NHB Registered
U67120RJ1995PLC009580
MENTOR HOUSE, GOVIND MARG, SETHI COLONY, JAIPUR,
RAJASTHAN – 302004, Tel : 0141 – 2611999, 8946800800 Email:-
info@mentorloans.co.in,Website: www.mentorloans.co.in
1
Mentor Home Loans India Limited: Fair Practice Code
FAIR PRACTICE CODE
Revision
History
:
Effective From
29
th
March, 2016
NHB Registered
U67120RJ1995PLC009580
MENTOR HOUSE, GOVIND MARG, SETHI COLONY, JAIPUR,
RAJASTHAN – 302004, Tel : 0141 – 2611999, 8946800800 Email:-
info@mentorloans.co.in,Website: www.mentorloans.co.in
2
Mentor Home Loans India Limited: Fair Practice Code
FAIR PRACTICE CODE
(The Policy is formulated as per directive of NHB)
I. Introduction
This Fair Practice Code has been formulated by Mentor Home Loans India Limited
(MHIL) pursuant to the Guidelines issued by the National Housing Bank on Fair
Practices Code for Housing Finance Companies with its circular bearing No. NHB
(ND)/DRS/POL.16/2006 dated September 05, 2006 and revised guilelessness circular
bearing NO. NHB/ND/DRS/POL-No.34/2010-11 dated October 11, 2010 and No. NHB
(ND) DRS/POL- No. 38/4699/2010-11 dated April 25, 2011. The code aims at promoting
good and fair practice, increasing transparency, encouraging market forces, promoting
a fair and cordial relationship between MHIL and its customers and enabling MHIL in
fostering confidence of the customers.
II. Objectives of the Code:
To promote good and fair practices by setting minimum standards in dealings
with customers.
To increase transparency so that the customer can have a better understanding
on the key terms & conditions governing the grant of loan facility;
To encourage market forces, through competition, to achieve higher operating
standards;
To promote a fair and cordial relationship between customer and MHIL; and
To foster confidence in the housing finance system.
III. Application:
To be applicable to all the persons who are offered the products and services of
MHIL as an employee or otherwise in any manner and/or by any mode
The code is applicable under normal operating environment except in the event
of any force major.
NHB Registered
U67120RJ1995PLC009580
MENTOR HOUSE, GOVIND MARG, SETHI COLONY, JAIPUR,
RAJASTHAN – 302004, Tel : 0141 – 2611999, 8946800800 Email:-
info@mentorloans.co.in,Website: www.mentorloans.co.in
3
Mentor Home Loans India Limited: Fair Practice Code
The code is based on ethical principles of integrity and transparency and all
actions and dealings shall follow the spirit of the code.
The Products and services of MHIL will meet all applicable laws and regulations.
IV. MHIL’s Commitment to Customers:
MHIL shall;
Act fairly and reasonably with customers by following all ethical principles and
integrity and transparency.
Be transparent in providing key &relevant information on the nature and benefits
of the financial products and services.
Explain the important terms and conditions outlined in Loan Documents etc. in
English and/or the Local language for better understanding of the Customer as
and when required;
Follow the KNOW YOUR CUSTOMER GUIDELINES while obtaining information
and documents from customers and obtain necessary information as required as
per the Anti-Money Laundering Act
Handle customer grievances sympathetically and take all necessary steps to
address issues;
Not discriminate between customers on the basis of age, race, caste, gender,
marital status, religion or disability.
V. Know Your Customer Policy Guidelines:
MHIL Shall;
Carry out due diligence as required under “Know Your Customer” (KYC) policy
of our MHIL before
Opening and operating the Customer’s Loan Account and in furtherance of the
policy.
Request the Customer to submit or provide necessary documents or proofs for
the same as required to meet MHIL’s KYC, Anti Money Laundering or any other
statutory requirements
Provide the Loan application form/account opening forms and other material to
the Customer and the same shall contain amongst others, key and relevant
details of essential information required to be furnished and documents to be
produced for verification and/or for record for meeting the KYC requirements.
Explain the procedural formalities and provide necessary classification sought by
the customer while opening a loan account.
VI. Advertising, Marketing and Sales:
MHIL shall ensure that all advertising and promotional material in any media and
promotional literature that draws attention to a service or product is clear and
transparent, and not misleading.
MHIL shall ensure all advertising in any media and promotional literature that
draws attention to a service or product and includes a reference to an interest
rate, shall also indicate whether other fees and charges will apply and full details
of the terms and conditions, if any will be available on request of the customer.
