Reserve Bank of India has given big relief to home loan customers. Now after repaying the home loan, you will get your registry paper back within 30 days. RBI has issued instructions to the banks. If the bank does not return the registry papers to the customers within 30 days, then the bank will have to pay a fine of Rs 5000 every day.
The Reserve Bank of India has made it clear to banks by issuing rules for returning property documents. Till now, despite the completion of the loan, people had to wander to get the registry papers and due to the bank's process, they had to make several trips for this.
Documents should be present in the bank branch
After this decision, those home loan customers will get great relief. RBI has also made it clear to the banks that the customers who have repaid the home loan. Their property documents should be available within 30 days at the branch from where the loan has been taken. RBI has fixed the time limit of 30 days for the convenience of the customers.
Bank should compensate for the loss
If the property papers of a home loan customer are lost or the documents get damaged, the banks will have to bear the responsibility. While issuing instructions to the banks, RBI has made it clear that in such a situation, the banks will have to compensate the losses of the customers. RBI has given instructions to the banks that in case of loss of documents, the banks will have to prepare new documents within the next 30 days and return the loans to the customers.
Fine of Rs 5000 per day
The Reserve Bank of India has issued instructions asking the banks not to delay in returning the documents of any customer. If any bank does this then it will have to pay a fine of every Rs 5000. In fact, many such complaints were being received that even after repaying the loan, the customer was not able to get his property papers easily. Therefore, RBI has issued these instructions to banks and NBFC companies.
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