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Indian Real Estate News
CIBIL and CERSAI to join hands to help lenders with credit worthiness of realty
Source: ET Bureau Dec 01, 2012

Credit Information Bureau (India) Ltd or CIBIL is joining hands with a government established central registry for mortgaged properties to offer lenders a single window facility to check credit worthiness and legal status of a property. Both the organization will sign an agreement to this end on Monday next.
A lender will now have the facility to get all details by accessing the website of either of these entities. CIBIL is a repository of information which contains demographic details, trade details, and credit history of borrowers, co-applicants, credit card holders and guarantors etc. These information help lender evaluate and approve loan applications.
The Central Registry of Securitization Asset Reconstruction and Security Interest of India (CERSAI) provides an online registration system for the purpose of maintaining public records of all transactions creating security interest.
Under the provisions of the SARFAESI Act, banks and financial institutions are required to file the details of all mortgages created in their favour by way of deposit of title deeds to the central registry.
CIBIL collects borrowers' repayment records from banks and other lenders on a monthly basis and maintains these.

Tag: property buying in india, real estate trends, property of india, real estate in india, CIBIL,CERSAI
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