Recovery Policy

Introduction

All the members of the staff or any person authorized to represent HOMESHREE in collection and/or security repossession would follow the guidelines set out below:
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 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. HOMESHREE collection policy has been built on courtesy, fair treatment and persuasion, fostering customer confidence and long-term relationship. HOMESHREE representative or any person authorized to represent HOMESHREE in collection of dues and/or security repossession shall identify himself/herself and display the authority letter so issued. They will provide customers with all the information regarding dues and endeavor to give sufficient notice for payment of dues.

General Guidelines

1. Respect customer’s privacy.
2. Display and inform the customer of his/her identity and authority to represent HOMESHREE in the first instant.
3. Provide customers with all the information regarding dues and shall endeavor to give sufficient notice to payment of dues.
4. Not speak to anyone else except the customer for recovering the outstanding dues.
5. Not contact or speak to anyone except the customer for collection of outstanding dues.
6. Always be polite to all the customers.
7. Customer’s request to avoid calls at a particular time or at a particular place shall be honored as far as possible.
8. 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.

Giving Notice to borrowers

While written communications, telephonic reminders or visits by the representatives of HOMESHREE to the borrowers’ place or residence will be used as loan follow up measures, HOMESHREE will not initiate any legal or other recovery measures including repossession of the security without giving due notice in writing. HOMESHREE will follow all such procedures as required under law for recovery/repossession of security.

Repossession of Security:

Repossession of security is aimed at recovery of dues and not to deprive the borrower of the property. The recovery process through repossession of security will involve repossession, valuation of security and realization of security through appropriate means. All these would be carried out in a fair and transparent manner. Repossession will be done only after issuing the notice as detailed above. HOMESHREE will take all reasonable care for ensuring the safety and security of the property after taking custody, in the course of the business.

Valuation and Sale of Property:

Valuation and sale of property repossessed by HOMESHREE will be carried out as per law and in a fair and transparent manner. HOMESHREE will have right to recover from the borrower the balance due if any, after sale of property. Excess amount if any, obtained on sale of property will be returned to the borrower after meeting all the related expenses provided IHLL is not having any other claims against the customer.

Opportunity for the borrower to take back the security:

As indicated earlier in the policy document, HOMESHREE will resort to repossession of security only for the purpose of realization of its dues as the last resort and not with intention of depriving the Borrower of the Property/Security. Accordingly HOMESHREE will be willing to consider handing over possession of Property/Security to the Borrower any time after repossession and before concluding sale transaction of the Property/Security, provided HOMESHREE dues are cleared in full. If satisfied with the genuineness of Borrower's inability to pay the loan installments as per the schedule which resulted in the repossession of Property/Security, HOMESHREE may consider handing over the Property/Security after receiving the installments in arrears.