part thereof on or before the Payment Date in the manner herein agreed. Please
note that dishonour of any of the DD or any missed payment would make this settlement nulland void and authorize
us to re-debit your account with late payment charges and interest charges, as per the current applicable rate of interest.
Please be advised that the issuance of this OTSLetter does not constitute awaiver of our right to initiate the requisite
legal action to recoveranyoutstanding debts, should you fail to adhere to your obligations outlined in this OTS Letter.
Upon the receipt of the full OTS Amount in our bank account as the per the OTS Payment Schedule, and after
withdrawal of any and all legal proceedings initiated by the Borrower(s) against PHFL, your Loan Account will be
closed, and a no-dues letter along with property original documents will be issued working 15-20days to you by us
confirming the settlement of the debt.
It is hereby agreed that only after receipt of the fullOTS Amount in our bank account within the time
above in the OTS Payment Schedule and after withdrawal of any and all legal proceedings frame mentioned
initiated
against PHFL, PHFL shall, upon receipt of written request from the Borrower, discontinue any by the Borrower(s)
and all legal
proceedings instituted for the recovery of the outstanding amount or any other related claims against the
Borrower(s).
You hereby agree and acknowledge that:
1
P HOUSING FINANCE
Apna Ghar, Apni Pehchan
This OTS Letter has been issued upon your express representation and undertaking to pay the entire OTS Amount
within the time provided in the OTS Payment Schedule.
2. This is the final settlement offer and no further negotiation will be entertained in this regard.
This letter supersedes any previous comespondence or discussions regarding the settlement of your outstanding debts.
This OTS Letter is being issued at the specifie request of the Borrower(s) and without prejudice to the rights
and remedies available to the Lender under the terms of the loan agreement or under the applicable laws and
should in no way be considered as awaiver of the rights and remedies available to the Lender under the relevant
loan agreement or the applicable laws.
In order for us to consider this matter resolved, we kindly request that you provide us with a signed copy of this letter
as fomal acceptance of the proposed repayment plan within two (2) working days from the date of this OTS Letter.
Your failure to provide the formal acceptance to this OTS Letter shallbe construed as your rejection of this settlement
and shall entitle us to proceed with our collection/legal recovery efforts.
For Poonawalla Housing Finance Limited
(Formerly known as Magma Housing Finance Limited)
Authorised Signatory z
Name: Mahesh MKulkarni
NASHIK-11
Designation: State Colon.Manac
Verifiet by:
A
MOUSING
A SHIK-1
(State Collection Heat PHFOA
Name: Mahesh M Kulkarnt
Designation: State Collection Manager
AW,
It is hereby agreed that only after receipt of the full OTS Amount in our bank account
within the time
above in the OTS Payment Schedule and after withdrawal of any and all legal proceedings initiated byframe mentioned
the Borrower(s)
against PHFL, PHFL shall, upon receipt of written request from the Borrower, discontinue any and all
legal
proceedings instituted for the recovery of the outstanding amount or any other related claims against the Borrower(s).
You hereby agree and acknowledge that:
1.
P HOUSING FINANCE
Apna Ghar, Apni Pehchan
his OTS letter has enissued upnyour express representation and undertaking to pay the entire OTS Amount
within the time providd in the OIS Payment Schedule.
lhis is the final setlement offer and no further negotiation will be entetained in this regard
This leter suyersedes any previous comespondence or discussions regarding the settlement of your outstanding debts.
This OSLtter ix being issued at the specifle request of the Borrower(s) and without prejudice to the rights
and remedien available to the Lender under the terms of the loan ngreement or under the applieable laws and
should in no waybe considered as awaiver of the rights and remedies available to the Lender under the relevant
kuan agreement or the applicable laws.
In onder fr us to msider this matter resolved, we kindly request that youprovide us with a signed copy of this letter
asYaurfmal aveNane of the promsed repay ment plan withintwo (2) working days from the date of this OTS Leter.
failure to provide the fomal acceptance to this OTS Letter shall be construed as your rejection of this settlement
and shallentitle us to proveed with our collection/legal recovery efforts.
For Poonawalla Housing Finance Limited
(Formerty Amowp as Magma Housing Finance Limited)
AuthorisedMahSSHK,1,
Name:
HOUSINGA
Designation Collection ger
Verified by: