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Pursuant to the guidelines issued to housing finance
companies by the National Housing Bank in its
circular No. NHB (ND)/DRS/POL-No.16/2006 dated 5TH
September 2006, Sundaram Home Finance Ltd. (the
Company) has adopted this Fair Practices Code
effective 1st December 2006.
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| A.
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Objectives
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The Code seeks to set out, and continually improve upon, standards for fair and transparent business practices to be followed by the Company while dealing with its customers (which term denotes, depending upon the context, persons who are or may become the Company’s customers, whether as borrowers or depositors, and guarantors of loans). |
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| B.
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Applicability
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The Code is applicable to the Company, its employees and other persons authorised to represent it in the course of its business. |
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| C.
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Commitment
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i.
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The Company shall abide by the governing laws and regulations. |
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ii.
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The Company shall not discriminate on grounds of sex, religion, caste, creed or colour in its policies and operations. |
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iii.
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The Company shall transparently disclose to the borrower all information about fees/charges payable for processing the loan application, the amount of fees refundable if loan amount is not sanctioned/disbursed, pre-payment options and charges, if any, penalty for delayed repayment if any, conversion charges for switching loan from fixed to floating rates or vice-versa, existence of any interest re-set clause and any other matter which affects the interest of the borrower. |
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iv.
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The Company shall
endeavor to: |
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a.
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act fairly and reasonably and with transparency in dealing with its customers; |
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b.
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take steps as may be required to provide clear information to customers about its various products and services, the terms and conditions on which these are offered by the Company, including the interest rates, charges, repayment terms, and the persons who may be contacted for securing the desired information; |
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c.
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obtain from its customers such information as is required by the Company to meet its obligations under the prevailing statutory and /or regulatory Know-Your-Customer and Anti-Money Laundering guidelines; and if the customer fails to provide the requisite information to the satisfaction of the Company, it may decline to make available its products and services to the person concerned ; |
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d.
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keep customers informed of changes in its lending and deposit interest rates and charges through individual communications or public announcements as appropriate; and |
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e.
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inform its customers of their right to information about their accounts with the Company and the facilities extended to them by the Company. |
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v.
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The Company shall ensure that its publicity and promotional literature and other materials are not misleading. |
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vi.
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The Company shall treat as confidential non-public private information it receives about its customers in the course of its business, and shall not disclose the information to others except where: |
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a.
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required by law or by a judicial, quasi-judicial, or regulatory authority; or |
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b.
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the Company is obliged to disclose in the public interest; or |
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c.
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the Company’s interests require disclosure; or |
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d.
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the customer has consented to or asked for such disclosure. |
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| D.
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Deposits
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The website and deposit-application forms of the Company shall provide details of the terms on which it may accept deposits, including the periods for which the deposits may be accepted , the rates of interest offered , nomination, renewal, premature withdrawal, and loans that may be available against the deposits. |
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| E.
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Loans
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i.
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The Company will put loan applications through a process of due diligence to assess whether the loans sought will conform to its current lending policies and meet its credit, legal, and technical requirements. |
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ii.
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The Company will suitably inform applicants whose applications are declined. |
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iii.
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Where a loan is required by the Company to be guaranteed, the guarantor’s obligations and the circumstances in which the guarantee may be invoked will be specified in the letter of guarantee to be executed by the guarantor or guarantors as the case may be. |
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iv.
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While resorting to recovery of delinquent loans, the Company, in line with its traditional practice, will not resort to methods that may be considered as harassment or coercion of the borrowers and related parties. |
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Disclosure to Credit Reference Agencies
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i.
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The customer shall be informed that the details of the customer’s account shall be passed on to credit reference agencies. |
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ii.
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The Company may give credit reference agencies other information about the customer’s account if the customer has given his / her permission to do so. |
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iii.
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The Company shall, if demanded by the customer, furnish a copy of the information submitted to the credit reference agencies. |
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| F.
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COMPLAINTS & GRIEVANCES
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1. |
The Company shall address/respond to all complaints/grievances within a reasonable time and shall update the customer as to the status of redressal of the complaints/grievances. |
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2.
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Customer shall be informed as to the procedure for making complaints/grievances and the procedure for redressal of the same. |
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3.
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The Company shall make available the requisite facilities for grievance redressal at all its offices and shall publicize the same in all its communications and website. |
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4.
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Any complaint/grievance against the Company shall be addressed as follows: |
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By
Letter:
Mr. V Swaminathan
Company Secretary
Sundaram BNP Paribas Home Finance Limited
Sundaram Towers, I Floor,
No. 46, Whites Road,
Royapettah
Chennai – 600 014
By e-mail:
customercare@sundarambnpphome.in
depositorcare@sundarambnpphome.in
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