When you take out a home loan, the bank collects all the original documents for your property's safety. It's the bank's responsibility to maintain the security of these documents. But what if the bank loses your original home documents? What should you do? A similar shocking incident occurred with a couple in Delhi. The forum directly ordered Axis Bank to pay compensation of ₹15.5 lakh for the loss of all home loan documents. If this happens to you, how can you get compensation? Learn about your customers' actual rights...

What actually happened?

A couple in Delhi took out a home loan from Axis Bank. After repaying the loan in full, they requested the original property papers for their home. But at that time, the bank shockingly replied that they had lost them. Realizing that without the documents, the property's value would be significantly reduced, making it difficult to sell or refinance the home in the future, the couple approached the Consumer Forum directly.

Historic Court Decision:

The National Consumer Disputes Redressal Commission (NCDRC) took the matter seriously. The Consumer Forum cleared the bank of negligence. The Consumer Commission ruled in the couple's favor.

The Commission said that mere removal of 'duplicate documents' cannot be a sufficient ground for compensation, explaining this the forum ordered Axis Bank to pay Rs 15.5 lakh compensation to the customer for mental agony and possible loss of property.

What to do if this happens to you too?

Immediately lodge a written complaint with the bank and keep the acknowledgement safe.

Ask the bank to file an FIR and give a public notice in the newspaper.

If the bank does not provide a proper response, seek relief from the Reserve Bank of India (RBI) Ombudsman or directly from the Consumer Forum.

Why are original house documents important?

According to legal experts, original property documents are the most important proof of ownership. If these documents are lost,

There may be difficulties when selling the property. Legal hurdles may arise in establishing inheritance rights. Property refinancing may be difficult. Unwanted legal disputes may arise in the future. Therefore, it's important to keep the original home documents.

PC: BUSINESS TODAY