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PNB Housing Finance Ltd. is a public
limited company incorporated under Companies Act 1956, subsidiary of Punjab
National Bank and governed by the directives of National Housing Bank. |
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Business: Our main business is
offering loans for purchase / construction of houses, apartments etc and also
for repairs, renovations or up gradation of the immovable residential
properties. |
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This Code has been formulated by the
Company pursuant to the Guidelines issued by the National Housing Bank on Fair
Practices Code for Housing Finance Companies vide its circular bearing No. HB
(ND)/DRS/POL- No. 16/2006 dated September 05, 2006. |
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• Follow good, fair and transparent
business practices by setting reasonable standards; |
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• Relate to the customer in such manner
so as to promote a fair and cordial relationship; |
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• To be applicable to all persons using
the Products and Services of the Company in any manner and/or by any mode. |
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• The Code is applicable under normal
operating environment except in the event of any force majeure. |
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• The Code is based on ethical
principles of integrity and transparency and all actions and dealings shall
follow the spirit of the Code. |
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• The Company shall at all times do its
best to act fairly, reasonably and meet the standard practices prevalent in the
housing industry. |
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• The Company shall abide by all the
relevant laws, regulations and meet with the ethical principles of integrity
and transparency during its interaction with customers. |
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• While interacting with customers, the
Company may take all steps as may be required to provide clear information
either in English or Hindi or the appropriate local language regarding: |
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> its various
products and services; |
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> the terms and
conditions, the interest rates/service charges; |
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> benefits
available to customers and the implications, if any; |
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> contact persons
for addressing the queries, if any; |
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• The Company will provide a copy of
this Code, at request, to the customer. The Code will also be made available on
its Website and at every branch/ office. |
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• The Company shall treat the
information relating to customers as strictly confidential and shall not share
any information, unless required under law or waived or permitted by the
customer. |
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• The Company shall take necessary steps
to inform its customers of their right to information regarding their account
and the facilities available to them. |
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• The Corporation shall be clear and not
misleading in any of its advertising and promotional materials. |
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• The Company shall inform its customers
of all financial information such as rates of interest, charges, method of
calculation etc through brochures, posters or during the course of meeting with
the customers etc prior to entering into any transaction. |
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The Company shall endeavor to keep its
customers informed of any change in interest rates / charges etc through
letters or any other form from time to time. Know Your Customer Guidelines |
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• The Company shall assist its customers
in complying with the Know Your Customer norms (KYC) and the Anti Money
Laundering Policy (AML). Loans and Deposits |
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• The Company shall provide the details
of the terms of the deposit, the applicable rate of interest, the terms of
renewal, premature withdrawals, loans against deposits, nomination facilities,
schemes available for senior citizens and staff. |
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• The Company in the normal course of
its business shall guide its customers about the process and procedure to be
followed for availing a loan. |
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• Each application shall be considered
independently on merit, upon scrutiny of all the information, documents
required for verifying the title of the property, identity of the person,
entity and the security to be offered, including guarantees. |
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• The letter of guarantees to be
executed by the guarantors would cover their obligations, liabilities and
circumstances in which they can be called upon to pay the dues of the
customer/borrower. |
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• The Company shall provide the
customers with all the information regarding their dues and provide reasonable
time for payment of the same. |
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• The Company shall while protecting its
interest adopt reasonable and lawful measures to recover its dues from
defaulting customers, including use of persuasive methods for the purpose of
collection of its dues. |
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• The Company shall endeavour to
address/respond to all complaints and grievances within a reasonable time and
keep the customers informed about the status of their complaints. |
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• The Company shall make available
facilities at each of its branches and offices for the customers to lodge
and/or submit their complaints or grievances, if any. |
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| Floating Rate Loans |
The rate of interest for the loans under Floating Scheme vary
based on the movements of rates in the market and our lending rate/ PNBHFR
(Benchmark rate of PNBHFL) and the variations if any during year will be
communicated to the borrowers from time to time. The borrowers are informed in
case of change in PNBHFR. The latest PNBHFR is also displayed on the site.
