Best Practices

Fair Practices Code

Pursuant to the notification issued by the National Housing Bank on Fair Practices Code guidelines vide its notifications/Circular No. NHB (ND)/DRS/Pol-No.16/2006 dated 5th September, 2006, the Company has adopted the said code and the same are effective from 19th October, 2006

Objectives

Promote good and fair practices by setting minimum standards in dealing with customers;
Transparency in services so that the customer can have a better understanding of what he/she/they can reasonably expect of the services;
Encourage market forces, through competition, to achieve higher operating standards;
Promote a fair and cordial relationship between customers and the Company; and
Foster confidence in the housing finance system, as a whole

Application of the Code

The code shall be applicable across all aspects of operations including marketing, loan origination processing and servicing and collection activities. Our commitment to Fair Practice Code would be demonstrated in terms of employee responsibility, efficiency, monitoring and auditing programmes, training and technology.
Through regular training programmes, meeting, seminars, circulars and other modes of the communication employees would be made aware of the code so that there is a strong commitment for fair and quality lending and efficient and fair services.

Commitments

The Company shall adhere to act fairly and reasonably to meet the standard practices prevalent in the housing industry.
The Company shall provide with all the clear information to the customer(s) in understanding the following:

The Company shall keep all the information pertaining to its customers as strictly confidential that will come to the knowledge of the Company during the transaction and shall not divulge any information to third person unless required by any law or government authorities including regulators, or credit agencies or where the sharing of information is permitted by the customer.
The Company shall be clear and not misleading in its advertisement and promotional materials.
Except for the scheme for the weaker section of the society or the scheme formulated by NHB/Govt. Agencies, being implemented by the Company, the Company shall not discriminate on the grounds of caste, creed, religion or sex while dealing with the customer.

Know Your Customer Guidelines

The Company has already framed Know Your Customer Guidelines (KYC) and following Anti Money Laundering Policy (AML), and in line with the policy the company will assist the customer to comply with the said norms and policies.
The Company shall ask the customer to comply with the requirement of KYC and AML, by providing the necessary information/documents as required. The Company will also explain the procedural formality and provide the necessary clarification, if any, sought by the prospective customer, either at the time of opening the deposit account or applying for loan product of the Company.
The Company shall provide the necessary guidance to customer for complying with the KYC norms and the AML Policy.

Deposit Accounts

The Company shall provide information regarding its various deposit schemes including rate of interest, method of interest application, terms of the deposits, premature withdrawal, renewal, loan against deposits, nomination facilities etc.

Loan Accounts

The loan application in the prescribed form will be accepted by the Company along with the processing fees and other documents as required for processing the loan.
The Company shall provide all the information about the loan products to the customer in the normal course of business and shall Endeavour to adhere to it.
The Company shall consider each loan application independently on the merits of the loan application after scrutinizing customer's loan repaying capacity, income proof, identity of the customer, title clearance, technical clearance, etc.
The Company shall inform to the guarantor(s) about his/her/their obligation, liabilities and circumstances in which he/she/they can be called upon to pay dues of the borrower(s).
The Company shall adopt smooth and cordial recovery/collection of installment/dues from the customer/borrower including the persuasive methods for collections of its dues and shall be just and reasonable.
The Company shall inform the customer(s) about the repayment term in advance. However, if the customer(s) does/do not adhere to repayment term, the Company shall inform the customer(s) and guarantor(s) by sending a reminder/notice or making personal visit(s) or by telephonic contact as available with the Company so that the dues are repaid promptly. Inspite of giving reasonable opportunity to repay the defaulted instalment(s), if the default continues, then the Company reserves the right to proceed legally either to enforce the security interest or proceed in the appropriate court of law for the recovery of the dues, depending on the circumstances of each case.

Complaints and Grievances

The Company maintains a Complaint Register at all the branches to enable the customer to lodge the complaint, if any and to ensure redressal of the complaint made by the customer.
The Complaint if any, directly received either by Zonal offices or Corporate office from the customer, will be attended in consultation with the concerned branch. Similarly, the complaint(s) if any, received at branch(es) other than through Complaint Register, shall be recorded in the Complaint Register and redressed in consultation with Zonal/Corporate Office.

General

The Company reserves the right to amend/alter/modify the codes as mentioned herein above and provide updates from time to time, not affecting/ sacrificing the underlining spirit of the code. Such alteration/amendments will be displayed at the notice boards of the branches/Zonal Offices/Corporate Office for the benefit and information of the customer.

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