Mumbai Many people take loans from banks to build houses and buy flats. After the loan amount is returned, there are many people who have to face pressure to get back their property documents deposited in the bank. Many times banks also say that sir, your property papers have been lost. Now the Reserve Bank has come forward to help such victims. The Reserve Bank has issued an order to all the banks today. This order of the Reserve Bank will solve the problems in taking loans from banks and then getting the property documents released from them and will ease the problems of the people.
After repaying the home loan, there will be no pressure to get the registry paper back from the bank.
The registry paper will have to be returned to the bank within 30 days. Otherwise ₹ 5000/day compensation will have to be paid.@RBI Has issued instructions.#loan #PropertyDocument @CNBC_Awaaz pic.twitter.com/OLoTH3aMYQ
— Lakshman Roy (@RoyLakshman) September 13, 2023
According to the order issued by the Reserve Bank to the banks, a deadline has been fixed for returning the property documents from the bank after the loan has been repaid. Now after repaying the loan, you will get the documents back from the bank within 30 days. If the bank does not return the documents within this deadline, then it will have to pay a compensation of Rs 5000 per day to the concerned property owner. This rule of the Reserve Bank will be applicable to the property documents to be returned from December 1 this year.
The Reserve Bank has also ordered that if any borrower’s property documents are lost, the banks will help him in getting their duplicate copies. Whatever expenditure will be incurred on this item will have to be paid by the bank. Also, the bank will have to pay a compensation of Rs 5,000 every day for as many days as the person does not get a duplicate copy of his property documents. In the order, the Reserve Bank has said that the person who has repaid the loan can take back his property documents from the branch of the concerned bank or from any other office.