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Banks must return property documents to borrowers within 30 days of loan repayment: RBI 

Reserve Bank of India has released a set of guidelines to give a sense of relief to borrowers.

These are part of the guidelines on fair practices code issued to various regulated entities since 2003.

The regulator has given a four-fold directive. First, banks will release all the documents within 30 days after full repayment of the loan account.

Second, the borrower will be given the option of collecting the original documents either from the branch or any other office where the documents are available.

Third, the timeline and place of return of original property documents will be mentioned in the loan sanction letters issued on or after the effective date.


Fourth, in case of the borrower's demise, the bank will have a procedure for return of documents to the legal heirs. 

In case the bank fails to release documents within 30 days, the bank will compensate the borrower at the rate of 5,000 rupees for each day of delay.

These directions will be applicable to all cases with effect from Dec 1, 2023.

Click here to know more about 
the RBI's new directive.

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Banks must return property documents to borrowers within 30 days of loan repayment: RBI

The RBI has given a diktat on immovable property documents that should be returned upon settlement of personal loan

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