PROCEDURE FOR HANDING OVER OF DOCUMENTS IN CASE OF DEATH OF PROPERTY OWNER

RBI vide its circular dated September 13, 2023- Responsible Lending Conduct — Release of Movable / Immovable Property Documents on Repayment/ Settlement of Personal Loans has among others laid out that NBFCs shall have a well laid out procedure for return of original movable / immovable property documents to the legal heirs in the contingent event of demise of the sole borrower or joint borrowers and such procedure shall be displayed on the website of the NBFCs.

In view of the above requirement, Si Creva Capital Services Private Limited (“Si Creva”) has below procedure for handing over of title documents/original property documents to the legal heirs of deceased mortgagor of property who has taken Loan against Property (“Deceased Borrower”).

  • Once Si Creva is notified about the death of Deceased Borrower and the loan is closed in the books of account and the Deceased Borrower doesn’t have any direct or indirect liability(ies), it is the duty of the legal heirs of Deceased Borrower, to submit legal heirship/ succession certificate/probated will issued by competent government authorities/court for handover of original property documents.
  • The legal heirs of the Deceased Borrower shall approach the concerned branch from where the loan was taken along with certified copy of death certificate, certified copy of legal heirship certificate/ succession certificate/probated will, Self-attested, valid Know Your Customer (KYC) documents of all legal heirs and a Request Letter-cum-Affidavit as per the draft annexed herewith.
  • Branch officials of Si Creva upon verification of the genuineness of the request and internal approval will take necessary steps to handover the original property documents deposited with Si Creva to the legal heirs of the Deceased Borrowers and co-borrower (if any). The legal heirs of the Deceased Borrower to co-operate with the branches to execute necessary release deed with the concerned sub-registrar office, based on the nature of mortgage created in favour of Si Creva.
  • The legal heirs of Deceased Borrower shall collect the original property documents from the branch where they have taken the loan, or any other branch as suggested by branch officials.
  • All legal heirs are required to be present for the collection of original property documents. In case any legal heirs who is/are not able to be present to collect the original property documents are required to submit the authority letter in the prescribed format in favour of the legal heirs who will visit the Si Creva branch office to collect the property documents. In case if any of the legal heirs is a minor, the individual collecting the original property documents on behalf of the minor is required to provide an affidavit from an external lawyer. The affidavit is required to be notarised and adequately stamped as per the prescribed state stamp laws.
  • Once the legal heirs of Deceased Borrower complete the formalities of submitting all necessary document as mentioned above to the satisfaction of Si Creva, Si Creva will handover the documents within 30 days.
  • After submitting the documents and completing all formalities, if the borrower does not receive the original property documents within 30 days, they shall contact the customer service, or they can raise concern at info@sicrevacapital.com.

ANNEXURE

(on a stamp paper)
REQUEST LETTER-CUM-AFFIDAVIT

Date:

To,
Si Creva Capital Services Private Limited;
Branch

I/We,

1.______________________(Name), an adult, residing at ______________________ (address)

2.___________________(Name), an adult, residing at______________________ (address)

3.___________________(Name), an adult, residing at______________________ (address)

4.___________________(Name), an adult, residing at ______________________ (address)

do hereby state and declare on solemn affirmation as under: –

  • That __________________(“the deceased”) had taken secured loan from Si Creva Capital Services Private Limited (“Si Creva”) and thereby created mortgage in favour of Si Creva vide mortgage deed dated _________in respect of________________________ property (Mortgaged Property).
  • That I/we is/are the only legal heirs of the deceased and the same is evident from legal heirship certificate dated ______________________ and that there are no other direct/indirect legal heirs of the deceased except the deponent(s) herein.
  • Hence, kindly handover the title documents in respect of the said Mortgage Property over to me/us.
  • That I/we hereby agree to indemnify and keep indemnified Si Creva Capital Services Private Limited at all times in respect of any claims, disputes etc. that may arise in view of the aforementioned facts and circumstances.
  • That I/we is/are giving this Affidavit to bring the aforementioned facts and circumstances on record.
  • I/We further confirm that I/We will not raise any claim or dispute an account of above-mentioned facts and circumstances.

That my/our above statement is true and correct to the best of my/our knowledge and belief.

Deponent

At Si Creva, we care deeply about the safety and well-being of our customers. Our collection processes follow RBI guidelines and reflect our values of empathy and courtesy.

These are our 7 rules of Customer Care:

1. We do not contact customers via any private or personal 10-digit mobile number on WhatsApp or SMS.

2. We do not contact customers for payment collection reminders from personal mobile numbers, foreign numbers or Internet Based VOIP calls. Our team always calls you from registered landline numbers.

3. We never ask customers to make payments into personal or private bank accounts. Payments are only collected on our website or the app.

4. All our calls are monitored and recorded. Our agents never use threats or abusive language.

5. We never ask for commission or cutbacks on payments of dues.

6. Our App does not seek permission to access your Contacts List or any other private data.

7. We never call your friends or relatives for repayment of your loan as we do not store your personal information.

In case you have faced any of the above-mentioned situations, do this:

1. Report and Block the number. It could be fraudulent.

2. Write to care@kissht.com / care@paywithring.com OR call our customer care number on 02241434302 / 02068135496.

3. Share with us a screenshot or recording of the message or call.

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