Fair Practice Code

  • Objective
  • Loans
  • Guarantor
  • Privacy and confidentiality
  • Credit reference agencies
  • Collection of dues
  • Complaints and grievances
  • General

OBJECTIVES :

  • To promote good and fair practices in dealing with the customers.
  • To provide transparency in the transactions to customers, so that the customer can have better understanding of what he/she can reasonably expect of the services.
  • To encourage market forces through competition, to achieve higher operating standards.
  • To promote “fair and cordial relations”, with customer.
  • To foster confidence in Housing Finance System.

 

FAIR & TRANSPARENT DEALINGS

     Khush Housing Finance Pvt. Ltd. shall act fairly and reasonably in all dealings with the customers by ensuring the following

  • Khush Housing Finance Pvt. Ltd. shall meet the commitments and standards as per NHB’S guidelines on Fair Practices Code for the products and services that are being offered to the customers.
  • The products and services of Khush Housing Finance Pvt. Ltd. shall meet the relevant laws and regulations in letter and spirit.
  • The dealings of Khush Housing Finance Pvt. Ltd. with the customers shall be based on ethical principles of “integrity and transparency”.

 

ADVERTISING, MARKETING AND SALES:

    Khush Housing Finance Pvt. Ltd. shall ensure that:

  • All advertising and promotional materials are clear and do not mislead customers.
  • Promotional literature on services and products, in any media shall include a reference to the interest rate. Khush Housing Finance Pvt. Ltd. shall also ensure to indicate the fees, charges, terms and conditions that are applicable for the products and services and are made available to the customers on request.
  • Khush Housing Finance Pvt. Ltd. shall ensure to provide the information on interest rates, fees and charges through
  1. Notices displayed at KHUSH Centre premises.
  2. Telephone or help lines.
  3. Company’s website.
  4. Designated staff/help desk.
  5. Providing service guide/tariff schedule.
  • Khush Housing Finance Pvt. Ltd. shall ensure that the “third parties engaged” for providing support services shall handle customer’s personal information (if any available to such third parties) with the same degree of confidentiality and security as Khush Housing Finance Pvt. Ltd. would.
  • Khush Housing Finance Pvt. Ltd. may from time to time shall communicate to customers various features of the products availed by them. Information about the new products/other products /services shall be conveyed to the customers, only if he customer had given his/her consent to receive such information/services either by mail or by registering the same on the web site or on customer care no.
  • Khush Housing Finance Pvt. Ltd. shall prescribe a code of conduct for “direct selling agencies” (DSA) if their services are engaged /availed in marketing products /services, to identify themselves when they approach the customer for selling the products personally or through phone.
  • In the event of receipt of any complaint from the customer that Khush Housing Finance Pvt. Ltd’s representative(s)/courier/DSA had engaged in any improper conduct or acted in violation of this code, appropriate steps shall be taken to investigate and to handle the complaint(s).

LOANS :

APPLICATIONS

Khush Housing Finance Pvt. Ltd. had included all the questionnaire, columns and tables in the application form to draw the information that is needed for taking credit decision. The data required in the application form, shall enable the applicant(s) to compare the terms and conditions offered by Khush Housing Finance Pvt. Ltd. with other housing finance institutions, so that the customer is in a position to take his/her decision independently.

Khush Housing Finance Pvt. Ltd. has provided perforated sheet at the end of application form, for giving acknowledgement, to the applicant, for having received the application form, with date & signature of the authorized person of Khush Housing Finance Pvt. Ltd. at the branch.

PROCESSING OF APPLICATION FORM & TERMS AND CONDITIONS:

In the normal course, all the information that is needed is collected from the applicant at the time of submission of application form. The customer shall be informed at the time of accepting the application form, that the branch shall contact him/her again immediately, in case additional information is needed /required.

KHFL should convey in writing to the borrower by means of sanctionletter 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 these terms and conditions by the borrower on its record.

KHFL shall invariably furnish a copy of the loan agreement along with a copy each of all enclosures quoted in the loan agreement to every borrowerat the time of sanction Idisbursement of loans.

