A commoner builds a house only one time in their life. You have just begun conceiving of building your dream house, so resorting to home loans, for here-on there is some turn in the rules of home loans changing, but also the Reserve Bank of India has had some of the necessary laws here, but now the question arises-to benefit or lose these new rules for customers in all this?
As you know, once you take a loan on the property from a bank, it is the practice that the bank keeps the original documents on property with itself. But according to the law, once you have paid off all the debts, the bank has to return these documents or the property documents immediately to you.
The banks show their indifference to this work. The customers then have to wait for a long time. Banks killed them. But this will not happen anymore. RBI has sent the latest instructions to all the banks. Due to which customer problems have been solved.
He will give Rs 5000 to the bank every month-
RBI said that the banks will have to return the documents of the new property guidelines (RBI) to the customers within 30 days as soon as the customers repay their loan in full. If there is a delay of more than 30 days due to the mistake of the banks, then the banks will have to pay a penalty of Rs 5000 per day. Which will not bother the customers.
What do you think will happen to the bank’s lost records?
Almost every time after depositing the national property documents in the bank, the bank employees have shown negligence which either caused damage to the papers or completely lost them. But now, in case of such a situation, the bank would not be wholly liable to the customer if the documents of domestic loans were lost or damaged by accident in the bank
The banks shall thus be obliged to assist the customers entirely. That is not going to create any problems for them while receiving duplicate documents. The loss of the documents will enjoy an additional grace period of 30 days. Banks will assist the customer in going for a duplicate document. The effect of all these decisions will take place on the 1st of December, 2023.
Customer benefits:
This rule changed by RBI will be a boon for the customers. Because now the customers will not have to keep running around banks after repaying the full loan amount and if the bank delays, it will have a penalty as per rules.
