__________
__________
Mobile: __________
Email: __________
Dear Sir / Madam,
- 1. THE LOAN ACCOUNT
- 2. THE SECURITY
2.1 The loan was secured by a mortgage over the following immovable property ("the Property"):
- 3. THE ORIGINAL DOCUMENTS DEPOSITED WITH YOU
3.1 In connection with the loan, the following original documents were deposited with you and have remained in your custody since:
- 4. THE LOAN IS CLOSED
- 5. YOUR OBLIGATION AND THE TIME LIMIT
5.1 The Reserve Bank of India, by its circular DoR.MCS.REC.38/01.01.001/2023-24 dated 13 September 2023 titled "Release of Movable / Immovable Property Documents on Repayment/Settlement of Personal Loans", has directed that regulated entities shall release all original movable and immovable property documents, and remove charges registered with any registry, within a period of 30 days after full repayment or settlement of the loan account.
5.2 The same circular directs that the borrower shall be given the option of collecting the original documents either from the banking outlet or branch where the loan account was serviced, or from any other office of the regulated entity where the documents are available, as per the borrower's preference.
5.3 The same circular further directs that in case of delay in releasing the original documents, or in filing the charge satisfaction form with the relevant registry, beyond 30 days after full repayment or settlement, the regulated entity shall communicate to the borrower the reasons for such delay; and that where the delay is attributable to the regulated entity, it shall compensate the borrower at the rate of Rs. 5,000 for each day of delay.
5.4 The same circular further directs that where the original property documents are lost or damaged, in part or in full, the regulated entity shall assist the borrower in obtaining duplicate or certified copies and shall bear the associated costs, in addition to paying the compensation referred to above; and that in such cases an additional period of 30 days is available to the regulated entity to complete that procedure, with the delayed-period compensation being calculated thereafter, that is, after a total period of 60 days.
5.5 The circular expressly states that the compensation provided under it is without prejudice to the borrower's right to any other compensation available under any applicable law.
- 6. THE POSITION TODAY
6.1 You have not completed the release of the original documents listed in paragraph 3, and you have not furnished me with written confirmation that the charge over the Property has been satisfied in the records of every registry in which it was registered.
- 8. WHAT I REQUIRE FROM YOU
8.1 Release to me all original documents listed in paragraph 3 that remain in your custody, complete and undamaged, against my written acknowledgement.
8.3 Remove the charge created in your favour over the Property from the records of every registry in which it was registered, including the Central Registry established under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (CERSAI), to the extent that it has not already been removed; and in any event furnish me with the acknowledgement or system-generated confirmation of the satisfaction of that charge.
8.4 Issue and deliver to me a No Dues Certificate and a final statement of account showing nil outstanding, if not already issued, together with a letter confirming that the mortgage stands discharged and that you have no subsisting claim over the Property.
- 9. TIME FOR YOUR REPLY
9.2 A reply that merely acknowledges this letter, or that says the matter has been "forwarded to the concerned department" or "escalated", is not a substantive reply and I will not treat it as one.
- 10. IF YOU DO NOT COMPLY
10.2 First, to your Principal Nodal Officer or equivalent grievance redressal officer, whose particulars you are required to display at your branches and on your website.
10.4 Third, a complaint for deficiency in service before the District or State Consumer Disputes Redressal Commission having pecuniary jurisdiction, under the Consumer Protection Act, 2019, claiming the documents, the compensation, damages and costs.
10.5 I also reserve the right to pursue any other civil remedy available to me, including a suit for recovery of the documents and for damages. Nothing in this letter waives or limits any of my rights.
- 11. THIS LETTER
11.1 This letter is written without prejudice to my rights, all of which are expressly reserved.
ENCLOSURES
Yours faithfully,
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DELIVERY AND PROOF — KEEP THIS PAGE WITH YOUR COPY
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Complete the boxes that apply and keep this page, with the receipts, in the same file as your signed copy of the letter. If this matter reaches an Ombudsman, the National Housing Bank or a Consumer Commission, proof of delivery is what decides it.
By hand
Date and time delivered: ____________________
Name and designation of the person who received it: ____________________
Branch inward or receipt number: ____________________
Branch stamp and signature on my copy: obtained / refused
If refused, note the date, time and the name of the person who refused, and post the letter the same day by registered post with acknowledgement due.
By registered post or speed post with acknowledgement due
Date of posting: ____________________
Post office of booking: ____________________
Article or tracking number: ____________________
Date of delivery as shown on tracking: ____________________
Acknowledgement card received on: ____________________
Keep the booking receipt, the tracking printout and the A.D. card. Address the article to the branch address printed above, exactly as printed.
Points to remember
1. Send the letter to the branch that serviced the loan, and copy the Principal Nodal Officer or grievance redressal officer. Do not send it only to a call centre or a web form.
2. Attach copies only. Never part with an original.
3. If a branch official asks you to sign an indemnity, an affidavit or a "no claim" letter before releasing the documents, ask for it in writing, with the reason, and take advice before signing.
4. Recount the days before you send. Every further day adds Rs. 5,000, and the figure in paragraph 8.6 must match the date of the letter.
5. Diarise the reply date in paragraph 9.1 and the date 30 days after delivery. The second of those is what opens the external route named in paragraph 10.3.
6. Check once more that paragraph 10.3 names the right forum. If your lender is a housing finance company, the RBI Ombudsman cannot hear your complaint and the National Housing Bank is the route. Getting this wrong costs you months.