 

GUARANTOR :

  • When a person is considering being a guarantor to a loan, he/she shall be informed by the authorized officers of Khush Housing Finance Pvt. Ltd. about

  • His/her liability as guarantor.
  • The amount of liability he/she will be committing himself/herself to Khush Housing Finance Pvt. Ltd.
  • Circumstances under which the Khush Housing Finance Pvt. Ltd. will call on him/her to pay up the borrower’s liability.
  • Whether Khush Housing Finance Pvt. Ltd. has recourse to his/her other monies in Khush Housing Finance Pvt. Ltd., if he/she fails to pay up as a guarantor.
  • Whether his/her liabilities as a guarantor are limited to a specific quantum or they are unlimited.
  • Time & circumstances in which his/her liabilities as guarantor will be discharged as also the manner in which Khush Housing Finance Pvt. Ltd. shall notify him/her about this.

 

REJECTION OF LOAN:

Khush Housing Finance Pvt. Ltd. shall communicate in writing, about rejection of his/her loan, in case the applicant does not meet the requirements/norms of Khush Housing Finance Pvt. Ltd.

DISBURSEMENT OF LOAN

  • Disbursement shall be made in accordance with the terms and conditions stated in the “schedule” of the loan agreement.
  • Khush Housing Finance Pvt. Ltd. shall give notice to the borrower of any change in the terms and conditions. Suitable condition in this regard is incorporated in the loan agreement.
  • If the changes made in 4-4-2 are disadvantage to the customer, he/she may within 60 days & without notice close his /her loan account or switch it without paying any extra charges or interest.
  • Decisions of Khush Housing Finance Pvt. Ltd. to recall the advance or accelerate the payment or performance under the agreement or seeking additional securities shall be in consonance with the loan agreement.
  • Khush Housing Finance Pvt. Ltd. shall release all the securities charged to Khush Housing Finance Pvt. Ltd. upon repayment of all dues, subject to right or lien for any other claim/guarantee, which is outstanding against the borrower. Khush Housing Finance Pvt. Ltd. shall give notice to the borrower if right of lien is proposed to be exercised or Khush Housing Finance Pvt. Ltd. is entitled to retain the securities till the relevant claim is settled or paid.

 

PRIVACY AND CONFIDENTIALITY :

All the information of the customers shall be treated as private and confidential. Khush Housing Finance Pvt. Ltd. shall not reveal information or data relating to customer accounts, whether provided by the customers or otherwise, to anyone, including other companies, entities, in their group other than in the following exceptional cases:

  • If the information is required to be provided as per law of the country.
  • If there is a duty towards the public to reveal the information.
  • If the Khush Housing Finance Pvt. Ltd’s interests require them to give the information to prevent frauds.
  • With the permission of the customer or if the customer asks Khush Housing Finance Pvt. Ltd. to reveal the information.
  • Khush Housing Finance Pvt. Ltd. shall not use customer’s personal information for marketing purposes, unless the customer specifically authorizes them to do so.

CREDIT REFERENCE AGNECIES :

  • Khush Housing Finance Pvt. Ltd. in terms of the loan agreement executed by the borrower shall pass his/her account details to credit bureau and or other institutions in this regard.
  • Khush Housing Finance Pvt. Ltd. shall furnish the information to the credit reference agencies regarding the outstanding loans the borrower owes them if
  • The customer is irregular with his/her payments or EMIS/PEMI interest are in arrears.
  • The customer has not responded to Khush Housing Finance Pvt. Ltd’s formal recall/demand notice of the loan.

COLLECTION OF DUES :

