It’s a great relief when we pay the final EMI of the home loan, especially for someone who has been paying the EMI for so many years continuously
Once the loan is fully repaid, log into your netbanking and close your loan account. Write an email to your bank from your registered email ID for collection of property documents and mention your loan account number in email. The bank responds with scanned copy of loan closure certificate.
(If your bank doesn’t respond to email, you must visit your bank and collect the loan closure certificate)
The loan closure certificate looks like below image
Along with loan closure certificate, bank provides an appointment (date and time) to collect property documents from RACPC. Usually, the appointment is within 15 working days from the day of collecting loan closure certificate.
All the loan applicants must come to RACPC for collection of property documents. If your wife cannot come to collect property documents, she can grant Power of Attorney to you. You can represent your wife in RACPC
Procedure to grant the Power of Attorney (POA)
- Draft the POA (Shared the mock draft below)
- Buy Rs. 500 non-judicial stamp paper
- Print the draft on stamp paper
- Your wife signs the POA and gets the POA attestation from notary public near your place
Below mock draft for your reference
On the appointment date, take the following documents to RACPC:
- Loan closure certificate issued by bank
- POA from your wife
- Your ID proof
The RACPC verifies the above-listed documents and hands following documents to you
- Property documents including registered deed
- Reconveyance Deed & Exemption certificate
RACPC gets an acknowledgment signature from you for collection of property documents. Refer to below acknowledgement
In Reconveyance Deed, RACPC should mention that you are representing your wife. Refer to the arrow mark in below reconveyance deed that Mr. Bittu represented his wife Mrs. Silpha
Below is the image of exemption certificate, it means that bank is exempted from personal appearance in sub-registrar office for registration of Reconveyance deed.
Mr. Bittu carried the above Reconveyance deed and exemption certificate to sub-registrar office and registered the Reconveyance deed. (Reconveyance deed registration is the process of removing mortgage lien registered in sub-registrar office)
This completes the procedure to collect property documents from RACPC.
I am sharing Mr.Bittu’s travel plan, this may help you to plan your trip for document collection:
- Mr. Bittu and his wife Mrs. Silpha lives in Kerala. They repaid loan and closed the loan account in their netbanking. Mr. Bittu wrote an email to bank and bank responded with loan closure certificate and gave an appointment in 15 days.
- As soon as Mr. Bittu received the appointment, he booked flight tickets from Thiruvananthapuram to Bangalore and Bangalore to Thiruvananthapuram (one-day round trip)
- Mrs. Silpha granted POA to her husband Mr.Bittu. It took just 30 min to execute POA with the help of notary public in Kerala.
On the day of appointment:
- Mr. Bittu left his home at 6 am and traveled from Thiruvananthapuram to Bangalore by flight.
- Reached RACPC Shankarapuram at 11 am and collected documents within 12.30 pm. Token system in RACPC, we need to wait till our token number turns up. On average, the waiting time is 15–30 min. Waiting chair, drinking water and toilet facilities are available in most of the RACPC in Bangalore.
- Mr. Bittu had lunch and reached the Mahadevapura sub-registrar office at 2.30 pm and completed the registration within 3 pm.
- Mr.Bittu boarded the flight in Bengaluru airport at 6pm and reached home on same day at 8 pm.
Mr Bittu expressed his gratitude that we assisted in completing the entire process within a day. Mr.Bittu said that if we hadn’t assisted, he would have overstayed in Bangalore for another day to complete the registration process which would have incurred additional cost for hotel and food.
Edit on 8th Nov 2024: To register the Reconveyance Deed, we need to submit an application on Kaveri Online Services. Usually the application approved within 2 working days and book the registration slot after the approval We need at least 2-3 working days to complete the reconveyance deed registration (same-day registration is not possible now)
We provide end-to-end assistance in document collection. Please write to us pgnproperties@gmail.com or Whatsapp to +91-97424-79020
Thank you for reading…