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Housing Loans – Loan against House and Property under SARFAESI Act

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When anyone applies for a Loan to the Bank of FI, Credit Rating for loan approvals by Banks and Financial Institutions is verified by the Bank’s and Financial Institutions. Similarly verification of Immoveable properties is also investigated/verified/checked by the Bank’s or FI’s from CERSAI, the Central Registry of Securitisation Asset Reconstruction and Security Interest of India. Even while purchasing any property, the purchaser must enquire about the property from CERSAI records to  safeguard against any fraudulent sale without revealing that the property is charged/mortgaged with any Bank/FI’s. As per CERSAI rules any person can also search and inspect the records maintained by the Registry on payment of fees prescribed under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (Central Registry) Rules, 2011.
CERSAI: Central Registry of Securitisation Asset Reconstruction and Security Interest of India is a company licensed under section 25 of the Companies Act, 1956 and registered by the Registrar of Companies, New Delhi. The Company is a Government Company with a shareholding of 51% by the Central Government and select Public Sector Banks and the National Housing Bank are also shareholders of the Company. The object of the company is to maintain and operate a Registration System for the purpose of registration of transactions of securitisation, asset reconstruction of financial assets and creation of security interest over property, as contemplated under Chapter IV of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. (SARFAESI Act).
The Registration would be applicable to transactions of security interest over property created to secure loans and advances from the banks and financial institutions as defined under the SARFAESI Act. The Company is providing the platform for filing registrations of transactions of securitisation, asset reconstruction and security interest by the banks and financial institutions. Any person can also search and inspect the records maintained by the Registry on payment of fees prescribed under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (Central Registry) Rules, 2011.
Author’s Opinion: Now any individual, company, school, hospital or organisation can mark the property owned by them on Google Maps and Government could come to know of no-man’s land through Google Satellite pureview. More over Central Registry of Securitisation Asset Reconstruction and Security Interest of India records all properties on which loans are taken from Banks and Financial Institutions.  Any purchaser of property can search the status of the property by payment of meagre amount of Rs.50/- per search at Central Registry to know if loan is taken against any particular property or not. Why the Government of India does not make it mandatory to register all ownerships, transfers, fresh sales/purchases on the Central Registry so that search can be made even in respect of properties on which loan is not taken. Revenue records by State Governments have already been put online as Land Records under Agriculture.  If this step is taken it will make the assets of black money hoarders more transparent to public and properties held in fictitious names or properties owners having expired without any legal heirs but the migration of all such manual records into digital records needs to be preserved online in the shape of microfilms. How long will it take for Google Map & Revenue Authorities to map all properties in India?

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