FAIR PRACTICE CODE

Introduction

This code has been formulated by Agrim Housing Finance Private Limited, the “company”, pursuant to the Master Circular NHB (ND)/DRS/REG/MC-03/2019 dated July 01, 2019 issued by the National Housing Bank (“NHB”) on Fair Practice Code for Housing Finance Companies.

Objectives

 The primary objective of the code is as given below: 

  1. To promote good and fair practices by setting minimum standards in dealing with customers.
  2. To increase transparency so that the customer can have a better understanding of the services
  3. To promote a fair relationship between the company and the
  4. To encourage market forces, through fair competition, to achieve higher operating standards.
  5. To foster confidence in the housing finance system

Application of the Code 

  1. The Code would be applicable to all persons offering the Products and Services of Agrim as an employee or otherwise in any manner and / or by any
  2. The Code is applicable under normal operating environment except in the event of any force
  3. The Code is based on ethical principles of integrity and transparency and all actions and dealings will follow the spirit of the

Commitment to Customers

  • The company will to the best of its ability, act fairly and reasonably in all dealings with the customer, meeting ethical principles of integrity and transparency and always following the relevant laws and regulations in letter and in
  • The company will make sure that all its products and services are explained to its customers fully and ensure complete
  • It will have literature in multiple languages and also make every effort to ensure that the terms are clear and not misleading and understood by the customer.
  • Its Sales Officers and Branch Managers will be the first point of contact for all the queries of the customer and contact information of the branches will also be posted on the company’s website.
  • The Sales Officers and BMs will help customers understand the terms and conditions, applicable interest rate / service charges and also the benefits that can be availed along with their financial
  • The company will maintain a close relationship with the customer, and keep them informed of the products and services and the changes in interest rates, charges or terms and
  • The company will handle customer complaints promptly and help its customers in taking complaints forward if not
  • Every customer would be provided with the details of contact persons, in case of a grievance and complaint. This would be part of the welcome kit given to the customers and also would be prominently displayed at the
  • It will deal quickly with things that go wrong by correcting the mistakes   It will also provide suitable alternatives in case of technological failure.
  • The company will treat all customer information as private and confidential unless required by law or if waivers have been signed by the
  • The company will provide a copy of this Code, at request, to the customer. The Code will also be displayed and made available on its website and at its head and
  • The company will not discriminate on the basis of age, race, caste, gender, marital status, religion or disability unless specific to schemes promoted by the NHB to assist weaker sections of

Advertising, Marketing and Sales 

Agrim will:

  1. Ensure that all advertising and promotional material is clear, and not misleading.
  2. In any advertising in any media and promotional literature that draws attention to a service or product and includes a reference to an interest rate. Agrim will also indicate whether other fees and charges will apply and that full details of the relevant terms and conditions are available on
  3. Agrim will ensure proper communication on interest rates, processing fees and charges to the prospective customers by putting up
    • personal discussion with the prospect
    • notices in the branches;
    • through telephone or help-lines;
    • on the company’s website;
    • and/or providing a written terms or
  4. If Agrim avails of the services of third parties for providing support services, like insurance, Agrim will inform and require them to handle customer’s personal information (if any made available to such third parties) with the same degree of confidentiality and security as Agrim
  5. Agrim, may, from time to time, communicate to customers on additional products and other features of their products availed by them. Information about its other products or promotional offers in respect of products / services may be conveyed to customers only if he has given his consent to receive such information / service either by mail or by registering for the same on the website or on customer service
  6. In the event of receipt of any complaint from the customer that Agrim employees or representatives has engaged in any improper conduct or acted in violation of this Code appropriate steps will be initiated to investigate and to handle the complaint and to make good the loss.

Processing the application for Loans

  1. All required information would be provided along with the Loan application forms, so that a meaningful comparison with the terms and conditions offered by other HFCs can be made and informed decision can be taken by the
  2. The loan application form will give an indicative list of documents, required to be submitted with the form. Given the nature of Agrim customer segment who are mainly from the self-employed and informal segment and may not have normal documentation especially to prove incomes, Agrim may conduct personal verification and checks in addition to collecting available
  3. Agrim will have a system of giving an acknowledgement for receipt of all loan applications.

