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| 1. PREAMBLE AND
APPLICATION |
As part of the best
corporate practices and in line with the National Housing Bank (NHB) guidelines,
Deutsche Postbank Home Finance Ltd. (the Company) developed a Fair Practice Code
(the Code) to promote good and fair practice, increase transparency, encourage
market forces, promote a fair and cordial relationship between Customer
(hereinafter referred as “you / your”) and the Company and to foster confidence
of the customer in the housing finance system of the Company. The Code has the
following key elements:
1.2 Application of the Code
Unless otherwise stated, all parts of this Code shall apply to all the products
and services, which are provided by the Company across the counter, over the
phone, by post, through interactive electronic devices, on the internet or by
any other method. |
| 2.
THE COMPANY TO ACT FAIRLY AND REASONABLY IN ALL DEALINGS WITH YOU, BY: |
a) meeting the commitments and standards in this Code for the products and
services which the Company offers and in the procedures and practices the
Company’s employees follow.
b) making sure that the Company’s products and
services meet relevant laws and regulations.
c) ensuring that the Company’s dealings with you will rest on ethical principles
of integrity and transparency
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2A THE COMPANY SHALL TRANSPARENTLY DISCLOSE TO YOU ABOUT: |
a) fee/charges payable for processing the loan application
b) amount of fees refundable, if loan amount is not sanctioned/disbursed
c) pre-payment options & charges, if any
d) penalty for delayed payment if any,
e) conversion charges for switching loan from fixed to floating rates or vice-versa
f) existence of any interest re-set clause
g) any other matter which affects your interest.
The Company will ensure that the above mentioned charges/fees are non-discriminatory.
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| 3. ADVERTISING, MARKETING AND SALES |
a) The Company shall ensure that all advertising and promotional material is
clear, and not misleading.
b) The Company shall in any of its advertisement
in any media and promotional literature that draws attention to a service or
product and includes a reference to an interest rate shall also indicate whether
other fees and charges will apply and that full details of the relevant terms
and conditions are available to you on request.
c) The Company provides information on interest rates, common fees and charges
through any one of the following:
Putting up notices in our branches;
Through telephone or help-lines;
On our Company’s website;
Through our designated staff / help desk;
Providing service guide / tariff schedule
d) The Company, if availing the services of
third parties for providing support services shall require that such third
parties handle customer’s personal information (if any available to such third
parties) with same degree of confidentiality and security as the Company would.
e) The Company may from time to time,
communicate to you various features of our products availed by you. Information
about our other products or promotional offers in respect of products / services
may be conveyed to you only if you have given your consent to receive such
information / service.
f) The Company shall prescribe a code of conduct
for the Direct Selling Agencies (DSAs) whose services are availed to market
products / services which amongst other matters require them to identify
themselves when they approach the customer for selling products personally or
through phone.
g) in the event of receipt of any complaint from you that the Company’s
representative / courier agency or DSA has engaged in any improper conduct or
acted in violation of this Code, appropriate steps shall be initiated to
investigate and to handle the complaint and to make good the loss.
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| 4. LOANS |
4.1(i) Applications for loans and their processing
a. At the time of sourcing
a loan product, the Company shall provide necessary information which affects
the interest of the borrower so that a meaningful comparison with those of other
HFCs can be made and informed decision can be taken by you. The Loan application
form shall contain the list of documents required to be submitted with the
application form.
b. The Company shall have a system of giving acknowledgement
for receipt of all loan applications. Preferably, mentioning the tentative time
frame within which loan applications will be disposed off.
4.1(ii) Loan appraisal and terms/conditions
a. Normally, all particulars required for processing the loan application shall be collected by the Company at the time of application. In case the Company needs any additional information, you would be informed to contact us immediately.
b. The Company shall convey in writing to the borrower by means of sanction letter or otherwise, the amount of loan sanctioned along with all terms and conditions including annualized rate of interest, method of application, EMI Structure, prepayment charges and keep the written acceptance of all terms and conditions by the borrower on its record.
c. The Company shall invariably furnish a copy of the loan agreement along with a copy of all enclosures referred in the loan agreement to every borrower subsequent to disbursement of loans.
