This Code has been formulated by Aptus Value Housing Finance India Ltd ( Aptus), the “company”, pursuant to the Guidelines issued by the National Housing Bank (“NHB”) on Fair Practices Code for Housing Finance Companies vide its circular NHB/ND/DRS/Pol-No.16/2006 dated September 05, 2006, further revised by its circulars NHB/ND/DRS/Pol-No.34/2010-11 and NHB (ND)/DRS/Pol-No.38/4673/2010- 11 This amended Code has come into force from June 14, 2011.
The primary objective of the code are as below,
- To promote good and fair practices by setting minimum standards in dealing with customers.
- To increase transparency so that the customer can have a better understanding of the services expected.
- To promote a fair relationship between the company and the customer.
- To encourage market forces, through fair competition, to achieve higher operating standards.
- To foster confidence in the housing finance system overall.
If APTUS 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
When a person is considering being a guarantor to a loan, he will be informed about
- This liability as guarantor;
- The amount of liability he will be committing himself to the company;
- Circumstances in which APTUS will call on him to pay up his liability;
- whether APTUS has recourse to his other monies in the company if he fails to pay up as a guarantor;
- whether his liabilities as a guarantor are limited to a specific quantum or whether unlimited;
- Time and circumstances in which his liabilities as a guarantor will be discharged as also the manner in which APTUS will notify him about this.
- APTUS will keep him informed of any default on the loan by the borrower to whom he stands as a guarantor.
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. APTUS will not reveal information or data relating to customer accounts, whether provided by the customers or otherwise, to anyone, including other entities in APTUS’s group, other than in the following exceptional cases:
- If the information is to be given by law;
- If there is a duty towards the public to reveal the information;
- If APTUS’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;
- If the customer asks APTUS to reveal the information, or with the customer’s permission; If APTUS is asked to give a reference about customers, it will obtain his written permission before giving it;
- The customer will be informed the extent of his rights under the existing legal framework for accessing the personal records that APTUS holds about him;
- APTUS will not use customer’s personal information for marketing purposes by anyone including APTUS unless the customer specifically authorizes APTUS to do so.