NHB Registered
U67120RJ1995PLC009580
MENTOR HOUSE, GOVIND MARG, SETHI COLONY, JAIPUR,
RAJASTHAN – 302004, Tel : 0141 – 2611999, 8946800800 Email:-
info@mentorloans.co.in,Website: www.mentorloans.co.in
4
Mentor Home Loans India Limited: Fair Practice Code
MHIL shall keep its customers informed any changes in interest rate, charges
etc. through reminder letters or any other form of communication/display from
time to time.
MHIL shall ensure that information on interest rates, common fees and charges
is provided on either putting up notices in their Branches/telephone/help-
line/website/designated staff.
MHIL Shall ensure that third parties whose services may be availed for providing
support services shall handle customer’s personal information with the same
degree of confidentiality and security as handled by us.
MHIL shall communicate to customers various features of products availed by
them. Such communication about the products or promotional offers in respect
of the products/services may be conveyed to the customers only he/she has
given his/her consent to receive such information/service either by mail or by
registering for the same on the website or on the customer service number of
MHIL.
MHIL shall prescribe a code of conduct for Direct Sales Agencies whose
services are availed by MHIL to market the products and services.
MHIL shall in the event of receipt of any complaint from the customer against
representative/DSA for any improper conductor violation of the code of conduct,
we shall be adequately addressed and appropriate steps shall be initiated for
investigation of the compliant and for making good the loss incurred basis the
said investigation
VII. Loans:
1. Disclosure and Transparency:
MHIL shall make available and disclose all material information to the Customer, as
may be required by the Customer to understand the terms and conditions governing
the grant of loan facility. The material information shall include all the terms and
conditions applicable to the Loan.
In respect of prospective customers, provide clear information explaining the key
features of its services and products that customers are interested in and also terms
and conditions governing the Loan;
2. Applications for Loans and their Processing:
MHIL shall make available and disclose all necessary information in Application
Forms which affects the interest of the borrower, 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 borrower. So our application forms
are indicating the list of documents required to be submitted with the application
form.
MHIL shall give acknowledgement of receipt of all loan applications with disposal
time frame indication.
3. Loan Appraisal and Terms/Conditions:
Normally, all particulars required for processing the loan application will be
collected at the time of the loan application. MHIL shall contact immediately in
NHB Registered
U67120RJ1995PLC009580
MENTOR HOUSE, GOVIND MARG, SETHI COLONY, JAIPUR,
RAJASTHAN – 302004, Tel : 0141 – 2611999, 8946800800 Email:-
info@mentorloans.co.in,Website: www.mentorloans.co.in
5
Mentor Home Loans India Limited: Fair Practice Code
case any additional information is required, the customer will be informed that he
would be contacted immediately again.
MHIL shall convey in writing to the means of sanction letter/ the loan amount
sanctioned along with all terms and conditions including annualized/monthly rate
of interest, EMI structure, and Prepayment charges and keep the written
acceptance on letters for record.
MHIL shall furnish copy of the Loan Agreement along with each of all enclosures
quoted in the loan agreement to every borrower at the time of
sanction/disbursement of loans.
4. Communication of Rejection of Loan Application:
Where the loan has been rejected, MHIL shall communicate in writing containing the
reason(s) for rejection shall be provided to the customer.
5. Disbursement of Loans including changes in terms and conditions:
MHIL shall make disbursement in accordance with the schedule as mentioned in the
Agreement/sanction letter.
MHIL shall give Notice to the borrower of any change in terms and conditions
including disbursement schedule, interest rate, service charges, prepayments
charges, other applicable fee/charges etc, Changes to terms and conditions will be
made with prospective effect and may be given by personal intimation, Notice Board
of each branch, website/email/ sms or newspaper, post/courier or any other method
as may be desired by MHIL. As suitable condition in this regard will be incorporated
in the Loan agreement.
MHIL shall agree if the change is to the disadvantage of the customer, may within
60 days and without notice close his/her account or switch his account without to
pay extra charges or interest.
MHIL shall decide to recall/ accelerate payment or performance under the loan
agreement or seeking additional securities will be consonance with the loan
agreement.
MHIL shall 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
MHIL may have against the customer. If such right of set off is to be exercised, the
customer shall be given notice about the same with full particulars about the
remaining claims and conditions under which MHIL is entitled to retain the securities
still the relevant claim is settled/paid.
VIII. Guarantors:
When a person is considering being a guarantor to a loan, he/she should be
informed about; His/her liability as guarantor;
The amount of liability he/she will be committing him/herself to the MHIL;
Circumstances in which MHIL will call on him/her to pay up his/her liability;
Whether MHIL has recourse to his/her other monies if he/she fall to pay up as a
guarantor; Whether his/her liabilities as a guarantor are limited to a specific
quantum or are they unlimited; and Time and circumstances in which his/her
liabilities as a guarantor will be discharged as also the manner in which MHIL
will notify him/her about this.
