Return of Original Movable / Immovable Property Documents

This policy implements the RBI directive on responsible lending conduct dated 13 September 2023, regarding the release of original property documents on closure of a loan.

1. Timeline

All original movable and immovable property documents will be released to the borrower within 30 days of full repayment / settlement of the loan account.

2. Place of Collection

The borrower may collect the documents from the branch where the loan was serviced, or from any other office of Evam Finance where the documents are available. The chosen location is communicated in the loan sanction letter and at closure.

3. Procedure on Demise of Sole / Joint Borrower

In the unfortunate event of the demise of a sole / joint borrower, original documents are released to the legal heir(s) on submission of the documents listed in our Deceased Borrower Procedure.

4. Compensation for Delay

In case of delay in releasing original documents beyond 30 days from the date of full repayment, Evam Finance shall:

• Communicate the reasons for delay to the borrower.
• Pay compensation of ₹5,000 per day of delay, where the delay is attributable to us.

5. Loss of Documents

In case of loss / damage to original documents, in part or in full, we shall assist the borrower in obtaining duplicate / certified copies and bear the associated costs, in addition to the compensation above. An additional 30 days will be available to us to complete this procedure (i.e. an overall timeline of 60 days), after which the delay penal compensation applies.