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  • Fair Practice Code

Fair Practice Code

FAIR PRACTICES CODE

GIC Housing Finance Limited had adopted Board Approved Fair Practice Code in October 2006; pursuant to the Guidelines issued by the National Housing Bank on Fair Practices Code for Housing Finance Companies vide its circular bearing No. NHB (ND)/DRS/POL- No. 16/2006 dated September 05, 2006. This Code has been modified pursuant to the Guidelines issued by the National Housing Bank on Fair Practices Code for Housing Finance Companies vide its circular bearing No.NHB (ND)/DRS/POL-No. 34/2010-11 dated October 11, 2010. The revised Code has come into force from January 29, 2011 after revised guidelines being approved by Board on January 29, 2011.

NHB has subsequently also incorporated all above circular guidelines with certain additions in its Master Circular issued vide its Circular bearing No. NHB(ND)DRS/REG/MC-03/2017 dated July 1, 2017. The Code has been reviewed pursuant the guidelines issues by RBI vide their direction – Reserve Bank of India (Housing Finance Companies) Directions, 2025 and Reserve Bank of India (Non-Banking Financial Companies – Responsible Business Conduct) Directions, 2025 dated November 28, 2025 (Updated as on June 15, 2026, and August 1, 2026).

1. OBJECTIVES & APPLICATION

1.1 Objectives of the Code

This Code has been formulated by GIC Housing Finance Limited pursuant to the Guidelines issued by the National Housing Bank on Fair Practices Code for Housing Finance Companies vide its circular bearing No. NHB (ND)/DRS/POL- No. 34/2010- 11 dated October 11, 2010 as a part of best corporate practices.

The Code has been developed: -

a. To promote good & fair practices by setting reasonable Standards in dealing with Customers;

b. To increase Transparency so that the Customers can have better understanding of what they can reasonably expect of the Services;

c. To encourage Market forces, to achieve higher Operating Standards;

d. To promote a fair & cordial relationship between Customer & GICHFL; &

e. To foster confidence in Housing Finance System.

 

1.2 Application of the Code

This Fair Practices Code shall apply to all products and services offered by GIC Housing Finance Limited ("GICHFL"), whether delivered through branch network, digital channels, mobile applications, website, outsourced arrangements, Direct Selling Agents (DSAs), Direct Marketing Agents (DMAs), Recovery Agents, business correspondents, service providers or any other authorised representatives acting on behalf of GICHFL.

GICHFL shall remain responsible for ensuring that such persons and entities comply with this Fair Practices Code and applicable regulatory requirements.

2. We shall act fairly and in transparent manner

The Company shall act fairly & reasonably in all dealings with Customers by ensuring that –

a. The Commitments & Standards prescribed in this Code are met for all Products, Services, Procedures, Practices.

b. Our Products & Services meet relevant Laws & Regulations in letter & spirit.

c. Our dealings with Customers rest on the Ethical Principles of Integrity & Transparency.

2.2. GICHF will transparently disclose to the borrower all information about fees / charges payable for processing the loan application, that the amount of fees paid is non-refundable if loan amount is not sanctioned / disbursed, pre-payment options and charges, if any, penalty for delayed repayment if any, conversion charges for switching loan from fixed to floating rates or vice-versa, existence of any interest reset clause and any other matter which affects the interest of the borrower. In other words, GICHF will disclose ‘all in cost’ inclusive of all charges involved in processing / sanction of loan application in a transparent manner. It will also be ensured that such charges / fees are non-discriminatory.

2.3. At the time of reset of floating interest rate, eligible borrowers shall be provided options, wherever applicable, including:

• enhancement/reduction in EMI;
• extension/reduction of loan tenor;
• part prepayment;
• full prepayment/foreclosure; and
• switching to a fixed rate loan product, subject to applicable terms and conditions.