4.1(iii) Communication of rejection of Loan Application
If the Company cannot provide the loan to you, it shall communicate in writing the reason(s) for rejection.
4.1(iv) Disbursement of loans including changes in terms and conditions
a. Disbursement shall be made as per the request by the borrowers from time to time.
b. Generally the interest rate applicable to loans is subject to revision in line with market conditions, which shall be informed to you in advance with due notice. Such changes shall be effective prospectively.
c. The Company shall give notice to you of changes in any other terms and conditions including disbursement schedule, service charges, prepayment charges, other fees applicable etc.
d. If such Change mentioned in clause 4.1(iv) (c) is to your disadvantage, then you may within 60 days and without notice close your account or switch it without paying any extra charges or interest.
e. Before taking a decision to recall / accelerate payment or performance under the agreement or seeking additional securities, the company would give notice to the borrowers in consonance with the loan agreement.
f. The Company would release all securities immediately on repayment of all dues or on realisation of the outstanding amount of loan subject to any legitimate right or lien for any other claim the Company may have against you. If such right of set off is to be exercised, you would be given notice about the same with full particulars about the remaining claims and the conditions under which the Company is entitled to retain the securities till the relevant claim is settled /paid.
4.2 Guarantors
When a person/company is considered to be a guarantor to a loan, he/she/the company will be provided a letter of guarantee for execution which will incorporate the nature, quantum and limitation of the liability as a guarantor and circumstances giving rise to such liabilities, the process of notification and the mode of discharge.
The Company shall keep the guarantor informed of any material adverse change(s) in the financial position of the borrower to whom he/she stands as a guarantor.
4.3 Privacy and Confidentiality
All your personal information shall be treated as private and confidential (even when you are no longer our customer) and shall be guided by the following principles and policies. The Company shall not reveal information or data relating to your accounts to anyone, including other companies in the group, other than in the following exceptional cases:
a) If the information is to be given by law;
b) If there is a duty towards the public to reveal the information;
c) If the Company’s interests require to give the information (for example, to prevent fraud) but the same will not be used by the Company as a reason for giving to anyone else, including other entities in the group, for marketing purposes without your permission;
d) If you ask the Company to reveal the information, or with your permission
e) If Company is asked to give reference about you, the Company will obtain your written permission before giving it.
f) If the Court / authorities so direct or required by any regulatory authority(ies) including reference agencies or CIBIL etc.
g) If the third party acquires on its own without the Company’s involvement;
h) If provided by someone else inadvertently;
4.4 Credit reference agencies
a) You are hereby informed that at the time of opening a new account, the Company will pass your account details to credit reference agencies and the checks the Company may undertake in this regard.
b) The Company will provide information to credit reference agencies about the personal debts you owe to us, if :
i. You have fallen behind with the payments ;
ii. The amount owed is not in dispute; and
iii. You have not made satisfactory proposal for repaying the debt, following the Company’s formal demand.
c) In these cases, the Company shall intimate you in writing its plan to give information about the debts you owe it to credit reference agencies. At the same time, the Company shall explain to you the role of the credit reference agencies and the effect the information they provide can have on your ability to get credit.
4.5 COLLECTION OF DUES
4.5.1
At the time of giving the loans, the Company shall explain to you the repayment process by way of amount, tenure and periodicity of repayment. However if you do 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.
4.5.2
The Company’s collection policy is built on courtesy, fair treatment and persuasion. The Company believes in fostering customer confidence and long-term relationship. The employee of the Company or any person authorized by it to represent in collection of dues or / and security repossession shall identify himself / herself and display the authority letter, if any, issued by the Company and upon request, display his / her identity card. The Company shall provide you with all the information regarding dues and shall endeavor to give sufficient notice for payment of dues.
