Govt cracks down on borrowers availing multiple loans against same property

Govt cracks down on borrowers
The government has finally decided to take a tougher stance against borrowers taking multiple loans against a same property.

To locate such practices, the central Registry of Securitization Asset Reconstruction & Security Interest of India (CERSAI) and Credit Information Bureau (India) have decided to create a link between their websites which will allow the lender to have a look a borrowers' credit profile at one go and also the status of his property being used for applying loans.

So far, almost 300 financial companies including banks, NBFCs, and others have got themselves registered with CERSAI and have started filing details of the mortgage accepted by them.

Any further lending would happen only after a proper investigation of the borrower and property in the matter being used through CERSAI database.

Read more about: government, property
Story first published: Tuesday, December 4, 2012, 13:30 [IST]
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