3. ADVERTISING, MARKETING AND SALES

3.1 We shall

a. Ensure that all Advertising & Promotional Material is clear, & not misleading.

b. In any Advertising in any Media & Promotional Literature that draws attention to a Service or product & includes a reference to an Interest Rate, we shall also indicate whether other Fees & Charges will apply & that full details of the relevant Terms & Conditions are available on request.

c. We shall provide Information on Interest Rates, Common Fees, & Charges through Putting up Notices in all our Offices; Through Telephone or Helplines; On the Company’s Website; through designated Staff Helpdesk; or Providing Tariff Schedule.

d. If we avail of the Services of Third Parties for providing Support Services, we shall ensure that such Third Parties handle Customer’s Personal Information (if any available to such Third Parties) with the same degree of Confidentiality & Security as we would.

e. We may, from time to time, communicate to Customers various features of the Products availed by them. Information about our other Products or Promotional Offers in respect of Products / Services, may be conveyed to Customers only if 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.

f. The GICHFL shall bind its DSAs/DMA for compliance with the Code of Conduct adopted by it, and applicable regulatory guidelines.

• Shall identify themselves and disclose that they are acting on behalf of GICHFL at the first point of contact with the prospective customer.
• Shall carry and produce valid identity cards and authorization letters issued by GICHFL whenever required.
• Shall provide complete, accurate and transparent information regarding loan products, eligibility criteria, interest rates, fees, charges, repayment obligations and other terms and conditions.
• Shall not make any false, misleading or unauthorised representations, promises or commitments to customers.
• Shall collect and handle customer information with due confidentiality and use such information only for the purpose for which it is obtained.
• Shall treat customers fairly and courteously and shall not resort to any coercive, deceptive, unfair or unethical practices.
• Shall comply with the Fair Practices Code, applicable regulatory guidelines and instructions issued by GICHFL from time to time.
• Shall maintain a list of up-to-date DSAs empaneled as well as code of conduct on GICHFL website.

In the event of receipt of any Complaint from the Customer that our Representative / Courier or DSA / DST has engaged in any improper conduct or acted in violation of this Code, appropriate steps shall be initiated to investigate & to handle the Complaint & to make good the loss.

4. LOANS

4.1 Applications for loans and their processing

We shall inform our customers of all necessary information through application forms /brochures/ Posters or during the course of meeting with the customers etc which affects the interest of the Customer. We shall provide the indicative list of documents required to be submitted along with the loan application form.

We shall follow the System of giving Acknowledgement for receipt of Loan Application preferably along with time frame for disposal depending upon the level of authority for sanction of loan.

Loan Appraisal and terms/conditions

a. Normally all particulars required for processing the Loan Application shall be collected by us at the time of Application. In case we need any Additional Information, the Customer will be informed accordingly.

b. We shall convey to the Customer the Loan Sanction along with the Terms & Conditions and KFS. These documents will be provided in vernacular language if required.

c. We shall provide Copies of all the Loan Documents executed by the Customer along with a Copy each of all Enclosures quoted in the Loan Document on request. GICHFL shall communicate the sanctioned loan amount, applicable terms and conditions, annualized rate of interest, method of application of interest, and penal charges to the borrower in writing and in a language understood by the borrower. The borrower's acceptance of such terms shall be duly obtained and maintained on record. Any penal charges for delayed repayment shall be clearly disclosed in the loan agreement in a prominent manner.

d. We shall provide a Key Facts Statement (KFS) to every prospective borrower before execution of the loan agreement in accordance with applicable regulatory requirements.

The KFS shall clearly disclose:

• Annual Percentage Rate (APR);
• validity period of the loan offer;
• repayment and amortisation schedule;
• all applicable fees, charges and penal charges;
• prepayment and foreclosure provisions;
• interest reset provisions, wherever applicable; and
• other material terms affecting the borrower's obligations.

No charge other than those disclosed in the KFS shall be levied unless specifically permitted under the loan agreement and applicable regulations.

Communication of rejection of Loan Application

If we cannot provide the Loan to the Customer, we shall communicate in writing the Reason (s) for Rejection (wherever possible).

Disbursement of Loans including changes in terms and conditions

Disbursement will be made in accordance with the disbursement schedule as per loan agreement/ sanction letter.

Customers would be informed regarding changes to Terms & Conditions including disbursement schedule, interest rates, service charges, prepayment charges, other applicable charges etc. Normally, changes shall be made with Prospective Effect giving due Notice. If such change is to the disadvantage of the Customer, he / she may within 60 days close or switch the loan account without incurring any additional charges or penal interest.