Loan appraisal and terms/conditions

  1. Normally all particulars required for processing the loan application will be collected by Agrim at the time of application or at the time of personal verification conducted by Agrim (especially in the case of customers from the informal sector). In case Agrim needs any additional information, the customer will be told that he would be contacted immediately
  2. Agrim will convey in writing to the borrower by means of sanction letter or otherwise, the amount of loan sanctioned along with all terms and conditions including rate of interest, EMI Structure, prepayment charges and keep the written acceptance of these terms and conditions by the borrower on its
  3. Agrim will furnish a copy of the loan agreement along with an acknowledgement of the list of documents provided to every borrower after the disbursement of

Processing Fees and Charges

  1. All information about fees / charges payable for processing the loan application, prepayment charges if any, penalty for delayed payment if any, or any other matter which affects the interest of the borrower will be disclosed to the applicant by the Sales Officer and Credit Officer at time of application and will also always be printed on the Agrim Sanction Letter.
  2. Agrim requires that all fees are generally to be paid by the Applicant either through a cheque/ demand draft/cash.
  3. Agrim will charge customers late payment & ECS / cheque bouncing
  4. Agrim shall reserve the right to change fees and charges from time to time based on market conditions, customer track record etc. Any changes to the basic charges will be communicated fully and transparently to all
  5. Agrim’s objective is to support applicants own a primary residence, and the loan is not intentioned to help investment or speculative buyers. Thus, Agrim shall reserve the right to change the terms and conditions of the loan including but not limited to a 2% increase in the rate of interest if found at a later date that property being purchased from the loan sanctioned by Agrim is put to use for commercial or rental

Communication of rejection of Loan Application  

If Agrim cannot provide the loan to the customer, it will communicate in writing that the loan has been declined and to the extent possible explain to the customers the reasons for decline.

Disbursement of loans

  1. Disbursement will be made in stages and in accordance with the disbursement schedule agreed by the customer or per the Agreement for Sale which covers terms of payment by the customer to the builder and based on inspection by Agrim on the completion of work (in the case of under construction properties) which would need to be confirmed and accepted by
  2. Agrim will give notice to the borrower of any change in the terms and conditions including, interest rates, processing fee, prepayment charges, other applicable fee/ charges etc. Agrim will also ensure that changes in interest rates and charges are effected only
  3. If such change is to the disadvantage of the customer, he/she may be allowed with or without any notice to close his account without having to pay any extra charges or interest.
  4. Agrim would be free to take any decision to request the customer to close or accelerate payment or seek additional securities to the loan, will be in consonance with the loan agreement.
  5. Agrim will release all securities on repayment of all dues or on realization of the outstanding amount of loan subject to any legitimate right or lien for any other claim Agrim may have against the borrower. If such right of set off is to be exercised, the borrower will be given notice about the same with full particulars about the remaining claims and the conditions under which Agrim is entitled to retain the securities till the relevant claim is settled /paid.

Guarantors

When a person is considering being a guarantor to a loan, he will be informed about

  1. his liability as guarantor;
  2. the amount of liability he will be committing himself to the company;
  3. circumstances in which Agrim will call on him to pay up his liability;
  4. whether Agrim has recourse to his other monies in the company if he fails to pay up as a guarantor;
  5. whether his liabilities as a guarantor are limited to a specific quantum or whether unlimited;
  6. time and circumstances in which his liabilities as a guarantor will be discharged as also the manner in which Agrim will notify him about
  7. Agrim will keep him informed of any default on the loan by the borrower to whom he stands as a

Privacy and Confidentiality

All personal information of  customers will be treated as private and confidential (even when  the customers are no longer customers), and will be guided by the following principles and policies. Agrim will not reveal information or data relating to customer accounts, whether provided by the customers or otherwise, to anyone, including other entities in Agrim’s group, other than in the following exceptional cases:

  1. If the information is to be given by law;
  2. If there is a duty towards the public to reveal the information;
  3. If Agrim’s interests require them to give the information (for example, to prevent fraud but it will not be used as a reason for giving information about customer or customer accounts (including customer name and address) to anyone else, including other companies in the group, for marketing purposes;
  4. If the customer asks Agrim to reveal the information, or with the customer’s permission; If Agrim is asked to give a reference about customers, it will obtain his written permission before giving it;
  5. The customer will be informed the extent of his rights under the existing legal framework for accessing the personal records that Agrim holds about him;
  6. Agrim will not use customer’s personal information for marketing purposes by anyone including Agrim unless the customer specifically authorizes Agrim to do

Credit reference agencies

When a customer opens an account, Agrim will inform him that it will pass his account details to credit reference agencies and Agrim will make checks with them.

