Fraudulent home loan seekers and habitual defaulters will have a tough time now as lenders have a ready pool of information available on them, with the launch of the country”s first electronic centralised database of mortgage information called Cibil Mortgage Check. Cibil Mortgage Check would help banks and financial institutions share and access mortgage information, exercise better due diligence, and thus help reduce fraudulent property transactions.

This will also bring in more transparent and a factual mine of information about loan seekers, and more importantly about the property being sought to be mortgaged. Cibil Mortgage Check, launched jointly by the country”s largest credit information service provider Cibil (Credit Information Bureau of India) and TransUnion–a global leader in credit and information management services–in consultation with property market regulator National Housing Bank (NHB).

Launching this new tool here today, NHB chairman S Sridhar, who is also the CMD of Central Bank of India, said, “Cibil Mortgage Check will help contain a lot of fraudulent activities in residential property marketplace that has been growing at a CAGR of 40 per cent since the past five years.” Sridhar further said, as the sectoral regulator, NHB has been working with Cibil to create this platform so that the lenders have access to ready and credible information on loan seekers as well as their properties.

Sridhar also informed that NHB is working on bringing out a property price index which will help contain excessive speculation in the marketplace. On the proposed standards for residential property valuation, he said, NHB has already finalised a draft and sent it the Indian Bank Association for comments.

More Under Finance

Posted Under

Category : Finance (3497)
Type : News (12694)

0 responses to “Your mortgage record is under watch, Cibil launches Mortgage Check”

  1. Manoj Jha says:

    Dear Sir,

    The best way to check mortgage fraud is to Digitise all the land records of the country and dematerialise all the title deeds of the immovable property. Constitute a National Repository which will take care of all sale, purchase, perpetual lease, creation of mortgage etc transactions. Well the present action is also a commendable step in this direction.

  2. alok prakash says:

    I want to register my property having no mortgage/ loan free property

  3. peer says:

    Sir,
    This site should have access to all citizens of the country if someone intends to buy or mortgage either property including all types of assets so that they may not fall in the trap of the fraudsters.

  4. VIRENDER SINGH GUSAIN says:

    Please use this tools from all the ministers’ property first.

    Happy Common Wealth Game

Leave a Reply

Your email address will not be published. Required fields are marked *