Regulation

Cell for redressal of grievances of depositors/borrowers of HFCs.

 

The Complaint Redressal Cell of the National Housing Bank looks into complaints from depositors/borrowers of Housing Finance Companies (HFCs). The Complainants who have deposit/loan related complaints against HFCs are advised to approach the concerned HFC in the first instance for redressal of their grievances. If they do not receive response from the HFC within a reasonable period of time say 30 days or are dissatisfied with the response of the HFC, they may approach the Complaint Redressal Cell in the Performa given hereunder of the National Housing Bank.

2. The Complaint needs to be addressed to the Complaints Redressal Cell and forwarded to the following address :

National Housing Bank
Department of Regulation and Supervision,
Core 5A, India Habitat Centre,
Lodhi Road, New Delhi – 110 003.

The Complaint can also be sent through email be e-mailed at crcell@nhb.org.in.

3. Deposit related complaints are examined to ascertain whether the HFC has violated the provisions of the National Housing Bank Act, 1987 ( Central Act No. 53 of 1987) and the Housing Finance Companies (NHB) Directions, 2001 and the Guidelines issued thereunder from time to time. Where such violations are observed, action as permissible under the said Act is taken against the HFC and against the persons /officials of HFC’s responsible for such violations.

4. As regards loan related complaints, the Complaint Redressal Cell plays a facilitative role by taking up the complaints with the concerned HFC. It is for the reason that rates of interest including any increase or reduction therein, pre-payment or loan closure charges, loan disbursals, recovery on defaults in payments and other covenants in the loan agreement are not being regulated by the National Housing Bank. A loan transaction is essentially a contract between the lender and the borrower and both the parties are governed by the same. The borrowers are, therefore, advised to go through the terms and conditions of the loan and get all the terms clarified before signing the loan agreement.

5.The National Housing Bank, however, endeavours to promote transparency and good and fair practices among HFCs and for that purpose issued Fair Practices Code to be adopted by HFCs with the approval of their respective Board. The full version of the Code issued by the National Housing Bank is available at the NHB’s official website www.nhb.org.in.

 

Performa for submitting complaint

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