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Handover of Property Documents in Case of Death of the Property Owner

In case of the death of a borrower or co-borrower, who is also the property owner, the Bank will hand over the property documents after the loan closure depending on the different scenarios listed below:

The original property documents should be handed over in the presence of all surviving owners/legal heirs/nominees of the deceased owner of the property and guardians, in case of minors, subject to adherence to the conditions mentioned below:

Handover of documents in cases where the nominee is registered including where the legal heir or nominee is a minor

State Co-operative Societies Acts provide property owners with nomination facility. Under such State Acts, on the death of a member of a society, the society shall transfer the share or interest of the deceased member to a nominee(s) in this regard. On the basis of the nomination certificate under the respective state acts, the Bank may return the title documents to the nominees.

Handover of documents in cases where no nominee is registered

State Co-operative Societies Acts provide property owners with nomination facility. However, if the property is not situated in co-operative society or the property is situated in co-operative society and the nominee is not registered, the following documents need to be collected from the claimant for handing over the original property documents after the loan closure.

Documents required in case any of the property owners are missing

As per Section 108 of the Indian Evidence Act, presumption of death can be raised only after a lapse of 7 years from the date of a person being reported missing, i.e. the date when the FIR/non-traceable report was lodged. Section 107 deals with presumption of continuance. As such, the nominees/legal heirs have to raise an express presumption of death of the borrower under Section 107/108 of the Indian Evidence Act before a competent court. If the court presumes that the borrower is dead, then the claim of a missing person can be settled on the basis of the same.

Handover of documents where a Will has been left behind by the deceased owner

In case the Will has been executed by the borrower, after his/her death the title documents must be handed over to the executors as mentioned in the Will.

Handover of documents where a person dies intestate (i.e. without a Will)

When a person dies intestate i.e. without a Will then the original property documents can be handed over on the basis of documents mentioned in the table below being taken from the legal heir/s in addition to the common documents

The below table depicts the scenarios and the types of documents that will be required to be submitted for the purpose of processing the handover of property documents after the loan closure.

Requirement type Types of documents Scenarios

Mandatory

Request letter from the claimant/nominee as specified in Annexure 39.

Handover of documents in cases where the nominee is registered

Handover of documents in cases where no nominee is registered

Where a Will has been left behind by the deceased owner

Mandatory

Copy of death certificate: Municipal authorities/ registrar of births and deaths generally issue death certificates.

Certificates issued by hospitals should not be accepted as proof of death. In cases where a death has happened abroad, death certificate issued by the government department of the country where the death has occurred is required. The death certificate has to be certified by an Indian Notary or Indian Embassy or under the Hague Convention an apostille certificate should be issued. Photocopy of the death certificate should state very clearly verification of the original death certificate by the branch under the Branch Manager’s full signature.

Mandatory

Self-attested copies of identity and address proof of the legal heirs/nominees as per the applicable KYC norms documented for resident KYC and reKYC

Mandatory

Self-attested copies of bank statements of nominees

Additional documents required

Copy of the FIR and non-traceable report filed with the police – 7 years must have lapsed from the date when the FIR/non-traceable report was lodged.

Court order (presuming the death of the missing Loan Account holder (property owner)) - In case the court order is received directly from the court, the branches would process the claim immediately. However, if the court order is brought to the branch by the claimant, the same needs to be verified through the Bank’s panel of advocates

Documents required in case any of the property owners are missing

Additional documents required

A certified copy of the nomination certificate issued by the co-operative society

Handover of documents in cases where the nominee is registered

Additional documents required

For the state of Maharashtra, the nomination certificate would be in the form of a Nomination Form as provided in Appendix 14 of the Maharashtra State Co-operative Societies Act, 1960. The form shall be signed in triplicate and stamped. In case the person registers a nominee by giving a statement, the same shall be signed by a member of the society and also by 2 witnesses and shall be on a stamp paper.

Additional documents required

For other states, the nomination certificate should be shared with the regional legal team for confirmation.

Additional documents required

If the legal heir(s) or nominee is a minor, the property documents should be handed over to the guardian on behalf of the minor legal heir/nominee after the collection of the following additional documents:

Identity proof of guardian as per the existing KYC norms documented for resident KYC and reKYC

Declaration from guardian (Annexure 31)

In case of a natural guardian, proof of a relationship with the minor as per the existing KYC norms.

In other cases, a copy of the Will or other instrument authorised by the court.

Additional documents required

Notarised copy of the Will duly certified (OSV) by the Branch Manager or DBM

Notarised copy of the Probate of the Will issued by the High Court of competent jurisdiction duly certified (OSV) by the Branch Manager or DBM.

Where a Will has been left behind by the deceased owner

Mandatory

Copy of Letter of Administration or Succession certificate.

All legal heirs need to be present at the time of handover of property documents along with other owners. In case any of the legal heirs relinquish their rights in favour of one/more nominee/surviving owners, the following additional documents need to be collected from the claimant. Legal heirs relinquishing their rights need not be present at the time of collection of documents.

Letter of relinquishment signed by legal heirs relinquishing their rights in favour of one/more legal heirs/surviving owners (Refer to Annexure 40 for the format of the letter).

Self-attested copies of identity proof, address proof and signature verification proof of legal heirs relinquishing their rights also need to be provided.

Where a person dies intestate (i.e. without a Will)

 

Copy of death certificate of the deceased borrower.

Indemnity bond executed by a spouse in favour of ICICI Bank and the indemnity bond must be adequately stamped as per applicable stamp duty in respective states as specified in Annexure 6.

Consent letter from legal heirs as specified in Annexure 5.

Copy of identity proof of the claimant(s) as per KYC documented for resident KYC and reKYC for Loan Accounts

Where a person dies intestate (i.e. without a Will)

If the spouse is co-owner/co-applicant (but not the owner) of the property and his/her wife/husband has died intestate (i.e. without a Will)

Mandatory

Copy of the death certificate of the deceased borrower.

Indemnity bond executed by all legal heirs in favour of ICICI Bank and the indemnity bond must be adequately stamped as per applicable stamp duty in respective states as specified in Annexure 6.

Consent letter from legal heirs as specified in Annexure 5

Copy of identity proof of the claimant(s) as per KYC documented for resident KYC and reKYC for Loan Accounts.

Certified copy of the legal heir certificates.

Where a person dies intestate (i.e. without a Will)

If the owner of the property is other than a spouse

Note:

  • For any further information, the claimant(s) need/s to visit the branch with the applicable documents to initiate the process.

  • All the mentioned Annexures will be made available at branches.