4.5.3
All the members of the staff or any person authorised to represent the Company in collection will follow the guidelines set out below:
a) You will be contacted ordinarily at the place of your choice and in the absence of any specified place at the place of your residence and if unavailable, at the place of your business / occupation.
b) Identity and authority to represent the Company will be made known to you at the first instance by the Company’s representatives.
c) Your privacy will be respected and all interactions with you will be in a civil manner.
d) The Company’s representatives will contact you between 0700 hrs and 1900 hrs, unless special circumstances of your business or occupation require otherwise.
e) Your request to avoid calls at a particular time or at a particular place will be honored as far as possible and the time and number of calls and contents of conversation will be documented.
f) Time and number of calls and contents of conversation would be documented.
g) The Company will give you all assistance to resolve disputes or differences regarding dues in a mutually acceptable and in an orderly manner and during visits to your place for dues collection, decency and decorum will certainly be maintained.
h) The Company’s representatives will avoid making calls/visits to collect dues on inappropriate occasions such as bereavement in the family or such other calamitous occasions.
i) Although the Company and its officials shall professionally communicate with you for all recovery matters and in case of your failure to attend to such recovery demands the Company has liberty to invoke the applicable laws including SARFAESI, Arbitration, Negotiable Instruments Act, IPC etc.
4.6 Complaints and Grievances
4.6.1 Internal Procedures
a) The Company will have a system and a procedure for receiving, registering and disposing of complaints and grievances in each of its offices.
b) The Management under the supervision of the Board of Directors will lay down the appropriate grievance redressal mechanism within the Company to resolve complaints and grievances. Such a mechanism will ensure that all disputes arising out of the decisions of lending institutions' functionaries are heard and disposed of at least at the next higher level.
c) If the complaint is received in writing from you, the Company shall endeavor to send acknowledgement / response with 10 days. The acknowledgement to contain the name and designation of the official who will deal with the grievances. If the complaint is relayed over phone at Company’s designated telephone helpdesk or customer service number, then you shall be provided with a complaint reference number and be kept informed of the progress within a reasonable period of time.
d) After examining the grievance, the Company would send the final response to the customer or explain the reason as to why it needs more time to respond beyond six weeks of receipt of the same. And you would be informed how to take your complaint further if you are not satisfied with the reply.
e) The Company shall publicize its grievance redressal procedure and ensure that it is specifically made available on its website.
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Grievance
Redressal Mechanism |
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5. GENERAL
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i. The Company shall verify the details mentioned by you in the loan application
by contacting you at your 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 Company
ii. You would be informed to co-operate if the Company needs to investigate a
transaction on your account and with the police/ other investigative agencies,
if the Company needs to involve them.
iii. The Company would advise you that if you act fraudulently, you will be
responsible for all losses on your account and that if you act without
reasonable care and this causes losses, you may be responsible for the same.
iv. The Company shall help you to understand how the Company’s financial
products and services work, by providing / giving you the information in the
simple language either English, Hindi or local language.
v. The Company shall not discriminate on grounds of sex, caste and religion in
the matter of lending. However, this does not preclude the Company from
instituting or participating in schemes framed for different sections of the
society
vi. The Company shall process requests for transfer of a loan account, either
from the borrower or from a bank/financial institution, in the normal course.
vii. To publicize this code, the Company shall
a) provide existing and new customers with a copy of the Code
b) make this Code available on request either over the counter or by
electronic communication or mail;
c) make available this Code at every branch and on their website; and
d) ensure that Company’s staff are trained to provide relevant information
about the Code and to put the Code into practice.
viii. The Management Committee of the Company shall periodically review the
Compliance of the Fair Practice Code and functioning of the grievance redressal
mechanism. A consolidated report of such reviews may be submitted to the Board
of Directors at regular intervals, or as may be prescribed from time to time. |
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