Loan Processing & Disbursement

  • Applications for loans and their processing
    • The loan application form will indicate all information that affects the interest of the borrower and would include the list of documents required to be submitted with the application form
    • The customer would be guided by the officials of Nivara in terms of information on the products, key terms and conditions and the process
    • Once the initial assessment is done, Nivara would facilitate the customer for necessary submission of formal application form with requisite documentation and processing fees
    • Credit check would form an important part of the assessment of the credit worthiness and these would be based on Personal details (including name, address, occupation etc.,) and Credit history
    • In addition, Customer Verification will be done by an officer from Nivara or by an authorised representative of Nivara, who would conduct review of the customer details submitted to reconfirm the field level checks. This would involve meeting the customer at residence and/or place of work
    • Based on the credit assessment, in principle decision on the application will be communicated. If the decision is favourable, the sanction will be subject to security assessment and other conditions if any
    • Customer will be required to submit property documents and approved plans for purposes of undertaking Technical and Legal Assessment
    • A sanction letter will be issued based on the above assessment giving details of amount, tenure, interest rate, processing fees payable and other terms and conditions.
  • Disbursement of loans including changes in terms and conditions
    • Disbursement will be made in accordance with the terms and conditions given in the Loan Agreement/ Sanction Letter
    • Nivara will give notice to the borrower in case of any change in the terms and conditions including disbursement schedule, interest rates, service charges, prepayment charges, other applicable fee/ charges etc.
    • If such change is to the disadvantage of the customer, he/she will be allowed to close his / her account or switch it without having to pay any extra charges or interest within 60 days
    • All demands for repayments and security will be in accordance with the loan agreement
    • Nivara will release all securities on repayment of all dues or on realization of the outstanding amount of loan subject to any legitimate right or lien for any other claim Nivara may have against borrower.

Guarantors

When a person is considered to be a guarantor to a loan, Nivara shall inform him/her the following under acknowledgement

  • Letter/ Deed of Guarantee stating the terms of liability as guarantor
  • Nivara shall keep him/her informed of any default in servicing of the loan by the borrower to whom he/she stands as a guarantor
  • Circumstances in which Nivara will call on him/her to pay up his/her liability
  • Whether Nivara has recourse to his/her other monies in the company if he/she fails to pay up as a guarantor
  • Whether his/her liabilities as a guarantor are limited to a specific quantum or are they unlimited
  • Time and circumstances in which his/her liabilities as a guarantor will be discharged.

Nivara 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.

Privacy & Confidentiality

All personal information of existing and past customers will be treated as private and confidential and will not be revealed to any third party except under consent from customer or as per terms of the loan agreement.

Credit Reference Agencies

  • Credit check would form an important part of the assessment of the credit worthiness and these would be based on Personal details (including name, address, occupation etc.,) and Credit history. Such checks will be undertaken for all prospective customers based on information provided by him/her
  • Nivara provides information to credit reference agencies about the personal debts of the customer to avoid any adverse impact on their credit history as we submit the credit behaviour information of all the borrowers on a monthly basis to credit Bureaus
  • The above information will be given under consent from customer or as per terms of the loan agreement
  • A copy of the information given to the credit reference agencies will be provided by Nivara to a customer, if so demanded.

Collection of Dues

  • Whenever loans are given, Nivara would explain to the customer the repayment process by way of amount, tenure and periodicity of repayment. However 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
  • Nivara staff or any person authorized to represent the company in collection of dues or/and security repossession shall identify himself / herself and display the authority letter issued by the Nivara and upon request, display his/her identity card issued by the Nivara or under authority of the Nivara. Nivara shall provide the customers with all the information regarding overdue
  • All assistance shall be given to resolve disputes or differences regarding dues in a mutually acceptable and in an orderly manner. During visits to customer's place by the person authorised by Nivara for dues collection or/and security possession/repossession the following guidelines shall be followed:
    • Customer would be contacted ordinarily at the place of his / her choice absence of any specified place at the place of his / her residence and if at his / her residence, at the place of business / occupation
    • Identity and authority to represent the Company shall be made known at the first instance
    • Customer’s privacy shall be respected
    • Interaction with the customer shall be in a civil manner
    • The Company representatives shall contact the customers between 0700 hrs and 1900 hrs unless the special circumstances of the customer’s business or occupation otherwise
    • Customer’s request to avoid calls at a particular time or at a particular place should be honoured as far as possible.
    • Time and number of calls and contents of conversation would be documented
    • All assistance should be given to resolve disputes or differences regarding mutually acceptable and in an orderly manner
    • During visits to customer’s place for dues collection, decency and decorum be maintained
    • Inappropriate occasions such as bereavement in the family or such other occasions should be avoided for making calls/visits to collect dues.

Branch Closure / Shifting

Nivara shall inform the customer in the event of closure/shifting of its branch office.

Know Your Customer (KYC) Guidelines

  • Nivara shall explain the requirements of KYC guidelines to its customers and inform them about the documents required for establishing the identity of the customer before loan sanctioning, account opening and operation
  • Nivara would obtain only such information to meet with company's KYC, Anti-Money Laundering or any other statutory requirements. In case any additional information is asked for, it will be sought separately and shall specify the objective of obtaining such additional information.

Grievance Redressal

In case of any complaint, grievance or any other service related issue, the borrower may reach us through any of the following modes:

  • By way of physically visiting the Branch and post a complaint in the Complaint Register maintained at our branches. Customers can visit our branch during visiting hours between 10 a.m. and 5 p.m. from Monday to Friday & from 10 a.m. to 2 p.m. on Saturdays (except on public holidays)
  • Customers can contact us at +91-80-2655 2822 between 10 a.m. and 5 p.m. from Monday to Friday & from 10 a.m. to 1 p.m. on Saturdays (except on public holidays)
  • Customers can also reach us vide E-mail: contact@nivarahousing.com
  • By way of written letter addressed to Registered office of the company - To The Customer Service Manager – Home Loans, Nivara Home Finance Ltd., 22, 23, 24, 25/101/3, 3rd Floor, BNR Complex, Sri Rama Layout, Opp. RBI Layout, 7th Phase, JP Nagar, Bangalore – 560078.

In case of delay or unsatisfactory response or non-response through the above modes, the borrower(s) may escalate the pending complaint, grievance or any other service request to:

The Managing Director,
Nivara Home Finance Limited,
22, 23, 24, 25/101/3, 3rd Floor, BNR Complex,
Sri Rama Layout, Opp. RBI Layout,
7th Phase, JP Nagar, Bangalore – 560078
E-mail: md@nivarahousing.com

If the borrower(s) is still dissatisfied with the response received/or where no response is received, the borrower(s) complaint may approach the complaint Redressal Cell of National Housing Bank (NHB) by lodging their complaints in

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