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| Fixed Rate Loans |
The rate of interest for the loans under Fixed Rate Scheme is
initially fixed for three years. Thereafter, the rates would be as applicable
at the end of three years period. A borrower has the option to convert it into
floating rate as applicable at the end of three years period without any
charges. |
For latest interest rates on housing and
other loan,
Please refer individual loan schemes on our web site. |
| Processing and Administrative Fee payable with loan application
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| Commitment fee: |
1% p.a. of loan amount in case the loan is not availed within
12 months from the date of sanction or 3 months from the scheduled date of
disbursement whichever is earlier.
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| • Late payment charges/ overdue interest/ penal interest: |
2% p.m. on the delayed EMIs/ PEMIs for the delayed period |
| • For loans sanctioned for construction on plot which is to
within 18 months or as stipulated by allotting agency/developer |
Rate of Interest will be 2% higher than that of housing loan. |
| Stamp duty on creation of mortgage – As per the relevant State
Stamp Act |
As informed by the Branch In Charge. |
| Charges for dishonour of post dated cheques given towards EMIs
/ overdues/ pre-closure/ incidental charges |
Rs.250/- plus service tax for each such dishonour cheque. |
| Pre-payment charges for housing loans |
No charges for part pre-payment if it is upto 20% of the loan
outstanding. Thereafter, 2% on amount pre-paid. |
| Pre-closure charges for Loans
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Minimum 2% on the outstanding balance/or as prescribed by
company.
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| Charges for sending Statement of Account. |
Rs. 100 annual charges. |
| Conversion fee/charges:
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| • For conversion of loan from Fixed to Floating
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2.00% of the outstanding amount as on the date of conversion |
| • For conversion of loan from Floating to Fixed |
2.00% of the outstanding amount as on the date of conversion.
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| • Conversion of loans from Fixed Scheme to Floating Scheme or
Floating Scheme to Fixed Scheme are permitted at the sole discretion of PNBHFL
on fulfillment of certain conditions.
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| • The charges stated above are subject to revision by the
Company from time to time. |
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* The customer has to bear the service
tax, surcharge, educational cess and other statutory expenses as per the
relevant Acts applicable from time to time. |
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All personal information of customers
shall be treated as private and confidential [even when the customers are no
longer customers], other than in the following exceptional cases: |
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a. If the information is to be given by
law |
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b. If there is a duty towards the public
to reveal the information |
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c. If our interests require us to give
the information (for example, to prevent fraud)
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d. If the customer permits or consents
for revealing the information.
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e. If the information is being given to
Credit reference agencies |
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f. The information will be revealed to
the credit reference agencies without the consent of the borrower if the
customer has defaulted in repayment of
installments. The copy of the information so revealed may be
obtained on demand and payment of necessary fee. |
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If the customer has any grievances, he
can make a complaint in writing addressed to the concerned Branch Manager,
quoting the account number, gist of the complaint and in case the grievance is
not resolved within 15 days, a copy of the complaint with acknowledgement to be
forwarded to the Grievance Escalation address given under; |
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Grievance Escalation: For unresolved
grievances please write to the Ex. Vice President (Operations), at the above
address or E-mail: evpnrv@pnbhfl.com |
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The customers shall submit or provide
necessary documents or proofs viz., PAN details, proof of identity, address,
educational qualification, employment etc. as and when called for by CFHL as
per the KYC norms, either at the time of applying for the loan or at any later
stage before closure of the account;
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The title deeds deposited by the borrower/s or
guarantor/s for creation mortgage will be returned to the said persons or their
legal heirs only on closure of the entire loan liabilities of the borrowers
/Guarantors due under the loan/s availed directly or indirectly against the
security of such properties. Borrower shall furnish the no due certificate to
the concerned department for getting the title deeds back. |
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