  • Khush Housing Finance Pvt. Ltd. shall inform the customer at the time of execution of loan documents, the repayment terms and conditions provided in the annexure to the loan agreement. In case, the customer does not adhere to the repayment schedule as per loan agreement, Khush Housing Finance Pvt. Ltd. shall remind the borrower by way of notice or by personal visits, of his/her obligation to pay the arrears or possession of the security.
  • Khush Housing Finance Pvt. Ltd. shall always provide the customer the information regarding dues and shall endeavour to give sufficient notice for payment of dues. The staff representing Khush Housing Finance Pvt. Ltd. while on field duty for collection of over dues/arrears, or taking possession of security, shall identify his/her identity, as a matter of courtesy and fair treatment in building customer confidence. If needed they shall display his/her identity card, issued by Khush Housing Finance Pvt. Ltd.
  • The staff of Khush Housing Finance Pvt. Ltd. authorized for collections and/or possession of security shall follow the following guidelines:
  • Customers shall be contacted ordinarily at the place of his/her residence, and if unavailable at his/her residence at the place of business/occupation.
  • The staff of Khush Housing Finance Pvt. Ltd. shall respect customer’s privacy.
  • The interaction by the staff of Khush Housing Finance Pvt. Ltd. shall be in a civil manner.
  • The representatives of Khush Housing Finance Pvt. Ltd. shall contact the customers between 07:00 hours to 19:00 hours, unless the circumstances of the customers business or occupation require otherwise.
  • Customers request to avoid calls at a particular time or at a particular place shall be honoured as far as possible.
  • All assistance shall be given to resolve disputes or differences regarding dues in a mutually acceptable and in an n orderly manner.
  • The staff of Khush Housing Finance Pvt. Ltd. and their representatives shall maintain decency and decorum, while visiting the customer’s place for collections.
  • Calls /visits for collection of dues shall be avoided under the circumstances of bereavement in the family or such other calamitous occasions.

COMPLAINTS AND GRIVANCES :

Khush Housing Finance Pvt. Ltd. shall adopt the system of receiving, registering and disposal of complaints and grievances at all its branches and offices. KHUSH Centres are advised to maintain the following registers for registering the complaints.

BORROWERS

SL NO DATE OF COMPLAINT NAME OF CUSTOMER TYPE OF COMPLAINT ACTION
TAKEN		 DATE
CLOSURE
  • Customers shall be informed of the details of Khush Housing Finance Pvt. Ltd’s procedure for handling complaints fairly and quickly.
  • The customer shall be informed of the procedure for making a complaint and the mechanism of redressal.
  • If a complaint is received from a customer, in writing, Khush Housing Finance Pvt. Ltd. shall endeavour to send him/her the acknowledgement /response within a week. If the complaint is relayed over phone, Khush Housing Finance Pvt. Ltd. shall provide the customer a complaint reference number and shall be informed of the progress within a reasonable period of time.
  • Khush Housing Finance Pvt. Ltd. shall send the final response to the customer, or explain why it needs more time to respond and shall endeavour to reply within six weeks of receipt of complaint.
  • Khush Housing Finance Pvt. Ltd. shall publish its grievance redressal procedure on its website.

GENERAL :

Khush Housing Finance Pvt. Ltd. shall verify the customer’s information

  • Verify the details stated by the customer in his/her loan application form by telephonic verification or through field investigation at his/her residence, and/or business and/ or physically visiting his/her residence and or business address through their staff or agencies appointed for this purpose, if deemed necessary.
  • The customer shall be informed to co-operate, if Khush Housing Finance Pvt. Ltd. needs to investigate a transaction, on customers account and with the police/other investigative agencies, if Khush Housing Finance Pvt. Ltd. needs to involve them.
  • Khush Housing Finance Pvt. Ltd. shall advise the customer that if the customer acts fraudulently, he/she will be responsible for all losses on his/her account and that if the customer acts without reasonable care and this causes losses, the customer may be responsible for the same.
  • Khush Housing Finance Pvt. Ltd. shall give information of their products and services in any one or more of the following languages: English/Hindi or the appropriate local language.
  • Khush Housing Finance Pvt. Ltd. shall not discriminate on grounds of gender, caste and religion in the matter of lending.
  • Khush Housing Finance Pvt. Ltd. shall process the request for transfer of loan account, either from the borrower or from a bank/ financial institution, in the normal course.

TO PUBLICISE THE CODE Khush Housing Finance Pvt. Ltd. shall

  • Provide the existing and new customers with a copy of the code.
  • Make available this code on request either over the counter or by electronic communication or mail.
  • Make available this code at every branch and on the website.
  • Khush Housing Finance Pvt. Ltd. shall ensure that their staffs are trained to provide relevant information about the code and to put the code in to practice.

 

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