By Accommodation Times Bureau
Credit Information Bureau India Ltd (CIBIL) will soon be seen 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 be signing an agreement in this month end. This has made so easy for the lenders who will now have the facility to get all details by accessing the website of either of these entities.
The Central Registry of Securitization Asset Reconstruction and Security Interest of India (CERSAI) is an organization which provides an online registration system for the purpose of maintaining public records of all transactions creating security interest. CIBIL is a stockroom of information which contains demographic details trade details credit history of borrowers’ co-applicants, credit card holders and guarantors etc. all this information help lender figure out and approve loan applications.
SARFAESI Act has made it mandatory for banks and the financial institutions to file the details of all mortgages created in their favor by way of deposit of title deeds to the central registry.