1. Mortgage Loan (Loan Against Property/Home Loan)
On event of demise of property owner/sole borrower or co-borrowers, the following process
to be followed by the legal heirs for collecting all the original property documents upon full &
final settlement/repayment of the loan.
Documents to be submitted by the legal heirs:
Along with any existing borrower or co-borrower or property owner (as the case may be), legal
heir(s) should visit the RF Branch where loan has been serviced. Legal heir should carry
photocopies (duly attested) of all the below mentioned documents for submission. If required
by the branch officials, original documents to be provided for the purpose of cross verification:
- Death Certificate & ID proof of the demised property owner/sole borrower or co-borrowers.
- Request Letter (Refer Annexure 1) along with ID proof of claimants such as Voter ID
Card, PAN Card, Passport, Aadhar or any other ID proof which is acceptable to the
Bazaari Global Finance Limited ("Company”).
Note: Aadhaar is not mandatory any other alternate documents may be provided to
the Company for proof of identification.
- If legal heir is a minor, then court appointed legal guardianship certificate/certified
order needs to be submitted along with the valid ID Proof of the legal guardian, in the
absence of a natural guardian. Minor cannot sign any of the loan related documents,
therefore legal guardian has to sign such documents.
- POA if some of the legal heirs cannot be present: The original title deeds and other
property documents can be handed over to one of the legal heirs of the demised
borrower, by virtue of a Power of Attorney – (POA) executed by rest of the legal heirs
of the deceased borrower if any of the property owners is unable to visit the branch
for collecting the original property documents, subject to some other additional
verification by the Company. The POA should be duly stamped and notarized as per
applicable laws of state of execution. POA holder has to execute discharge as
“
Constituted Attorney of _____________ (POA issuer)”) (Refer Annexure 2) for the SPOA
template.
- If any POA is executed outside of India, the same is required to be attested by General
Consulate of India/ High Commission of India/ Indian Embassy and then sent to India.
The same is required to be duly stamped as per the applicable laws of the state where
it is first received.
- Dispute between the legal heirs : Probate (if Will is available)/ Letters of
Administration (if Will is unavailable)/ Succession Certificate/ Legal Heir Certificate
issued by Statutory Authority/ any other court order to that extent is required in cases
where there are disputes, or if all the legal heirs do not join in indemnifying the
Company, or in certain other exceptional cases where the Company has a reasonable
doubt about the genuineness of the claimant/s being the only the legal heir/s of the
Borrower/Co-Borrower/Property Owner.
- If there are more than one legal heir to the deceased borrower, the original
property/title deeds are to be released in the presence of all the legal heirs of the
demised Borrower/Co-Borrower/Owner.
- Affidavit cum Indemnity Bond (refer Annexure 3) to be duly signed by all legal heirs
of demised Borrower, stamped and notarized as per the applicable stamp duty laws of
the respective State.
Post Submission of the Documents: On submission of the above documents the Company
will initiate due diligence, after which the company will inform the legal heirs/borrower/co-
borrowers for collection of the original title documents from the branch post loan is closed.
Company will endeavour to return the documents within 30 working days of closure of the
loan account, provided the legal heirs provide all co-operation and there is timely submission
of all the requisite documents as stated above, all the legal heirs unanimously agree to receive
the documents without any dispute and there are no any legal hurdles involved in handing
over of the documents. If there are any delay in handing over of the documents beyond the
3
0 days as aforesaid, the Company shall communicate to the legal heirs the reason for such
delay.
Note: The above-mentioned procedures are the broad guidelines and not exhaustive. Any
other documents submitted by customer which are not mentioned above, shall be subject to
necessary allied checks and due verification by the Company.
| Annexure |
Download |
| Affidavit Cum Indemnity |
Download |
| Application for Deceased claim |
Download |
| Specific Power of Attorney |
Download |
2. Two – Wheeler Loan
On event of demise of borrower, co-borrower (who is registered owner of the vehicle),
the following process to be followed by the legal heirs of the deceased borrower or co-
borrower for collecting necessary documents such as No Dues Certificate, Form 35, Letter to
RTO etc. for removal of hypothecation charge on the vehicle, upon full & final
settlement/repayment of the loan.
Documents to be submitted by legal heirs:
Along with any existing borrower or co-borrower, legal heir(s) should visit the Branch from
where loan has been serviced. Legal heir should carry photocopies (duly attested) of all the
below mentioned documents for submission. If required by the branch officials the original
documents to be provided for the purpose of cross verification:
- Death Certificate & ID proof of the demised vehicle owner.
- Request Letter (Refer Annexure 1) along with ID proof of claimants such as Voter ID
Card, PAN Card, Passport, Aadhar or any other ID proof which is acceptable to the
Bazaari Global Finance Limited ("Company”).
Note: Aadhaar is not mandatory any other alternate documents may be provided to
the Company for proof of identification
- Affidavit cum Indemnity Bond (refer Annexure 2) to be duly signed by all legal heirs
of demised Borrower /vehicle owner, stamped and notarized as per the applicable
stamp duty laws of the respective State.
Post Submission of the Documents: On submission of the above documents the company
will initiate due diligence, after which the company will inform the legal heirs/borrower/co-
borrowers (as the case may be) for collection of the hypothecation release documents from
the branch post loan is closed. Company will endeavour to provide the documents within 30
working days of closure of the loan account, provided the legal heirs provide all co-operation
and there is timely submission of all the requisite documents satisfactory to the company. If
there are any delay in handing over of the documents beyond the 30 days as aforesaid, the
Company shall communicate to the legal heirs the reason for such delay.
Furnishing of necessary documents for removal of Hypothecation:
Documents necessary for removal of Hypothecation such as No Dues Certificate, Form 35 and
Letter to RTO will be issued to the legal heirs of the deceased owner of the vehicle as per the
procedure set out in this document.
Note: The above-mentioned procedure are the broad guidelines and not exhaustive. Any
other documents submitted by customer which are not mentioned above, shall be subject to
necessary allied checks and due verification by the Company.
| Annexure |
Download |
| Affidavit Cum Indemnity |
Download |
| Application for Deceased claim |
Download |