Fair Practice Code

Fair Practice Code

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PREAMBLE

1. OBJECTIVE OF THE CODE

2. APPLICATION

3. NHHFDL’S COMMITMENT TO CUSTOMERS NHHFDL

shall

Fair Practice Code

4. KNOW YOUR CUSTOMER POLICY GUIDELINES NHHFDL SHALL

5. ADVERTISING, SALES AND MARKETING

Fair Practice Code

  • ➢ Ensure that in the event any complaint from a customer is received against any NHHFDL representative/courier/DSA’s for any improper conduct or violation of the code of conduct, then the complaint shall be adequately addressed and appropriate steps shall be initiated for investigation of the complaint and for making good the loss incurred basis the said investigation.
  • 6. LOANS Disclosure and transparency

    Applications for loans and their processing

    Loan appraisal, disbursement and changes in the terms, conditions, interest rates, charges etc.

    Fair Pratice Code

    7. GUARANTORS–APPLICABILITY OF THE CODE

    When a person is considering being a guarantor to a loan, he/she shall be informed about:

    8. PRIVACY AND CONFIDENTIALITY

    Treat all personal information of customers as private and confidential even when the customers are no longer customers of NHHFDL, no information or data relating to customer accounts, whether provided by the customers or otherwise, shall be revealed to anyone, including other company’s entities in NHHFDL group, unless:

    Fair Practice Code

  • ➢ NHHFDL will not use customer’s personal information for marketing purposes unless the customer has specifically authorized NHHFDL to do so.
  • 9. CREDIT REFERENCE AGENCIES

    Inform the customer at the time when the customer is availing the loan facility or any time thereafter that his/her account details may be disclosed to credit reference agencies and the checks that may be made through them. Further, provide information to credit reference agencies about the personal debts of the customer, if: ➢ The customer has defaulted with his/her payments of EMI.

    In the above mentioned cases, intimation in writing will be given to the customer stating that NHHFDL intends to give information about the debts the customer owes them, to the credit reference agencies. At the same time, customer shall be explained the role of credit reference agencies and the effect the providing of such information will have on the customer’s ability to get credit. Additional information about the customer may be given to credit reference agencies if the customer has given his/her permission to do so. A copy of the information given to the credit reference agencies shall be provided to a customer, if so demanded.

    10. COLLECTION OF DUES

    At the time of disbursement of loan the customer will be explained the repayment process including amount, tenure and periodicity of repayment detailed in the repayment schedule. If the customer does not adhere to repayment schedule, a defined process in accordance with the laws of the land shall be followed for recovery of dues. The process will involve reminding the customer by sending him/her notice or by making personal visits and/or repossession of security if any.

    NHHFDL’s collection policy has been built on courtesy, fair treatment and persuasion, fostering customer confidence and long-term relationship. NHHFDL’s staff or any person authorized to represent NHHFDL in collection of dues or/and security repossession shall identify himself/herself and display the authority letter so issued and upon request, display his/her identity card so issued. Provide customers with all the information regarding dues and endeavor to give sufficient notice for payment of dues. NHHFDL have a mechanism whereby the borrower grievances with regards to the recovery process can be addressed. The details of the mechanism should also be furnished to the borrower. In the event of default in payment of loan amount by the customer, NHHFDL and/or its authorized agents:

    Fair Practice Code

    11. CUSTOMER GRIEVANCES AND REDRESSAL NHHFDL

    Shall

    12. DEPOSIT ACCOUNTS:

    The company does not accept public deposits currently. However, NHHFDL shall provide all information regarding its various deposit schemes, if and when the same are launched, including rate of interest, method of interest application, terms of the deposits, premature withdrawal, renewal, loan against deposits, nomination facilities etc. in the same manner as applicable to loan products.

    13. GENERAL NHHFDL shall

  • ➢ Verify the details mentioned by the customer in the loan application by contacting him/her at his/her residence and/or on business telephone numbers and/or physically visiting his/her residence and/or business addresses through agencies appointed for this purpose, if deemed necessary by the NHHFDL
  • Fair Practice Code

    The Board of Directors of NHHFDL shall Adopt an interest rate model taking into account relevant factors such as cost of funds, margin and risk premium and determine the rate of interest to be charged for loans and advances.

    14. OFFICE CLOSURE/CHANGE OF LOCATION:

    In the event of shifting or closure of any office of NHHFDL, adequate notice shall be given to the affected customers of the office

    The board of directors of NHHFDL shall provide for periodical review of the compliance of the fair practices code at various levels of management. A consolidated report of such reviews may be submitted to the board at regular intervals, as may be prescribed by it.

    The information contained herein is the property of new habitat housing finance and development limited. And may not be copied, used or disclosed in whole or in part, stored in a retrieval system or transmitted in any form or by any means (electronic, mechanical, reprographic, recording or otherwise) without prior written permission.



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