Step 9: Financing Details
Undertaking
I S/O, D/O, W/O holder of CNIC , undertake that the detail of my existing exposure from the “Entire Banking Sector” as on is as under:
The above information is true and correct?
Required
Step 9: Undertaking cum Indemnity for Electronic Execution of Documents
UNDERTAKING CUM INDEMNITY FOR ELECTRONIC EXECUTION OF DOCUMENTS
I have requested/am requesting Bank Alfalah Ltd (the “Bank”) for extending banking facilities, financial accommodation and finances as defined in the Financial Institutions (Recovery of Finances) Ordinance, 2001 (the “FIO”) and/or in terms of applicable laws (hereinafter collectively referred to as the “Facilities”), I do hereby irrevocably record, confirm agree and undertake as follows:
1. I shall pass instruction and communication to the Bank and execute all requests, applications, undertakings, agreement(s) and other banking documents/security documents (collectively the “Financing & Security Documents”), in favor of the Bank from time to time, by electronic means (the “Electronic Execution”) in compliance with Electronic Transactions Ordinance, 2002 (“ETO”).
2. I do hereby request and unconditionally authorize the Bank to act and rely on any Electronic Execution of Financing & Security Documents including the instructions / communications pertaining to the operation of all my accounts, being maintained with the Bank and/or in respect of Facilities which may from time to time be given through my authenticated login at Bank’s official website/portal.
3. I understand and acknowledge that there are inherent risks involved in Electronic Execution (which may include any fraudulent activity by any person, whosoever); hence I hereby unconditionally agree, acknowledge, undertake and confirm that all risks, losses, damages and costs, arising out of and in relation to the Electronic Execution of Financing & Security Documents shall be fully borne by me, without any exception and assume entire liability for the same, and except willful misconduct, gross negligence or fraudulent acts of the Bank, the Bank shall not be liable for any losses, costs, claims or damages including but not limited to legal fees on any matter, arising out of and in relation to Electronic Execution, as stipulated herein.
4. That the Bank shall be entitled to act or refuse to act on Electronic Execution, as the Bank deems fit, without incurring any liability whatsoever to me or to any other person.
5. The Bank may allow the Electronic Execution of Financing & Security Documents in its discretion, considering the nature of particular transaction. I hereby agree that security procedure (the “Security Procedure”), which the Bank observes for Electronic Execution, is secure and reliable to my entire satisfaction for consummation of the electronic transactions in accordance with applicable provisions of ETO. I shall never bring any claim against Bank whatsoever in respect of the Security Procedure for consummation of the electronic transactions.
6. The electronic communication and Electronic Execution of Financing & Security Documents shall be unconditionally and legally binding on me for all intents and purposes without making any denial/dispute, whatsoever inter alia in relation to the electronic signatures, Security Procedure and/or all connected and ancillary matters.
7. That the Electronic Execution of Financing & Security Documents shall be conclusively presumed for the Bank’s benefit to be duly authorized by and legally binding on me, and I shall be fully liable for the same. The Bank shall not be liable to ensure the authenticity, validity or source of any Electronic Execution and shall not be liable if any Electronic Execution turned out to be unauthorized, erroneous or fraudulent, in any manner, whatsoever.
8. I shall not make any claim against or hold Bank liable, by reason of or on account of Bank, having acted or refused to act on any Electronic Execution by me, or the Bank having acted wrongly or mistakenly, or Bank’s failure to act wholly or in part in accordance with the Electronic Execution except willful misconduct, gross negligence or fraudulent acts of the Bank,. This undertaking cum indemnity is subject to SBP’s regulations and/or Bank’s operational guidelines/policies.
9. Notwithstanding anything contained herein, the Bank may, under circumstances determined by Bank in its absolute discretion, require from me confirmation of any of my instruction and/or Electronic Execution of Financing and Security Documents in such form as the Bank may specify before acting on the same; and I shall submit such confirmation to Bank immediately upon receipt of request. Pursuant to receipt of confirmation, the Bank shall have the right but not the obligation to act upon such instructions. If required by the Bank, I shall execute the physical documents before and/or after the Electronic Execution have been acted upon by the Bank. I will always be willing to comply with Bank’s all instructions before consummation of Electronic Execution of Financing and Security Documents.
10. The Bank shall not be liable to me and/or any other person action on my behalf and I jointly and severally with my such representative shall indemnify and keep the Bank indemnified from and against all claims either against me/us or any other, actions, demands, liabilities, costs, charges, damages, losses, expenses and consequences of whatever nature (including legal fees on a full indemnity basis) and howsoever arising, which may be brought or preferred against Bank or that Bank may suffer, incur or sustain by reason of or on account of having so acted whether wrongly or mistakenly or not, or of failing to act wholly or in part in accordance with the Electronic Execution and the terms of this letter of indemnity except willful misconduct, gross negligence or fraudulent acts of the Bank,.
11. I confirm that the Electronic Execution shall comply with the requirements of ETO and shall not be contrary to any law for time being in force in Pakistan as well as the country where Electronic Execution is performed. I further confirm to have the capacity and authority to accept this document and that this document constitutes my valid, legal, effective and enforceable obligation.
12. This undertaking cum indemnity is without prejudice to Bank’s all rights, interests and remedies, available to the Bank particularly under Financing and Security Documents, FIO, ETO and generally under prevailing laws of Pakistan.
