Loan Agent Calls and Rate Adverts: What RBI's HFC Code Allows and Bars
RBI's Housing Finance Companies Directions, 2025 require HFCs to adopt a model code for loan selling agents: identify the agent and lender before calling, normally call only between 09:30 and 19:00 hours, make no false or unauthorised commitments, and not repeat the same offer for 3 months after a refusal. HFC rate adverts must say whether other fees apply.
It is 8.40 on a Sunday evening in Bengaluru. A buyer who filled in a form at a weekend project launch takes the fourth call of the day from someone offering a home loan with a rate that sounds too good to check. The caller does not say which lender they represent, promises approval in 48 hours, and says the offer closes tonight. The buyer said no on Thursday.
RBI's current rules for housing finance companies contain a detailed code for exactly this kind of call. They set calling hours, require agents to identify themselves and the lender, bar misleading promises, and stop repeat calls after a refusal. They also set rules for how HFCs advertise rates. This guide explains those rules and how a Bengaluru buyer can use them to filter offers. It is buyer guidance on lender conduct, not a recommendation for or against any lender or agent.
The short answer. RBI's Housing Finance Companies Directions, 2025, updated as on October 1, 2026, require HFCs to adopt a model code for direct selling and marketing agents. Agents must share their name, number, agency and the HFC they represent before calling, normally call only between 09:30 and 19:00 hours, must not mislead you, pose as HFC staff or make unauthorised commitments, and should not call again with the same offer for 3 months after you decline. HFC adverts quoting a rate must say whether other fees apply. The trade-off: the code governs HFCs and their agents, so it gives you a firm basis to complain, but it does not stop calls from people who ignore it, and you still need to verify every offer directly with the lender.
Who do these rules apply to?
Housing finance companies and the agents they use. Paragraph 155 of the Directions says an HFC shall prescribe a code of conduct for its direct selling agencies and direct marketing agents, which among other matters requires them to identify themselves when they approach a customer in person or by phone. Paragraph 156 says the HFC shall adopt a model code of conduct for these agents, and that agents and their employees must agree to abide by it before undertaking any direct marketing on the HFC's behalf.
The code says an employee or representative found violating it may be blacklisted, and that failure to comply may lead to permanent termination of the agency's business with the HFC. If your caller is selling a bank loan or an app based loan instead, different rules apply; our guide to taking a home loan through an app or lending service provider covers RBI's digital lending framework.
When and how can an agent contact you?
Only with a basis, at sensible hours, after introducing themselves. The model code says a prospect is to be contacted only if they have expressed a desire to acquire a product through the HFC's channels, or have been referred, or are an existing customer who has given explicit consent, or where the prospect's details were obtained with explicit consent on a separate document. Agents should not call anyone flagged in a Do Not Disturb list.
Before calling, agents must share by message or other written mode their name, contact number, the agency employing them and the HFC they represent. Telephonic contact must normally be between 09:30 and 19:00 hours, and home or office visits are normally limited to the same window. Calls or visits outside those hours may be made only if you have expressly authorised them, in writing or orally.
What are agents not allowed to say or do?
Three things are spelled out. The model code says agents shall not mislead the prospect on any product or service offered by an HFC, shall not mislead the prospect about their business or organisation's name or falsely represent themselves as an HFC employee, and shall not make any false or unauthorised commitment on behalf of an HFC for any facility, loan or service.
The code also says agents should respect your privacy and discuss your interest only with you, or with a family member or adviser you authorise. They should not accept gifts or bribes, and should not offer gifts in cash or kind to win your business. During a call, they should identify themselves, their company and their principal, ask permission to proceed, apologise and disconnect if refused, and check that you understand the Most Important Terms and Conditions if you plan to buy the product.
Two more lines matter once you are a customer. The post call etiquette in the code says agents should never call or entertain calls from customers about products already sold, and should advise them to contact the HFC's customer service staff instead. And paragraph 153 says that if an HFC uses third parties for support services, it shall require them to handle your personal information with the same confidentiality and security the HFC itself would apply. If an agent who sold you the loan keeps calling about it, or asks you to send documents to a personal number, take the matter to the HFC directly. Messages left with family members should be limited, under the code, to asking you to call back, and should make clear that the call concerns selling an HFC product.
