Title deed not received from bank
Vikas Kumar Singh
(Querist) 27 July 2024
This query is : Resolved
Its been weeks since I have not received my original deed from the bank even after paying all the outstanding.
My Loan is in Kolkata and I stay in Chennai for my work. I cannot visit kolkata too soon
I authorize my father to collect all the documemts from the bank. However, the letter was not acxepted by the bank nor they afe communicating me or sending my deed to my address
What should I do?
T. Kalaiselvan, Advocate
(Expert) 27 July 2024
You cannot sit at a remote place and have your documents returned to your address.
You are required to sign the papers in person in order to get back your title documents, besides you need to get the discharge certificate or NDC registered through bank before the concerned registrar office.
Hence you are required to follow the law as envisaged for this purpose
Vikas Kumar Singh
(Querist) 27 July 2024
Thank you for the information. However I have provided authorisation letter to my father to collect any document on behalf of me. As well he is the co applicant and gurantor in the Loan Account.
T. Kalaiselvan, Advocate
(Expert) 27 July 2024
If the bank rules do not entertain the authorisation procedure you cannot insist your own rules in this regard.
If you are very urgently looking for getting the title documents then you may have to set aside all other routine works and attend to this job on priority basis.
Your explanations may convince you but the bank may not compromise their rules on your urgency.
P. Venu
(Expert) 27 July 2024
In this context, the Reserve Bank of India has has issued the Notification dated dated 13th September 2023 mandating that -
Release of Movable / Immovable Property Documents
2. The Regulated Entities (REs) shall 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.
3. The borrower shall be given the option of collecting the original movable / immovable property documents either from the banking outlet / branch where the loan account was serviced or any other office of the RE where the documents are available, as per her / his preference.
4. The timeline and place of return of original movable / immovable property documents will be mentioned in the loan sanction letters issued on or after the effective date.
5. In order to address the contingent event of demise of the sole borrower or joint borrowers, the REs shall have a well laid out procedure for return of original movable / immovable property documents to the legal heirs. Such procedure shall be displayed on the website of the REs along with other similar policies and procedures for customer information.
The Notification could be accessed at https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12535&Mode=0
