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CIBIL LAUNCHES DATABASE OF MORTGAGED PROPERTIES

Credit Information Bureau (India) Ltd and TransUnion launched CIBIL Mortgage Check — a repository of mortgage information, in consultation with National Housing Bank.

The database will contain information on properties against which owners have availed loans, summaries of those loans and comprehensive information on those properties. It will help lenders share and access mortgage information, exercise stronger due diligence and reduce fraudulent transactions.

Fraudulent deals
Mr Arun Thukral, Managing Director, CIBIL, said that lenders (banks, housing finance companies and NBFCs) are reporting a large number of fraudulent transactions in housing loans. Most of these are multiple loans availed against the same property.

Mr R. Sridhar, Chairman, National Housing Bank and Chairman and Managing Director of Central Bank of India, said that frauds were the main reason for NPAs in housing loans and CIBIL's new tool will help reduce instances of frauds.

Valuation norms
He also said that NHB has finalised the standards of valuation of residential property. Once it is approved by the Indian Banks' Association, it would be applied by all banks and housing finance companies. This will ensure uniform valuation norms for all residential properties and also lay down norms for market intermediaries such as real estate brokers and agents. It will ensure that such intermediaries are regulated and recognised by some professional body, Mr Sridhar added.

NHB is also in talks with State governments to register equitable mortgages (i.e. the property against which bank loan has been availed of), but at a lower cost.

“Under the law there is no need to register the mortgage. The borrower has to only deposit the title deed of the property with the lender. But if it is registered, there will be a record of the mortgage,'' Mr Sridhar added.

Database
CIBIL has a database of 160 million consumer or individual records and has already received over six million mortgage records from lenders.

This number will go up as more lenders begin sharing the information.

Posted by C.B.O.A., A.P.

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