According to this rule, if you have taken any kind of loan on property, then the property documents will have to be returned to the customer within 30 days of full repayment (Loan Repayment). If this is not done by the bank, then the customer will have to pay a fine of Rs 5000 per day.

Cases of missing property documents also

This rule has been issued by the Reserve Bank after receiving complaints from customers. RBI received many such complaints in which after loan repayment, customers had to make rounds for months for the property documents. In some cases, the bank also said that property documents were missing. In view of such negligence of the bank, this order has been issued by the Reserve Bank. Let us tell you that when a person takes a home loan or any kind of property loan, the bank keeps the original documents of the property with itself.

Documents have to be returned within 30 days.

After the loan is repaid by the customer, the original documents have to be returned to the bank. But after cases of negligence on the part of banks came to light, RBI has issued this rule. It is expected that after the implementation of this rule, customers will get relief. In the circular issued by RBI to banks and NBFCs, it was said that all the documents should be released within 30 days of full repayment of the loan. If the documents are released by the bank or NBFC after 30 days, then the bank will have to pay a penalty.

It was said in the order that in case of delay in returning the documents, a fine of Rs 5,000 per day will be imposed by the bank or NBFC. The bank will pay the fine amount to the concerned property owner. RBI also said in the notification that if the property documents of a borrower are lost, the bank will have to help the customer in obtaining duplicate copies of the documents.

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Today we will tell you what things the customers should keep in mind while buying a flat, floor, house or land. Before making any deal, it is necessary to get information about many things. Otherwise you may get cheated. By the way, the things that you should look for while buying a new property include location, various documents, details of the seller, any kind of dispute on the property, etc. You can take legal advice for this work.

As far as document verification is concerned, you have to pay special attention to them. Which documents are required to be checked. In whatever project you are buying a flat or house, it should be registered in RERA. This is a law of Real Estate, which is passed by the Indian Parliament. Its purpose is to protect the interests of the general public in the real estate sector and to protect them from fraud.

If you are going to buy a property, then it is very important to investigate it thoroughly. It is also necessary to investigate the ownership rights and papers of the property. Today we will tell you what things the customers should keep in mind while buying a flat, floor, house or land. Before making any deal, it is necessary to get information about many things. Otherwise you may get cheated. By the way, the things that you should look for while buying a new property include location, various documents, details of the seller, any kind of dispute on the property, etc. You can take legal advice for this work.

As far as document verification is concerned, you have to pay special attention to them. Which documents are required to be checked. In whatever project you are buying a flat or house, it should be registered in RERA. This is a law of Real Estate, which is passed by the Indian Parliament. Its purpose is to protect the interests of the general public in the real estate sector and to protect them from fraud.

1. It is very important to verify the title and ownership of the seller before buying the property.

2. Channel Document: It is very important to check the channel document as well. Channel document means X sold to Y, Y sold to Z. During this, whatever deal is made, everyone’s opinion is formed in it. That is, who got it from where, all these should be cited.

3. Encumbrance Certificate: This certificate tells you that there is no mortgage, bank loan or any tax due on the property you are buying. Apart from this, there is no penalty, its information is available. Apart from this, you can collect information by filling Form No. 22 by visiting the Registrar’s office.

4. Occupancy Certificate: Occupancy certificate is an important document which must be obtained from the builder. If he does not give it, then the buyers have the right to take legal action against the developer.

5. Possession letter: The developer issues a possession letter in favor of the buyer, which mentions the date of possession of the property. It is necessary to present the original copy of this document for availing the home loan. Unless the OC is obtained, the possession letter alone cannot be considered as sufficient to take possession of the property.

6. Mortgage: Mortgage or pledge is a type of loan that is used by the borrower to purchase or maintain a house or other forms of real estate. Also agrees to pay it over time. The property acts as collateral to secure the loan.

7. Check Tax Payment Status: Non-payment of property tax leads to levy on the property, which affects its market value. Therefore, the buyer should visit the local municipal authority to check whether the seller has made any default in property tax.

The post Property Papers: Check these 12 documents before buying a property, you won’t regret later first appeared on Rightsofemployees.com.