This has reference to the Master Direction - Non-Banking Financial Company – Housing Finance Company (Reserve Bank) Directions,2021, RBI/2020-21/73 dated February 17, 2021, wherein the Reserve Bank of India has revised the guidelines on Fair Practices Code for Housing Finance Companies to implement the same.
The master directions- Fair Lending Practice - Penal Charges in Loan Accounts is introduced vide RBI circular RBI/2023- 24/53 DoR.MCS.REC.28/01.01.001/2023-24 dated August 18, 2023.
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.
It was introduced as it has been observed that organizations use penal rates of interest, over and above the applicable interest rates, in case of defaults / non-compliance by the borrower with the terms on which credit facilities were sanctioned. The intent of levying penal charges is essentially to inculcate a sense of credit discipline and such charges are not meant to be used as a revenue enhancement tool over and above the contracted rate of interest.
We have a system and a procedure for receiving, registering and disposing of complaints and grievances in each of our offices, as well as on-line.
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 Vishal Bahlerao 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:
NodalOfficer at no@iiflhomeloans.com
IIFL Tower, 98, Udyog Vihar, Phase-IV, Near Maruti Gate no-3, Gurgaon, Haryana -122016
In case of response not being received or the response being unsatisfactory from the above mentioned sources the complaint may be further escalated to:
National Housing Bank, Department of Regulation and Supervision, (Complaint redressal Cell), 4th Floor, Core-5A, India Habitat Centre, Lodhi Road, New Delhi- 110003
The complaint can also be emailed to crcell@nhb.org.in
Further, the complaint may be lodged in Online mode https://www.iiflhomeloans.com/reach-us/raise-a-request OR in offline mode by post, in prescribed format available https://www.iiflhomeloans.com/reach-us/raise-a-request
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.