What is Liability of bank if they lost original property documents ?

POSTED BY mitalik ON July 5, 2014 3:22 pm COMMENTS (3)

Indiabulls Home-loan Dept is unable to trace original share certificate post foreclosure of loan & No written communication on status of document is provided as on date even after repeated emails and customercare/ branch officials telecoms since past 10 days.

Please inform steps to be taken to pressurize or penalize the bank/liability of bank after foreclosure/ step to file complaint in consumer-court/time-limit/costs involved/ repercussions of losing original share certificate/related financial loss, if any.

Regards, Mitali

3 replies on this article “What is Liability of bank if they lost original property documents ?”

  1. Credexpert says:

    Dear Mitali,

    We will not be able to provide information on consumer disputes as we do not have the expertise for the same. We suggest you obtain information from the internet or by directly contacting the respective commission.

    Regards,
    Credexpert
    https://www.credexpert.in

  2. mitalik says:

    Thank you for the information- Credexpert team.
    On a further note, can you help provide us with additional details on the UP State Consumer Disputes Redressal Commission case wherein LIC Housing Finance Ltd was directed to pay the consumer 85% of the current market value of the property? I am trying to find the case on https://ncdrc.nic.in/ judgments site. It would be immense help if you provide me with Complainant/ Respondant references.
    Any recent caselaw on similar matter from Maharashtra State Consumer Disputes Redressal Commission?
    Regards,
    Mitali

  3. Credexpert says:

    Dear Mitali,

    If a lending institution loses your original property papers, it is their sole liability to obtain authentic duplicates or a certified copy of the same. An FIR needs to be filed by the bank, and the entire process and all costs are to be borne by the bank.

    Since you have already initiated the process and requested Indiabulls Home-loan for your original documents, the article below will give you a better idea on further processes that may be undertaken if no response is received:

    https://www.hindustantimes.com/india-news/newdelhi/call-for-action-if-bank-loses-property-papers/article1-947868.aspx

    Regards,
    Credexpert
    https://www.credexpert.in

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