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CIBIL and CERSAI to join hands to help lenders with credit worthiness of realty

No Comments Sub Category:Kolkata,Realty News Posted On: Dec 04, 2012

Kolkata- Credit Information Bureau (India) Ltd (CIBIL) and the Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI) are together planning to offer a single window facility to check credit worthiness and legal status of property to lenders. The two organizations have planned to sign an agreement on 10th December.

Once the new system comes into order, a lender can get all the details by accessing website of any of the two entities. CIBIL holds information on details of trade, demographic details, credit history of borrowers, co-applicants, credit card holders and guarantors, etc. These details will help lender in evaluating and approving loan applications.

CERSAI provides an online registration system for maintaining public records of all transactions creating security interest. CIBIL will be collecting repayment records of loan borrowers from banks and other lenders on a monthly basis and maintains the records.

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, as per the SARFAESI Act.

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