The Guidelines on Fair Practices Code for Housing Finance Companies which defines the fair practices standards while dealing/building relationships with prospective/existing customers and has been framed and amended by Reserve Bank of India(RBI) through RBI Circular RBI/2020- 21/73DOR.FIN.AAVAS.CC.No.120/03.10.136/2020-21 related to Master Direction – Non-Banking Financial Company – Housing Finance Company (Reserve Bank) Directions, 2021 dated February 17, 2021 in keeping with the need to follow the best corporate practice within the sector.
Objectives of the CodeThe Code has been developed to:
This Code shall apply to all the products and services offered by IIFL HFL, whether offered through Digital Lending Platforms (self-owned and/or under an outsourcing arrangement), across the counter, over the phone, by post, through interactive electronic devices, on the internet or by any other method.
If IIFL HFL cannot provide the loan to the customer, it shall communicate to the customer in writing the reason(s) for rejection.
To address the contingent event of demise of the sole borrower or joint borrowers, IIFL HFL has a well laid out procedure for return of original immovable property documents to the legal heirs. Such procedure is displayed on the website of IIFL HFL along with other similar policies and procedures for customer information.
In case of delay of releasing of original property documents or failing to file charge satisfaction form with relevant registry beyond 30 days after full repayment/settlement of loan, IIFL HFL shall communicate to the borrower reasons for such delay. Where the delay is attributable to IIFL HFL, the company shall compensate the borrower at the rate of ₹5,000/- for each day of delay.
We have a system and a procedure for receiving, registering and disposing of complaints and grievances in each of our offices, as well as online.
IIFL HFL would send response / acknowledge receipt of complaint within a week. The acknowledgement will contain the name & designation of the official who will deal with the grievance. If the complaint is relayed over phone at our designated telephone helpdesk or customer service number, the customer shall be provided with a complaint reference number and be kept informed of the progress within a reasonable period of time. After examining the matter, IIFL HFL shall send customer its final reply or communicate why it needs more time to respond and shall endeavor to do so within six weeks of receipt of a complaint and customer shall be informed how to take his/ her complaint further if he/ she is still not satisfied.
In case of response/ acknowledgement of your compliant not received within 7 days, customer can raise an online request at https://www.iiflhomeloans.com/reach-us/raise-a-request or response being unsatisfactory from above mentioned sources the complaint may be further escalated to:
Grievance Redressal Officer at gro@iiflhomeloans.com
IIFL Tower, 98, Udyog Vihar, Phase-IV, Near Maruti Gate no-3, Gurgaon, Haryana -122016
In case of response not being received within 15 days of escalation of complaint to Level I or the response being unsatisfactory from the above mentioned sources the complaint may be further escalated to:
Nodal Officer at no@iiflhomeloans.com
IIFL Tower, 98, Udyog Vihar, Phase-IV, Near Maruti Gate no-3, Gurgaon, Haryana -122016
In case the Customer does not receive response from the company within a period of one month or is dissatisfied with the response received, the Customer may approach the Complaint Redressal Cell of NHB by lodging its complaints online on the website of NHB or through post to NHB, New Delhi
IIFL HFL charges penalty for non-compliance of material terms and conditions of loan contract by the borrower. Such penalty shall be treated as ‘penal charges’ and shall not be levied in the form of ‘penal interest’ that is added to the rate of interest charged on the advances.
*Personal loans shall be as defined in RBI circular No. DBR.No.BP.BC.99/08.13.100/2017- 18 on “XBRL Returns – Harmonization of Banking Statistics” dated January 04, 2018.
When a person is considering being a guarantor to a loan, he/ she should be informed about:
IIFL HFL will keep him/ her informed of any material adverse change in the financial position of the borrower to home he/ she stands as a guarantor.
All personal information of customers, both present and past, shall be treated as private and confidential and shall be guided by the following principles and policies.
IIFL HFL 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:
The expression “own sources” for the purpose means any source other than by borrowing from a bank/ HFC/ NBFC and/or a financial institution.
All dual/ special rate (combination of fixed and floating) housing loans will attract the pre-closure norms applicable to fixed/ floating rate depending on whether at the time of pre-closure, the loan is on fixed or floating rate. In case of a dual/ special rate housing loans, the pre-closure norm for floating rate will apply once the loan has been converted into floating rate loan, after the expiry of the fixed interest rate period.