what is the procedure when bank lost loan documents

898 votes

Dear Client,
There is a detailed procedure if the bank doesn't provide you with the original documents. Make make sure you follow all the steps.
Step 1- Do not accept any original documents or paper, if it is not complete. Make sure you accept them only if all the original documents are being handed over to you.
Step 2- Do not sign any acknowledgement.
Step 3- Register written complaint with bank about your original documents being lost by them.
Step 4- Register a F.I.R against bank to the nearest police station.
Step 5- Submit the copy of F.I.R to the bank and have the acknowledgment of the same being received by the concerned person.
Step 6- Submit the court affidavit stating that the bank has lost the original documents to the registrar of the housing society and this will assure that there will be no future fraud.
Step 7- Insure that the bank will provide the publication of the lost original documents in the two newspaper(1 in English and the other in the local newspaper).
Step 8- Bank will now issue an indemnity bond on a stamp paper stating therein the original documents are lost and make sure all the above details are mentioned therein i.e. detail of property, details of F.I.R. and details of the publication of the newspaper. Indemnity bond must be attest and being notarized.
Step 9- Request for duplicate share certificate from the housing society in an application which clearly states the original documents are lost along with a police F.I.R.
Step 10- Bank will later on provide you with the certified copy of the original documents by depositing all the above stated documents to the Registrar. Make sure bank will do it and be in touch with the bank. Once all the above stated steps are done and now you will be having all the papers of certified copy of the original documents.
Step 11- Request for the latest Encumbrance certificate from the Registrar. To make sure everything is fine.
Step 12- file a complaint against the bank to the Consumer Court. Praying for compensation and in such cases the court rules in favour of the consumer.

For any other query feel free to contact.

Regards,
Tushar Bahadur,
(Advocate).

Advocate Tushar Bahadur LawRato

987 votes

Pull out the certified copies of the original property papers from the office of the sub registrar within whose jurisdiction this property is situated. Before doing that you'll have to register a report of loss of the original documents with the police. The certified copies you'll obtain will be as good as the original papers and you'll be free to sell your property. Besides, drag the bank to the court for it's negligence and seek damage from it.

LawRato LawRato

714 votes

claim for compensation for the loss you are suffering due to the bank. lodge appropriate complaint and file appropriate suit for damages.
bank will search and retreive the original documents as and when it will be charged with the penalty imposed by the appropriate Court of Law

Advocate Vijyant Nigam LawRato

508 votes

First you should file an FIR or a written complaint with the Police that the original documents have been lost. Original documents can be re-issued by the appropriate authority, on payment of an amount. You can try getting a quote of how much re-issuing the original papers will cost. Next you should file a consumer complaint citing deficiency in service against the bank praying for the amount to get the original reissued plus compensation. But hurry up, the limitation period in a consumer complaint is 2 years from the date of commission of deficiency.

Advocate Anupam LawRato

769 votes

don't sign any acknowledgement ,once you do so you lost the opportunity to claim with that Immediately register a written complaint with bank and do mention that original document/s are lost by the bank and its past since one year . Don’t forget to take acknowledgement from Bank official along with Bank seal.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 Loan from bank with that you can give that FIR COPY to concerned bank .

Advocate Rishi Kumar LawRato