Friends, when you take a loan from the bank, especially by taking property mortgage, you submit all the original documents of your property to the bank and this document remains with the bank until you repay the entire property loan to the bank. Once you repay the entire loan to the bank, then the bank will hand over your property papers to everyone as per the rules, but many times it has been shown that even if you repay the bank loan in full, the bank still has difficulty in handing over your
property papers. Keeping this in mind, RBI has issued a new rule in which RBI has told the bank that if you clear all your loan, then within 30 days hand over all the papers of the property to the bank. If these property papers are not returned within 30 days then a penalty has been imposed on the bank. This penalty is Rs 5000 and will have to be paid to the bank.
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