Agrim may give information to credit reference agencies about the personal debts the customer owes them if:

  1. the customer has fallen behind with his payments;
  2. the amount owed is in dispute; and
  3. the customer has not made proposals that Agrim is satisfied with, for repaying his debt, following Agrim’s formal
  4. Agrim will give credit reference agencies other information about the customer’s account if the customer has given them his permission to do so. A copy of the information given to the credit reference agencies will be provided by Agrim to a customer, if so

Collection of dues

  1. Whenever loans are given, Agrim will explain to the customer the repayment  process by way of amount, tenure and periodicity of repayment. Agrim will also make efforts to remind the customers about their repayments every month, days before it falls
  2. However if the customer does not adhere to the repayment schedule, a defined process in accordance with the laws of the land will be followed for recovery of    The process will involve reminding the customer by sending him notice or by making personal visits and / or repossession of security if any.
  3. Agrim’s collection policy will be built on courtesy, fair treatment and persuasion, and will be aimed at fostering customer confidence and a long-term relationship. Agrim’s staff or any person authorized to represent it in collection of dues and / or security repossession will identify himself and display the authority letter issued by Agrim and upon request, display his identity card issued by Agrim or under authority of the company. Agrim will provide customers with all the information regarding dues and will endeavor to give sufficient notice for payment of
  4. All the members of the staff or any person authorised to represent Agrim in collection and / or security repossession will follow the guidelines set out below:
    1. Customers will be contacted ordinarily at the place of his choice and in the absence of any specified place at the place of his residence and if unavailable at his residence, at the place of business /
    2. Identity and authority to represent Agrim will be made known to the customer at the first
    3. Customer’s privacy will be respected.
    4. Interaction with the customer will be in a civil manner.
    5. Agrim’s representatives will contact customers between 0800 hrs and 1900 hrs, unless the special circumstances of the customer’s business or occupation require otherwise.
    6. Customer’s request to avoid calls at a particular time or at a particular place will be honored as far as possible, unless Agrim has reason to believe that the customer is avoiding meeting Agrim representative.
    7. All assistance will be given to resolve disputes or differences regarding dues in a mutually acceptable and in an orderly manner.
    8. Inappropriate occasions such as bereavement in the family or such other calamitous occasions will be avoided for making calls/visits to collect

Complaints and Grievances

Every branch of Agrim Housing Finance Private Limited has been provided with a complaints register. The customers can lodge their complaints in the register. The Branch Manager would be the person responsible to handle the customer grievances.

If the complainant does not receive any response within 14 days or if he/she is not satisfied with the resolution provided by the branch manager, the customers can contact the Manager, Customer Service through:

Mail: Customers can mail their grievances directly to contact@agrimhfc.com

Post: Customers can send their complaints to The Manager, Customer Service, Agrim Housing Finance Private Limited, 609, Inizio, Opposite  Procter and Gamble, Chakala, Andheri (E), Mumbai 400069, Maharashtra, India

Phone: Customers can call at 022-28323403 and register their complaint.

If the complainant does not receive any response within 7 days or if he/she is not satisfied with the resolution provided by the Manager, Customer Service, the customers can contact the Grievance Redressal Officer (GRO) of the Company whose details are given below.

Name of the GRO: Ms. Rima Valimbe

Designation: Company Secretary

Telephone: 022-28323403

E-mail: cs@agrimhfc.com

If the complainant does not receive any response from the Company within 30 days of filing the complaint or is dissatisfied with the response received, he/she may escalate the complaint to National Housing Bank (NHB).

This can be done by:

  • Lodging a complaint on the online grievance handling portal of NHB – GRIDS.
  • Sending the complaint to NHB by post. Click Here to download the Complaint Form. You may fill and send the form along with letters or enclosures, if any, by post or courier to the following address:

Complaint Redressal Cell,
Department of Supervision,
National Housing Bank,
4th Floor, Core 5A, India Habitat Centre, Lodhi Road,
New Delhi 110 003.

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