| 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’s 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 does not discriminate on grounds of sex, religion, or caste in its policies and operations.
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iii.
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The Company shall endeavour 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 (continue) 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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iv.
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The Company will ensure that its publicity and promotional literature and other materials are not misleading.
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v.
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The Company will 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 Company’s website and deposit-application forms will 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.
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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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| F.
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Complaints
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Any complaint against the Company is to be addressed as follows:
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By letter:
Mr. V. Sriraman, Company Secretary
Sundaram Home Finance Ltd.
Sundaram Towers, 46 Whites Road
Royapettah, Chennai – 600 014
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By email:
customercare@sundaramhome.com
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| G.
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Copies of the Code
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This Code will be posted on the Company’s website, and copies may also be got from its corporate and other offices.
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