Interest shall be charged only from the actual date of disbursement of the loan or the respective tranche thereof and shall be calculated in accordance with the terms of the loan agreement. The method of interest computation shall be transparently disclosed to the borrower.

GICHFL shall not charge any prepayment or foreclosure penalty on floating rate Home Loans sanctioned to individual borrowers for non-business purposes. Borrowers may prepay or foreclose such loans, in part or in full, without any charge. In case of any adverse change in terms and conditions, the borrower may, within 60 days, close or switch the loan account without incurring any additional charges or penal interest.

Before taking a decision to recall / Accelerate Payment or Performance under the Agreement or seeking Additional Securities, we shall give Notice to Borrowers in consonance with the Loan Agreement.

4.2 Release of Original Property Documents

Upon full repayment or settlement of all outstanding dues, GICHFL shall release all original property documents and remove any charge or encumbrance created in favour of GICHFL within the timelines prescribed under applicable regulatory guidelines.

GICHFL shall:

• establish a transparent process for return of original property documents;
• facilitate release of documents to the borrower or the legal heir(s)/authorised representative(s), as applicable;
• communicate the place and manner of document collection;
• maintain records evidencing delivery of documents;
• compensate borrowers for delays attributable to GICHFL as may be prescribed by regulatory guidelines; and
• GICHFL shall release original property documents and complete charge satisfaction within 30 days of full repayment/settlement. Delays attributable to GICHFL shall attract compensation of ₹5,000 per day.
• In case of loss or damage of original documents, GICHFL shall assist in obtaining duplicate/certified copies at its own cost. An additional 30 days shall be allowed for this process, after which the compensation shall become payable. This provision is without prejudice to any other rights or remedies available to the borrower under applicable law.

4.3 GUARANTORS

When a person is considering being a Guarantor for a Loan, he / she shall be informed about:

a. His / her Liability as Guarantor.

b. The amount of Liability he / she will be committing him/herself to the Company.

c. Circumstances in which we will call on him / her to pay up his / her Liability.

d. Whether we have recourse to his / her other Monies in the Company if he / she fail to pay up as a Guarantor.

e. Whether his / her Liabilities as a Guarantor are limited to a specific quantum or are they unlimited.

f. Time & circumstances in which his / her Liabilities as a Guarantor will be discharged as also the manner in which we will notify him / her about this. We 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.

4.4 PRIVACY & CONFIDENTIALITY

All Personal Information of Customers shall be treated as Private and Confidential [even when the Customers are no longer Customers], and shall be guided by the following Principles & Policies. We shall not reveal Information or Data relating to Customer Accounts, whether provided by the Customers or otherwise, to anyone, including other Companies / Entities in our Group, other than in the following exceptional cases:

a. If the Information is to be given by Law.

b. If there is a duty towards the Public to reveal the Information.

c. If our interests require us to give the Information (for example, to prevent Fraud) but it should not be used as a reason for giving Information about Customer or Customer’s Accounts [including Customer Name & Address] to anyone else, including other Companies in the Group, for Marketing purposes.

d. If the customer asks the Company to reveal the information, or with his / her permission by way of acceptance to the terms and conditions of the loan agreement or otherwise, to provide such information to the group companies or other entities with whom the Company may have tie-up/ arrangement for providing other financial service products.

e. GICHFL shall maintain a Board-approved Interest Rate Policy. Interest rates shall be determined, having regard to various factors including:

• cost of funds;
• credit risk profile of the borrower;
• tenor of the facility;
• operating costs;
• business and market considerations; and
• applicable regulatory requirements.

GICHFL shall disclose interest rates, fees and charges through appropriate communication channels, including its website and branch offices. The range of interest rates and approach for determining risk premium shall be displayed on the Company's website.

f. If we are asked to give a reference about a Customer, we shall obtain his / her written permission before giving it.

g. The Customer shall be informed the extent of his / her Rights under the existing Legal Framework for accessing the Personal Records that we hold about him / her.

h. We shall not use Customer’s Personal Information for marketing purposes by anyone including ourselves unless the Customer specifically authorizes us to do so.

i. Penal charges, wherever applicable, shall be levied only for non-compliance with material terms and conditions of the loan agreement and not as a means of revenue enhancement and same shall be communicated in all means of communication like loan offer letter, Sanction letter and loan agreement in bold letters.

