If you have taken a home loan from any bank or NBFC, then this news is useful for you. Yes, after the order of RBI, new rules related to property loans are going to come into effect from 1st December. According to this rule, if you have taken any kind of loan on the property, then the property documents will have to be returned to the customer within 30 days of full repayment (Loan Repayment). If this is not done by the bank, then the customer will have to pay a fine of Rs 5000 per day.
Cases of missing property documents also
This rule has been issued by the Reserve Bank after receiving complaints from customers. RBI received many such complaints in which after loan repayment, customers had to make rounds for months for the property documents. In some cases, the bank also said that property documents were missing. In view of such negligence of the bank, this order has been issued by the Reserve Bank. Let us tell you that when a person takes a home loan or any kind of property loan, the bank keeps the original documents of the property with itself.
Documents will have to be returned within 30 days
After the loan is repaid by the customer, the original documents have to be returned to the bank. But after cases of negligence on the part of banks came to light, RBI has issued this rule. It is expected that after the implementation of this rule, customers will get relief. In the circular issued by RBI to banks and NBFCs, it was said that all the documents should be released within 30 days of full repayment of the loan. If the documents are released by the bank or NBFC after 30 days, then the bank will have to pay a penalty.
It was said in the order that in case of delay in returning the documents, a fine of Rs 5,000 per day would be imposed by the bank or NBFC. The bank will pay the fine amount to the concerned property owner. RBI also said in the notification that if the property documents of a borrower are lost, the bank will have to help the customer in obtaining duplicate copies of the documents.
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