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👉🏻 New Notification of RBI/2023-24/60 DoR.MCS.REC.38/01.01.001/2023-24 has arrived for all Personal Loans ✅
SUMMARISED BELOW 👇
1️⃣ Giving Back Property Papers
– If you take a loan, the bank usually holds onto some property papers as a guarantee.
– Once you’ve paid off your loan, the bank should give these papers back to you within 30 days.
2️⃣ Where and When You Get Your Papers
– The bank will tell you where (which branch or office) you can pick up your papers from.
– This place and the 30-day time frame will be mentioned when you get your loan approved.
3️⃣ If the Borrower Passes Away
– If unfortunately, the person who took the loan dies, the bank has clear steps on how the property papers will be returned to the family or the legal heirs.
– These steps are available on the bank’s website.
4️⃣ Penalty for Delay
– If the bank takes more than 30 days to return your papers, they need to tell you why.
– If the delay is the bank’s fault, they will pay you ₹5,000 for every extra day they are late.
5️⃣ Lost or Damaged Papers
– If the bank loses or damages your papers, they will help you get duplicate copies and will also pay for any costs involved.
– They get an extra 30 days to do this (making 60 days in total). If they take more than 60 days, then they’ll start paying you the ₹5,000 daily penalty.
6️⃣ Starting Date for these Rules
– These rules and penalties apply to cases where the return of papers is due on or after December 1, 2023.
7️⃣ Legal Basis
– These guidelines are based on certain sections of banking and financial laws in India.
⭐️ In essence, this guideline ensures that banks quickly and efficiently return borrowers’ property papers once loans are paid off and provides penalties for banks if they delay or mishandle the process.
👉🏻 Share & Save the video | Posted on 13/Sep/2023 18:20:40
