RBI Order: Big update for home loan takers, know here...
If you have also taken a home loan from any bank or NBFC, then this news is useful for you. It is common to take a loan to build a house or buy a flat. But after the repayment of the loan, many such cases have come to light in which customers had to make many rounds to get back the property documents. Recently, a case also came to light in which property documents were lost from the bank. After similar cases came to light, the Reserve Bank issued a new order.
New rules issued for banks and NBFCs
RBI has issued new rules for banks and NBFCs. In the order from the Central Bank, it was said that all the documents should be released within 30 days of full repayment of the loan. If the document is released by the bank or NBFC after this time period, the bank will have to pay a penalty.
A fine of Rs 5,000 per day
The new rule will come into effect from December 1, 2023. It was told in the order that in case of delay in issuing the documents by the bank or NBFC, a fine of Rs 5,000 will be imposed per day. The fine amount will have to be paid by the concerned property owner.
It was also said by RBI that if the property documents of a borrower are lost, then the bank will have to help the customer in obtaining duplicate copies of the documents. Let us tell you that after repayment of the loan, it is necessary to return the documents of movable and immovable property to the bank.
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