Central Registry To Prevent Home Loan Frauds
Central registry to prevent frauds in loan cases involving multiple lending on the same immovable property. Finance minister Pranab Mukherjee had announced creation of such a registry in Budget 2011-12. RV Verma, CMD of National Housing Bank, has been given additional charge as the central registrar for three months.
The government on Thursday operationalised the central registry which will help in preventing frauds in loan cases involving multiple lending from different banks on the same immovable property, the finance ministry said in a statement.
A government company Central Registry Of Securitisation Asset Reconstruction And Security Interest Of India, licensed under Section 25 of the Companies Act, 1956, has been incorporated for the purpose of operating and maintaining the central registry under provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.
Transactions relating to securitisation and reconstruction of financial assets and mortgage by deposit of title-deeds are to be registered in the central registry. The forms for registration and the fees for filing registration particulars have been prescribed by Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (Central Registry) Rules, 2011.These rules have been notified on March 31, 2011.
The records maintained by the Central Registry will be available for search by any lender or any other person desirous of dealing with the property.
“A central database of security interests created over property as well as assignment of such security interest by way of securitisation or asset reconstruction would make the secured lending activity in the financial market safer for the lenders,” the statement said.
This will enthuse secured creditors to provide credit to productive sectors to help sustain the growth momentum of the economy, it said.
Central Registry Of Securitisation Asset Reconstruction And Security Interest Of India, Central registry to prevent frauds in loan, Central registry to prevent home loan frauds, Delhi NCR, preventing frauds in loan, securitisation and reconstruction of financial assets, Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act
Please provide the official link towards this notification.