13. This undertaking cum indemnity document shall be governed and construed in accordance with the laws of Pakistan.
Name :
CNIC :
I confirm having read and understood the contents of above document and convey my acceptance to the Bank
Please check undertaking to proceed further
Step 10: Terms & Conditions
Home Finance Application – Undertaking cum Terms & Conditions
I/We the undersigned do hereby declare that I/we/ am/are Pakistani National(s) and undertake to maintain this status, in addition to dual nationality (if any) at least until full & final settlement of the financing from the Bank.
(a) I/We understand that in he event the Bank agrees to finance any amount in the aforesaid property as admissibleunder its rules, regulations and procedures, I/we the undersigned do hereby declare and undertake that decision of the Bank in respect of the following shall be binding on me/us and I/we shall not be absolved from this undertaking any time during the period of the financing:
(i) The assessed cost of land and cost of construction thereon;
(ii) The assessed rental income of the property and the rate of periodic revision thereof;
(iii) The share of the Bank in the rental income in consideration of its investment.
(iv) The fixation of additional amounts be paid in case of default in making payments of dues by the duedate;
(v) The period of completion of the house; and
(vi) Obtaining Group Life Insurance Coverage/Life Takaful/property Takaful on such terms and contribution/premium, as agreed to by the Bank and the Insurance/Takaful Company;
(b) I/We undertake to open an account with the Bank as may be designated by it if this application is accepted and hereby undertake to furnish all required postdated cheques/Irrevocable Direct Debit Advice/standing instructions to the bank,as per the details provided by the Bank from time to time in order to pay off charges related to the facility as may be applicable.
(c) That I/we do hereby authorize the Bank to obtain information/data regarding my/our financial and personal details from any credit bureau, agent, financial institution companies for purposes of processing my/our application and monitoring my/our facilities/account. Further I/we authorize the Bank to disclose/share information/data about my/our account/facilities to/with any other credit bureau, agents, banks, financial institutions or companies as the Bank considers appropriate from time to time. I/We also understand that external agency charges and all other charghes are non-refundable even if my/our application is rejected.
(d) That I/we do hearby declare that there is no default against me/us as a borrower/customer or as guarantor at any bank/financial institution. I/We also indemnify if any default appears in any credit bureau after registeration and processing of any investment case at the Bank, the application fee so deposited by me/us with the bank/financial institution for obtaining house finance facility will be forfieted and not refunded to me/us.
(e) I/We declare that all the information presented above is correct and complete to the best of my/our knowledge. I/we also hereby authorize the bank, or its duly appointed agents, to contact my place of residence, work, and/or references to verify any of the information provided by me in this application.
That I/we further declare that this application form and undertaking shall form part of and be deemed to have been incorporated in the finance Agreement to be executed by me/us.
(f) I/We further inform bank in case there is change in any of my/our telephone number/address.
Name :
CNIC :
Step 10: Terms & Conditions
Home Finance Application Govt. Markup Subsidy Scheme for Housing Finance Undertaking cum Terms & Conditions
I/We the undersigned do hereby declare that I/we am/are Pakistani National(s) and undertake to maintain this status, in addition to dual nationality (if any) at least until full & final settlement of the financing from the Bank.
(a) I/We understand that in the event the Bank agrees to finance any amount in the aforesaid property as admissible under its rules, regulations and procedures, I/we the undersigned do hereby declare and undertake that decision of the Bank in respect of the following shall be binding on me/us and I/we shall not be absolved from this undertaking any time during the period of the financing:
(i) The assessed cost of land and cost of construction thereon;
(ii) The fixation of additional amounts be paid in case of default in making payments of dues by the due date.
(b) I/We undertake to open an account with the Bank as may be designated by it if this application is accepted and hereby undertake to furnish all required postdated cheques/Irrevocable Direct Debit Advice/standing instructions to the bank, as per the details provided by the Bank from time to time in order to pay off charges related to the facility as may be applicable.
(c) That I/we do hereby authorize the Bank to obtain information/data regarding my/our financial and personal details from any credit bureau, agent, financial institution companies for purposes of processing my/our application and monitoring my/our facilities/account. Further I/we authorize the Bank to disclose/share information/data about my/our account/facilities to/with any other credit bureau, agent, banks, financial institutions or companies as the Bank considers appropriate from time to time. I/We also understand that external agency charges and all other charges are non-refundable even if my/our application is rejected.
(d) That I/ we do hereby declare that there is no default against me/us as a borrower/customer or as guarantor at any bank/financial institution. I/We also indemnify that subsequently if any default appears in any credit bureau after registration and processing of any investment case at the Bank, the application fee so deposited by me/us with the bank/financial institution for obtaining housing finance facility will be forfeited and not refunded to me/us.
(e) I/We declare that all the information presented above is correct and complete to the best of my/our knowledge. I/We also hereby authorize the Bank, or it’s duly appointed agents, to contact my place of residence, work, and/or references to verify any of the information provided by me in this application.
That I/we further declare that this application form and undertaking shall form part of and be deemed to have been incorporated in the Finance Agreement to be executed by me/us.
(f) I/We will inform bank in case there is change in any of my/our telephone number/address.
(e) The processing time will not exceed 30 days after submission of all documents by the borrower.
Name :
CNIC :
Step 5: Terms & Conditions
I undertakes that I will be responsible for providing the required documentation to Bank Alfalah Limited from time to time as advised by State Bank of Pakistan as per Annexure A FE Circular # 01 dated August 5th 2020.
Name :
CNIC :
