Release of Movable / Immovable Property Documents on Repayment/ Settlement of Personal Loans as per RBI Directives
♦ Personal Loan : It consist of a) consumer credit, (b) education loan, (c) loans given for creation/enhancement of immovable assets (e.g., housing, etc.), and (d) loans given for investment in financial assets (shares, debentures, etc.).
♦ For above loan products, our bank is required to release all the original movable /immovable property documents and remove charges registered with any registry within a period of 30 days after full repayment/ settlement of the loan account.
♦ Borrower/mortgagor shall collect the original movable / immovable property documents from the home branch from where your loan application is processed.
♦ In case of delay in releasing of original movable / immovable property documents or failing to file charge satisfaction form with relevant registry beyond 30 days after full repayment settlement of loan, the bank shall communicate to the borrower reasons for such delay. In case where the delay is attributable to the bank, bank shall compensate the borrower at the rate of ₹5,000/- for each day of delay.
♦ In case of loss/damage to original movable / immovable property documents, either in part or in full, the REs shall assist the borrower in obtaining duplicate/certified copies of the movable / immovable property documents and shall bear the associated costs, in addition to paying compensation as indicated at paragraph 6 above. However, in such cases, an additional time of 30 days will be available to the REs to complete this procedure and the delayed period penalty will be calculated thereafter (i.e., after a total period of 60 days)
