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How to get back original documents given at the time of availing loan
16-Mar-2023 (In Property Law)
I have availed home loan from bank in 2011 and now i transferred it to different bank due to high interest rate. Now upon closing the loan account, i found that first bank has lost the last 2 pages in the sale deed that is identity proof copies of the builder and me. The bank says it is not a problem as it is KYC only. And insisted me to collect rest of the documents. And conveyed that it has initiated search request for the missing pages. I rejected to collect the document and requested to submit all the documents at once. What should be my approach, if they fail to submit the original registered pages of the sale deed? Would i lose the property value? Will the certified copies have equal value as original sale deed? Can i apply for any compensation in consumer forum? How long will it take to resolve in consumer forum? I also need to submit these documents in next bank who has provided the loan transfer. Please suggest the best approach. Thanks in advance.
1. Don’t accept any original document from bank: If you observe any original document or page/s are missing then it is advisable to return all the original documents back to bank. Bank might insist you to take rest documents & sign acknowledgement. Bank will assure you to locate and handover missing document/pages very soon but be firm on your stand and return all the documents back to bank.
2. Do not sign any acknowledgement/undertaking: Normally banks take acknowledgement/undertaking first before handing over original documents. If you find out that Original Property Documents Lost by Bank then kindly destroy any acknowledgement/undertaking signed by you. Ideally don’t sign the acknowledgement without checking all the documents. Remember once you signed the acknowledgement you can’t claim that document/page is lost by the bank.
3. Register written complaint with bank regarding lost document/s or page/s: Immediately register a written complaint with bank and do mention that original document/s or page/s are missing & lost by the bank. Don’t forget to take acknowledgement from Bank official along with Bank seal.
4. Register Police FIR against bank: If any govt issued document is lost or misplaced, it is mandatory to register Police FIR. In Police FIR, clearly state that Bank has lost your original Document/s or Page/s which you submitted with the bank in original against Home Loan from bank.
5. Submit copy of Police FIR with the Bank: Take acknowledgement from bank that they have received the copy of Police FIR.
6. Submit Court affidavit to registrar of co-operative societies: In affidavit mention that your Original Property Documents Lost by Bank. You may give written request to bank to do the needful as it is bank’s responsibility. This step is required to avoid any fraud.
7. Public Notice in 2 Newspapers: Now the Bank will put a public notice in 2 newspapers (One English Newspaper and Another in Vernacular Language of state e.g. In Maharashtra bank will put notice in English and Marathi newspaper) mentioning Original Property Documents Lost by Bank with your property details in Notice. If anyone has objection from General Public then he/she can file the objection within 15 days.
8. Indemnity bond from bank: In the next step, bank will issue indemnity bond to you on stamp paper stating that original documents lost by bank. The indemnity bond should contain property details, Police FIR details and details of advertisement published in 2 Newspapers. Indemnity bond should be attested & notarized by Govt Notary.
9. Duplicate share certificate: You should request for duplicate share certificate from society by submitting Police FIR copy. Clearly state in application that Original Property Documents Lost by Bank
10. Certified copies from registrar office: In next step, bank will obtain certified/duplicate copies from Registrar Office. The bank will submit Police FIR, Duplicate Share Certificate from Housing Society, the Newspaper advertisements and the undertaking at the deputy registrar’s office. Bank will pay the required charges. Registrar will then issue the duplicate copy of the sale deed.
11. Encumbrance Certificate from Registrar Office: Once the process is completed, request for latest Encumbrance Certificate from registrar Office to ensure that everything is fine.
12. File complaint in consumer forum: You may file complaint in Consumer forum and can claim compensation from bank for service deficiency i.e. Original Property Documents Lost by Bank. You can demand compensation equivalent to double the value of your property depending on nature of loss. In such cases decision is always in favor of customer.
13. Penalty on Bank: Besides compensation, bank is also liable to pay 100 Rs per day if there is delay in providing documents beyond 15 days from date of loan closure. This is over and above the compensation for deficiency in service.
