Nivedita Bhardwaj Highlights Borrower Remedies Where Lenders Delay or Lose Property Documents

Highlighting the remedies available to borrowers where lenders delay the return of original property documents or lose them, Nivedita Bhardwaj said that lenders are required to pay compensation of ₹5,000 per day for delays and, where documents are lost, assist borrowers in obtaining certified copies and bear the associated costs.

“For delays, lenders must pay ₹5,000 per day. If documents are lost, they must help borrowers obtain certified copies and bear the associated costs,” said Nivedita. She also advised borrowers to seek details of the compensation payable under applicable RBI rules and, where the lender disputes liability, obtain a written refusal documenting its position.

Nivedita further outlined the steps borrowers can take where their original property documents have been lost. “If the response is unsatisfactory, approach the banking ombudsman. If the documents are lost, ask the bank to file a police complaint, issue a public notice and provide certified copies at its cost. Only if the matter remains unresolved should you approach the consumer commission,” she said.

Her comments highlight the importance of borrowers formally documenting their complaints and retaining records of their communications with the lender. Where original property documents are delayed or lost, borrowers should seek appropriate compensation and remedial measures from the lender and pursue the available grievance mechanisms if the issue remains unresolved.

Read the full article in Business Standard.

Last Updated on 10 September, 2026