GICHFL shall ensure that:

• penal charges are not treated as penal interest;
• penal charges are not capitalised for the purpose of charging further interest;
• the basis and quantum of penal charges are disclosed in the sanction letter, loan agreement and Key Facts Statement;
• borrowers are informed whenever penal charges are imposed; and
• penal charges remain reasonable, transparent and non-discriminatory.

4.5 CREDIT REFERENCE AGENCIES

a. Before the opening of loan account, we shall inform the Customers when we shall pass his / her Account details to Credit Reference Agencies & the checks we shall make with them.

b. We may give information to Credit Reference Agencies about the Personal Debts the Customer owes us if:

i. The Customer has fallen behind with his / her Payments.
ii. The Amount owed is not in dispute.
iii. The Customer has not made proposals that we are satisfied with for repaying his / her Debt, following our formal demand.

c. In these cases, we shall intimate the Customer in writing that we plan to give Information about the Debts the Customer owes us to Credit Reference Agencies. At the same time, we shall explain to the Customer the role of Credit Reference Agencies & the effect the Information they provide can have on Customer’s ability to get Credit.

d. We may give Credit Reference Agencies other Information about the Customer’s Account if the Customer has given us his / her Permission to do so.

e. A copy of the Information given to the Credit Reference Agencies shall be provided by us to a Customer, if so demanded.

4.6 RECOVERY AGENTS AND COLLECTION OF DUES

Recovery Agents engaged by GICHFL shall strictly adhere to the following instructions while undertaking recovery activities:

• Shall identify themselves and disclose their authority to represent GICHFL and, upon request, produce the identity card and authorization letter issued by the Company.
• Shall treat borrowers with dignity, courtesy and respect at all times.
• Shall not resort to intimidation, harassment, coercion, abusive language, threats, physical force, public humiliation or any unfair practice for recovery of dues.
• Shall respect the privacy of borrowers and refrain from any action that may adversely affect the reputation or dignity of the borrower or interfere with the privacy of family members, relatives, friends or referees.
• Shall not make anonymous or threatening calls, send inappropriate messages through mobile phones, electronic means or social media platforms, or make false or misleading representations.
• Shall ordinarily contact borrowers only between 8:00 a.m. and 7:00 p.m., unless the special circumstances of the borrower warrant otherwise.
• Shall maintain proper records of borrower interactions and comply with all applicable laws, regulatory guidelines and the Company's Fair Practices Code.
• Shall immediately report any borrower grievance received during recovery proceedings to the Company for appropriate resolution.

COMPLAINTS & GRIEVANCES

4.6.1 Internal Procedures

a. The Company shall make available facilities at each of its offices for the customers to lodge and/or submit their complaints or grievances, if any.

b. 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.

c. The Board of Directors shall periodically review compliance with this Fair Practices Code, customer grievance trends, functioning of the grievance redressal mechanism and adequacy of customer protection measures. A consolidated review report shall be placed before the Board at such intervals as may be prescribed by the Board or regulatory authorities.

Customer will be told where to find details of our Procedure for handling Complaints fairly & quickly.

If the Customer wants to make a Complaint, he / she will be told:

Step 1:

Customers may visit our nearest Branch, address of which is available on our website www.gichfindia.com. They can submit in writing and get their complaints logged in the “Complaint and Grievance Register” maintained at the Branches and available with the Branch Manager (During working hours from 9.30 A.M. to 6 P.M.).

Or customer can write E-mail or by post / courier to Branch Office(s) of the Company as displayed on website (www.gichfindia.com). If a complaint has been received in writing from a customer, Company shall endeavor to send him/ her an acknowledgement / response within a period of seven (7) day’s from the date of complaint. The acknowledgement will be containing the name & designation of the official who will deal with the grievance.

Nodal Officer at Corporate Office of the Company:
G I C Housing Finance Ltd, National Insurance Building, 6th floor, 14, Jamshedji Tata Road, Churchgate, Mumbai-400 020
Office: 022-22880234

Step 2

If acknowledgment / response is not received or not satisfied with the resolution, within a period of seven (7) day’s time, Customers can write E-mail or contact to the Nodal Officer(s) of the Company as under.