How do the agent rules compare with what often happens?
The table sets common call patterns against the model code. The first two columns restate the code; the last three are buyer responses.
| Situation | What the model code says | What to do | What to note | Where to raise it |
|---|---|---|---|---|
| Unknown caller with no lender named | Agent must share name, number, agency and HFC represented before calling | Ask for the HFC's name and the agent's details in writing | Number, time and claimed lender | The named HFC's grievance channel |
| Call at 8.40 pm | Calls normally between 09:30 and 19:00 hours unless you authorised otherwise | Say you did not authorise late calls | Date and time of the call | The HFC's grievance channel |
| Same offer after you said no | No calls for the next 3 months with the same offer after lack of interest | Repeat the refusal and ask to be flagged Do Not Disturb | Date of your first refusal | The HFC's grievance channel |
| Promise of guaranteed approval | No false or unauthorised commitment on the HFC's behalf | Ask the HFC directly whether the promise stands | Exact words used | The HFC's grievance channel |
| Caller claims to be HFC staff | Agents must not falsely represent themselves as HFC employees | Verify the person with the HFC | Name and claimed designation | The HFC's grievance channel |
What must an HFC advert tell you about rates?
More than the headline number. Paragraph 150 of the Directions says all advertising and promotional material must be clear and factual. Paragraph 151 says any advertising or promotional literature that refers to an interest rate must also indicate whether other fees and charges will apply and that full details of the terms and conditions are available on request or on the website.
Paragraph 152 says HFCs shall provide information on interest rates, common fees and charges through branch notices, help lines, the website, help desks or a service guide or tariff schedule. Paragraph 154 says information about other products or promotional offers shall be conveyed to customers only if they have consented to receive it. At a launch for a project such as Prestige Evergreen on Varthur Road or anywhere else, treat any rate on a standee as a starting point and ask for the tariff schedule.
A seven-point checklist for handling loan agent calls
- Ask every caller for their name, agency and the HFC they represent, in a message.
- Note the date and time of calls outside 09:30 to 19:00 hours that you did not authorise.
- Say no clearly once, note the date, and ask to be flagged Do Not Disturb.
- Verify any promise of approval, rate or deadline directly with the HFC.
- Check that any advertised rate says whether other fees and charges apply.
- Ask for the HFC's tariff schedule before comparing offers.
- Share personal documents only through the HFC's official channels.
Where do you complain about a pushy agent?
To the HFC whose product was being sold. The Directions require HFCs to have a system for receiving, registering and disposing of complaints, and say an HFC shall endeavour to acknowledge a written complaint within a week, naming the official handling it, and give a final response or explain the delay within six weeks. HFCs must display that if there is no response within a month, or the complainant is dissatisfied, the complaint may be taken to the National Housing Bank's complaint redressal cell.
Brokers who sell flats, rather than loans, sit under a different framework; our explainer on when a property broker counts as a real estate agent under RERA covers that side. For loan calls, the strongest protection is simple: write down who called, when, and what they promised, then check it with the lender before you act.
Frequently asked questions
What hours can a home loan agent call me?
Under the model code in RBI's Housing Finance Companies Directions, 2025, telephonic contact by an HFC's direct selling or marketing agents must normally be between 09:30 and 19:00 hours. Calls earlier or later may be placed only if you have expressly authorised them, in writing or orally.
Can a loan agent keep calling after I say no?
The model code says prospects who have expressed lack of interest in an offering should not be called for the next 3 months with the same offer. Agents should also not call a person whose name or number is flagged in any Do Not Disturb list.
Must the agent tell me who they work for?
Yes. The model code says agents must introduce themselves and, before calling, share their name, contact number, the agency employing them and the HFC they represent through a message or other written mode. They must not falsely represent themselves as the HFC's employee.
Can an HFC advert show only a low interest rate?
The Directions say advertising must be clear and factual, and any advert that mentions an interest rate must also indicate whether other fees and charges apply and that full details of terms are available on request or on the website. Look for that line before relying on the headline rate.
Last updated 2026-11-03. PropNewz Team.
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