Last but not the least
(a) You need not to do any running around for all the above steps. If Original Property Documents Lost by Bank then It is the responsibility of the bank to close all the above mentioned steps.
(b) Entire cost to complete the legal process will be borne by the bank.
(c) Take all the documents from bank for your reference i.e. Newspaper Notice, Indemnity Bond, Duplicate Sale deed etc.
2. Do not sign any acknowledgement/undertaking: Normally banks take acknowledgement/undertaking first before handing over original documents. If you find out that Original Property Documents Lost by Bank then kindly destroy any acknowledgement/undertaking signed by you. Ideally don’t sign the acknowledgement without checking all the documents. Remember once you signed the acknowledgement you can’t claim that document/page is lost by the bank.
3. Register written complaint with bank regarding lost document/s or page/s: Immediately register a written complaint with bank and do mention that original document/s or page/s are missing & lost by the bank. Don’t forget to take acknowledgement from Bank official along with Bank seal.
4. Register Police FIR against bank: If any govt issued document is lost or misplaced, it is mandatory to register Police FIR. In Police FIR, clearly state that Bank has lost your original Document/s or Page/s which you submitted with the bank in original against Home Loan from bank.
5. Submit copy of Police FIR with the Bank: Take acknowledgement from bank that they have received the copy of Police FIR.
6. Submit Court affidavit to registrar of co-operative societies: In affidavit mention that your Original Property Documents Lost by Bank. You may give written request to bank to do the needful as it is bank’s responsibility. This step is required to avoid any fraud.
7. Public Notice in 2 Newspapers: Now the Bank will put a public notice in 2 newspapers (One English Newspaper and Another in Vernacular Language of state e.g. In Maharashtra bank will put notice in English and Marathi newspaper) mentioning Original Property Documents Lost by Bank with your property details in Notice. If anyone has objection from General Public then he/she can file the objection within 15 days.
8. Indemnity bond from bank: In the next step, bank will issue indemnity bond to you on stamp paper stating that original documents lost by bank. The indemnity bond should contain property details, Police FIR details and details of advertisement published in 2 Newspapers. Indemnity bond should be attested & notarized by Govt Notary.
9. Duplicate share certificate: You should request for duplicate share certificate from society by submitting Police FIR copy. Clearly state in application that Original Property Documents Lost by Bank
10. Certified copies from registrar office: In next step, bank will obtain certified/duplicate copies from Registrar Office. The bank will submit Police FIR, Duplicate Share Certificate from Housing Society, the Newspaper advertisements and the undertaking at the deputy registrar’s office. Bank will pay the required charges. Registrar will then issue the duplicate copy of the sale deed.
11. Encumbrance Certificate from Registrar Office: Once the process is completed, request for latest Encumbrance Certificate from registrar Office to ensure that everything is fine.
12. File complaint in consumer forum: You may file complaint in Consumer forum and can claim compensation from bank for service deficiency i.e. Original Property Documents Lost by Bank. You can demand compensation equivalent to double the value of your property depending on nature of loss. In such cases decision is always in favor of customer.
13. Penalty on Bank: Besides compensation, bank is also liable to pay 100 Rs per day if there is delay in providing documents beyond 15 days from date of loan closure. This is over and above the compensation for deficiency in service.
Last but not the least
(a) You need not to do any running around for all the above steps. If Original Property Documents Lost by Bank then It is the responsibility of the bank to close all the above mentioned steps.
(b) Entire cost to complete the legal process will be borne by the bank.
(c) Take all the documents from bank for your reference i.e. Newspaper Notice, Indemnity Bond, Duplicate Sale deed etc.
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Adv. Siddhant Sharma
Delhi | 500+ Answers
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Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at lawrato.com and has been responded by one of the Divorce Lawyers at lawrato.com to address the specific facts and details.
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