Nodal Officer at Corporate Office of the Company:
G I C Housing Finance Ltd, National Insurance Building, 6th floor, 14, Jamshedji Tata Road, Churchgate, Mumbai-400 020
Office: 022-22880234
E-mail ID: customer.grievances@gichf.com

After examining the complaint, we shall send the customer our final response or explain why it needs more time to respond and shall endeavor to do so within six (6) weeks.

Step 3

If the complaint still remains unresolved, Customers may directly approach the regulatory authority of Housing Finance Companies, National Housing Bank for redressal of your complaints at below address:

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

Link for filing complaint on NHB website: https://grids.nhbonline.org.in

c. If a Complaint has been received in writing from a Customer, we shall send him /her Acknowledgement / Response within a week. 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 & be kept informed of the progress within a reasonable period of time.

d. After examining the matter, we shall send the Customer our Final Response or explain why it needs more time to respond & shall endeavour to do so within 6 weeks of receipt of a Complaint & he / she should be informed how to take his /her Complaint further if he / she is still not satisfied.

5. General

We shall give the Customer information: -

Verify the details mentioned by him / her in the Loan Application by contacting him /her at his / her Residence/ or on Business Telephone Numbers & / or physically visiting his / her Residence & / or Business Addresses through staff or through Agencies appointed for this purpose, if deemed necessary by us.

The Customer shall be informed to co-operate if we need to investigate a Transaction on the Customer’s Account & with the Police / other Investigative Agencies, if we need to involve them.

We shall advise the Customer that if the Customer acts fraudulently, he / she will be responsible for all Losses on his / her Account & that if the Customer acts without reasonable care & this causes Losses, the Customer may be held responsible for the same. Giving Customers information about our Products & Services in any of the following Languages: Hindi, English or the appropriate local Language.

We shall not discriminate on the basis of Age, Race, Caste, Gender, Marital Status, Religion, or Disability. However, the restrictions on Age, as mentioned in our Loan Products, shall continue to apply. Each application shall be considered independently on merit, upon scrutiny of all the information, documents required for verifying identity/entity and the security to be offered, including guarantees.

Further, we shall also not discriminate visually impaired or physically challenged applicants on the ground of disability in extending products, services, facilities, etc.

We shall process requests for transfer of a loan account. Upon receipt of a request from a borrower for transfer of a loan account to another lender, GICHFL shall communicate its consent or objection, along with reasons wherever applicable, within the 21 days from the date of receipt of request prescribed under applicable regulatory guidelines.

In the event of closure, merger, relocation or shifting of any branch, GICHFL shall provide adequate advance notice to customers through appropriate means such as display at the branch premises, website publication and/or other communication channels, informing customers about the effective date and details of the alternate branch or service point from where banking/loan servicing facilities can be availed. Such closure or shifting shall not adversely affect the rights and obligations of existing borrowers.

GICHFL shall maintain a Board-approved Code of Conduct for DSAs and DMAs engaged by it.

The activities, conduct and performance of DSAs and DMAs shall be subject to periodic monitoring and review. Any deviation from the prescribed Code of Conduct or unfair treatment of customers shall invite appropriate corrective action, including termination of engagement.

GICHFL shall not interfere in the affairs of a borrower except:

• where it is expressly permitted under the loan agreement;
• where it is necessary for protection of GICHFL's legitimate interests;
• where disclosure, verification or monitoring is required under applicable laws, regulations or directions of regulatory authorities.

Any such action shall be undertaken in a fair, transparent and lawful manner.

GICHFL shall comply with guidelines issued by the relevant authorities from time to time, including the guidelines issued by Telecom Regulatory Authority of India (TRAI) on aspects related to commercial communication such as the Telecom Commercial Communications Customer Preference Regulations (TCCCPR), 2018, as amended from time to time.

To publicize the Code we shall

a. provide existing & new Customers with a copy of the Code;

b. make this Code available on request either over the Counter or by Electronic Communication or Mail;

c. make available this Code at each of our Offices & on our website; &

d. ensure that our Staff is trained to provide relevant information about the Code & to put the Code into practice.

Our Board of Directors will be provided with periodical review of the compliance of the Fair Practice Code and the functioning of the grievance redressal mechanism at various levels of management. A consolidated report of each review will be submitted to the Board at regular intervals, as may be prescribed by it.

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