NHB Registered
U67120RJ1995PLC009580
MENTOR HOUSE, GOVIND MARG, SETHI COLONY, JAIPUR,
RAJASTHAN – 302004, Tel : 0141 – 2611999, 8946800800 Email:-
info@mentorloans.co.in,Website: www.mentorloans.co.in
6
Mentor Home Loans India Limited: Fair Practice Code
MHIL shall keep him/her informed of any material adverse change/s in the
financial position of the borrower to whom he/she stands as a guarantor.
IX. Privacy and Confidentiality:
Treat all personal information of customers as private and confidential (even when the
customers are no longer customers of MHIL) no information or data relating to customer
accounts, whether provided by the customers or otherwise, shall be revealed to anyone,
including other companies entities in MHIL group, unless;
The information is to be given by law;
There is a duty towards the public to reveal the information;
In MHIL’s reasonable opinion, the information is required to be given; The
customer asks the
MHIL to reveal the information, or the information is given with customer’s prior
permission;
The customer has been informed the extent of his/her rights under the existing
legal framework for accessing the personal records; Authorized by the customer
to give information to credit Reference Agencies;
MHIL shall not use customer’s personal information for marketing purposes by
anyone including MHIL and or other HFCs unless the customer specifically
authorizes them to do so.
X. Credit Reference Agencies.
Inform the Customer at the time when the customer is availing the Loan facility or any
time thereafter that his/her account details may be disclosed to credit reference
agencies and the checks that made through them.
Further, provide information to credit reference agencies about the personal debts of the
Customer, if
1. The Customer has defaulted with his/her payments of EMI;
2. The amount owed is in dispute; and
3. The Customer has not made satisfactory proposal for repaying the debt, following
MHIL’s Formal Demand.
In the above mentioned cases, intimation in writing will be given to the customer stating
that MHIL intends to give information about the debts the customer owes them, to the
credit reference agencies. At the same time, customer shall be explained the role of
credit reference agencies and the effect the providing of such information will have on
the customer’s ability to get credit.
Additional information about the customer may be given to credit reference agencies if
the customer has given his/her permission to do so. A copy of the information given to
the credit reference agencies shall be provided to a customer, if so demanded.
XI. Collection of Dues:
At the time of disbursement of loan the customer will be explained the repayment
process including amount, tenure and periodicity of repayment detailed in the
repayment schedule. If the customer does not adhere to repayment schedule, a defined
NHB Registered
U67120RJ1995PLC009580
MENTOR HOUSE, GOVIND MARG, SETHI COLONY, JAIPUR,
RAJASTHAN – 302004, Tel : 0141 – 2611999, 8946800800 Email:-
info@mentorloans.co.in,Website: www.mentorloans.co.in
7
Mentor Home Loans India Limited: Fair Practice Code
process in accordance with the laws of the land shall be followed for recovery of dues.
The process will involve reminding the customer by sending him/her notice or by making
personal visits and/or repossession of security if any.
MHIL’s collection policy has been built on courtesy, fair treatment and persuasion,
fostering customer confidence and long-term relationship. MHIL’s or any person
authorized to represent MHIL in collection of dues or /and security repossession shall
identify himself/herself and display the authority letter so issued and upon request
display his/her identity card so issued. Provide customers with all the information
regarding dues and endeavor to give sufficient notice for payment of dues.
In the event of default of Loan amount by Customer, MHIL and/or its authorized Agents
shall:
Respect customer’s privacy.
Display and inform the customer of his/her identity and authority to represent
MHIL in the first instant.
Remind the customer by sending him/her notice or by making personal visits.
Provide customers with all the information regarding dues and shall endeavor to
give sufficient notice to payment of dues.
Use legal means to repossess the Asset-Both immovable and movable property.
MHIL and /or its authorized representatives shall not use abusive language
and/or force while undertaking collection/repossession activity.
Not speak to anyone else except the customer for recovering the outstanding
dues.
Not contractor speak to anyone except the customer for collection of outstanding
dues.
Always be polite to all the customers.
Customer’s request to avoid calls at a particular time or at a particular place
shall be honored as far as possible.
Contact the customer ordinarily at the place of his /her residence and if
unavailable at his/her residence, at the place of business/occupation between
0700 hrs and 1900 hrs, unless the special circumstances of the customer’s
business or occupation require otherwise.
Document time and number of calls and contents of conversation.
Provide all assistance to resolve or differences regarding dues in a mutually
acceptable and in an orderly manner.
