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Stamp paper is not included with this agreement and is for illustration purposes only. If e -stamp is applicable in your city you can order it during checkout.
Stamp paper is not included with this agreement and is for illustration purposes only. If e -stamp is applicable in your city you can order it during checkout.
This Deed of Indemnity made at __________ (Name of Place) this the ______ day of _______ month _______ year between ______________________ hereinafter referred to as the party of the First Part (which expression shall wherever the context so requires or permits, include his/her heirs as executors, administrators and assigns) of the One part and the __________________________ (Name of Company), a public company incorporated under the Indian Companies Act.1913, and having its registered office at __________________________(Address with pin code), hereinafter referred to as “the party of the Second Part ( which expression shall wherever the context so requires or permits includes its successors and assigns) of the OTHER part.
WHEREAS the party of the First Part had applied to the party of the Second part for the loan of an amount of Rs____________ for the purchase of a flat/construction of a house under the Housing Loan Scheme applicable to the employees of the party of the Second part.
AND WHEREAS the party of the Second Part has agreed to sanction the said loan on the condition that the party of the First Part should give to the party of the Second Part an Indemnity as hereinafter provided.
NOW THIS INDENTURE WITNESSETH AS FOLLOWS:
The party of the First Part hereby absolutely irrevocably and fully indemnifies and will at all times hereinafter keep indemnified, saved and defended and harmless the party of the Second Part, their servants and agents in respect of and against all claims, demands, rights, actions, proceedings of whatsoever kind or nature and by whomsoever and whenever made taken filed against, the party of the Second Part and in respect of and against all losses, payment, damages, costs, charges, expenses, liabilities of whatever kind and nature incurred/sustained by the party of the Second Part or which the Party of the Second Part may howsoever and whenever suffer, sustain incur or to be exposed to by means of or in respect of or as a result of or consequent upon any act of omission or commission on the part of the party of the First Part or any other person, firm, body or corporation whatsoever arising out of the sanction of the said loan by the party of the Second Part to the party of the First Part under the Housing Loan Scheme.
IN WITNESS WHEREOF the party of the First Part have their in to set and subscribed their hands and seal this day and year hereinabove written.
Signed ,Sealed and delivered by ____________________
in the presence of: _____________________
Signature of the Executants
(_______________________ Name of 1st Party)
Identified by me:
Advocate/_______________(Name of Place)
Guidelines for Drafting Indemnity Bond on Home Loan:
Purpose and Usage:
An Indemnity Bond on Home Loan is employed when a borrower seeks a home loan from a financial institution. This legal document indemnifies the lender against potential losses, ensuring that the borrower takes responsibility for the loan and indemnifies the lender against any future claims or disputes related to the home loan.
Key Drafting Considerations:
Borrower Identification:
Clearly identify the borrower (indemnifier) seeking the home loan, providing their full legal name, contact details, and any relevant identification numbers.
Loan Details:
Explicitly state the details of the home loan, including the loan amount, terms, interest rates, and any specific conditions stipulated by the lender.
Indemnity Clause:
Articulate the indemnity clause, wherein the borrower affirms their responsibility for the loan and indemnifies the lender against any future claims, losses, or disputes.
Property Description:
Include a description of the property being financed, specifying its location, type, and any other relevant details.
Notarization and Signature:
Ensure the indemnity bond is properly notarized for legal validity. The borrower must sign the document before a notary public.
Common Mistakes to Avoid:
Ambiguous Language:
Avoid using ambiguous language. Clearly articulate the terms of indemnification to prevent misunderstandings or disputes.
Inadequate Loan Details:
Provide accurate and detailed information about the home loan. Incomplete details may lead to uncertainties or disputes.
Failure to Notarize:
Neglecting proper notarization may compromise the legal validity of the indemnity bond. Ensure the document is notarized for authenticity.
Lack of Specificity:
Be specific about the scope and limitations of the indemnification. Vague language may lead to complications.
Not Reviewing Loan Agreement:
Ensure the indemnity bond aligns with the specific terms and conditions of the home loan agreement. Failure to do so may result in non-compliance and legal issues.
Drafting this indemnity bond requires meticulous attention to detail to facilitate a smooth home loan process. Adhering to these guidelines ensures a well-crafted document that protects both the borrower and the lender, providing legal assurance while minimizing potential liabilities or disputes related to the home loan.