RBI Rule Change: Banks will help customers in getting duplicate documents. Documents will be available from the branch from where the loan has been taken. On the death of the borrower, the legal heir will receive the document.
There is good news for home loan takers. Now after repaying the home loan, you will not have to run around to get the registry papers back. The Reserve Bank has issued guidelines regarding this. According to the guidelines of the Reserve Bank, the bank will have to pay compensation if there is a delay in getting back the registry papers.
Giving relief to the common people, the Reserve Bank has issued special guidelines regarding the registry. According to these guidelines, the bank will have to return the registration documents of that property to the customer within 30 days of fully repaying the loan for movable or immovable property.
Now the bank will have to hand over the property documents to the customer within 30 days for Movable or Immovable Property loan. If there is any delay on the part of the bank in this matter, a compensation of Rs 5000 per day will have to be paid. In case of loss of documents, a further extension of 30 days will be given.
Banks will help the customer in getting duplicate documents. Documents will be available from the branch from where the loan has been taken. On the death of the borrower, the legal heir will receive the document.