Maintain decency and decorum during visits to customers’ places.
Not visit on inappropriate occasions such as bereavement in the family or such
other calamitous occasions to collect dues.
XII. Complaints and Grievances:
Internal Procedures MHIL Shall:
Have a system and procedure for receiving, registering and disposing of
complaints and grievances in each of its office.
Ensure that the customer is informed where to find details of MHIL’s procedures
for handling complaints fairly and quickly.
Inform the customer who wants to make a compliant:
a. How to do this
b. Where a complaint can be made
NHB Registered
U67120RJ1995PLC009580
MENTOR HOUSE, GOVIND MARG, SETHI COLONY, JAIPUR,
RAJASTHAN – 302004, Tel : 0141 – 2611999, 8946800800 Email:-
info@mentorloans.co.in,Website: www.mentorloans.co.in
8
Mentor Home Loans India Limited: Fair Practice Code
c. How a complaint should be made
d. When to except a reply
e. Whom to approach for redressed
f. What to do if the customer is not happy about the outcome
g. MHIL’s staff shall help the customer with any questions the customer has.
Endeavor to deal quickly and sympathetically to correct any mistake
committed by its staff /system / process.
h. Provide suitable alternative avenues to alleviate problems arising out of
technological failures.
i. Redress customer grievances for which the customer may write or call the
concerned branch clearly stating nature of his/her grievance along with
necessary documents if any and he/she in writing, acknowledgement contain
the name and designation of the official who will deal with and by in call will
be provided a complaint reference number.
j. Further after examining the grievance MHIL shall send the final response to
the customer or explain the reason as to why it need more time to respond
beyond six weeks of receipt of the same.
k. The customer aggrieved by any decision of the aforesaid official may prefer
an escalation to the Head office of MHIL at the address given below... The
Grievances will be attended immediately upon such reference.
MENTOR HOME LOANS INDIA LIMITED
Mentor House, Govind Marg, Sethi Colony,
Jaipur – 302004, Rajasthan
MHIL shall publicize its Grievance Redressed Procedure and ensure that it is
available on website.
The Board of Directors of MHIL will lay down the appropriate grievance
redressed mechanism within the organization to resolve complaints and
grievances. Such a mechanism should ensure that all disputes arising out of the
decisions of lending institution’s functionaries are heard and disposed of at least
at the next higher level.
XIII. General:
MHIL Shall:
Verify the details mentioned by him/her in the loan application by contacting
him/her at his/her residence and/or on business telephone numbers and/or
physically visiting his/her residence and or business addresses through
agencies appointed for this purpose, if deemed necessary by the MHIL.
The customer should be informed to co-operate if MHIL needs to investigate a
transaction on the customer’s account and with the police/other investigative
agencies if MHIL need to involve them.
MHIL shall advise that customer that if the customer acts fraudulently, he/she
will be responsible for all losses on his/her account and that if the customer acts
without reasonable care and this causes losses, the customer may be
responsible for the same.
NHB Registered
U67120RJ1995PLC009580
MENTOR HOUSE, GOVIND MARG, SETHI COLONY, JAIPUR,
RAJASTHAN – 302004, Tel : 0141 – 2611999, 8946800800 Email:-
info@mentorloans.co.in,Website: www.mentorloans.co.in
9
Mentor Home Loans India Limited: Fair Practice Code
MHIL shall not discriminate on grounds of sex, caste and religion in the matter of
lending however, this does not preclude MHIL from instituting or participating in
scheme framed for different sections of society.
MHIL shall process requests for transfer of a loan account, either from the
borrower or from Bank/Financial Institution, in the normal course.
MHIL shall inform about products and services in any one or more of the
following language: Hindi, English or the appropriate local language.
To publicize the Code by:
a. Provide existing and new customers with a copy of the code.
b. Making this code available on request either over the counter or by
electronic communication or mail;
c. Making available this code at every branch and on web-site; and
d. Ensuring that the MHIL staff is trained to provide relevant information about
the code and to put the code into practice.
The Board of Directors of MHIL shall periodically review of the compliance of the
Fair practice Code and functioning of the grievances redressed mechanism at
various levels of management. A consolidated report of such reviews may be
submitted to the Board at regular intervals, as may be prescribed by it.
XIV. Modification of Code
The Board of Director of Company provide for periodical review of the compliance at
various levels of management. A consolidate report of such reviews (if required) may be
submitted to the Board at regular intervals, as may be prescribe by it.
The Company reserves to itself the right to alter/delete/add to these codes at any time
without prior individual notice and such alterations /deletion/addition shall be binding
Pawan Kumar Goyal
Managing Director
*End of Document*
