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Borrowers will have to be given the option of collecting the original property documents either from the banking branch where the loan account was serviced or any other office of the RE where the documents are available, as per their preference. Banks and NBFCs will also have to mention the timeline and place of return of original documents in the loan sanction letters issued.
The RBI made this announcement via a notification issued on September 13, 2023. Personal loans include any loans that involve collateral, like home loan, car loan or gold loan.
In case where the delay in releasing of original property documents is attributable to the regulated entity, it shall compensate the borrower at the rate of Rs 5,000 for each day of delay, the RBI says in directions to lenders
Reserve Bank Of India: The regulated enitities have been directed by RBI 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.
They went through them, took some with them. this raises the questions of why his attorney signed this letter saying there was nothing else there. it feeds into the argument he's making that he declassified all of that information anyway. >> let's stick with the letter, which is something you broke over the weekend. tell us more about what you know, who signed it and why it fits in this timeline. >> reporter: there were two attorneys at that meeting, evan corcoran, evelyn bobb. one signed a paper asserting there was no more top secret material. it may have just been top secret. top secret, sci...