RBI Update: If these documents are not found after repaying the home loan, the bank will fine the customer Rs 5000 every day..
The Reserve Bank (RBI on Property Document) has made a big decision in favor of customers taking home loans. If you have taken a home loan or are thinking of taking it, then definitely know about this new rule of RBI.
In fact, till now you had to visit banks to get registry papers after paying a home loan, but now RBI has instructed the banks to return the registry papers to the customers within 30 days of repaying the loan. 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.
What did RBI say in the decision?
In its decision, the Reserve Bank (RBI) reminded all the concerned financial institutions of Responsible Lending Conduct in the latest order. RBI said that if the customer pays all the installments, then the paper of his property should be returned on time.
Let us tell you that the Reserve Bank (RBI) was receiving complaints that even after the customers have fully repaid or settled the loan, banks and NBFCs, etc. are delaying in providing property documents. In many cases, a situation of litigation between customers and banks also came to the fore.
RBI issued these instructions to banks-
In the guidelines issued by the Reserve Bank (RBI) to the banks, it has been said that now whenever a loan is given to a customer, the date and place of return of all the documents should also be mentioned in his sanction letter. If the person taking the loan dies during the loan period, then the process of returning the documents to his heir will have to be made transparent. Banks will also have to provide this information on their website.
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