Housing Loans – Loan against House and Property under SARFAESI Act

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?

Ashok Goyal

Hi members, I am Ashok Goyal from Rajpura - Punjab, a town near Chandigarh. I am a retired Chief Manager from a Top Nationalized Bank in India with 35 years of experience. I am the CEO-cum-Founder of this site made for Young and Old, Technical and Non Technical members to spread their knowledge across the Globe. I am a Science Graduate with an M.A. in Economics and C.A.I.I.B. (Certified Associate Life Member of Indian Institute of Banking and Finance since 1980 and a Social Worker authoring many Blogs for the benefit of the Public in General. I Graduated from Patel Memorial National College, Rajpura - 140401 and secured a Master's Degree in Economics from Punjabi University, Patiala - 147001 Punjab, India. Expert in Legal and Money Matters, may it be Banking, Investments, and Insurance or Fraud investigations. My Hobby is to share Knowledge and alarm the younger generations about the practical implications of transacting online. I am available at many Social Networking Sites. I am health conscious and like reading deeply about anything related to health and nutrition. In the case of any violation of objectionable content, the images on my authored links or on this site, you can either report me directly or you can file a DMCA complaint about the removal of the content. I do not like spammers and never hesitate to report the abuse of my profile information. I am the owner of the WQAINDIA Brand hosting self-hosted Question Answers Site at Web Question Answers. In Jan 2016, I founded Samadhan Kender at Rajpura - which is now talk of the down. In January 2017, keeping in view the Identity Crisis in India I found that the Public was facing difficulties in their CIBIL Reports - I started my best ever venture at CIBIL Consultants to solve the CIBIL Problems of the Public online. CIBIL Consultants is having its client base in all 17 states in India. © Copyright - Ashok Goyal – ALL RIGHTS RESERVED: This is my original work and I do not like any content to be copied or posted anywhere on the web or elsewhere. All the articles available on my social profiles are exclusively owned by me. If you like my articles then you can visit my articles and provide the URL as a link, without any copyright infringement, on the website or blogs which are not having any adult content related to sex, violence, hate-redness, or religious fundamentalism as per Google or Facebook TOC. DISCLAIMER: The information on this site or elsewhere - under my Profile Name is for general information purposes only. The information provided by me is simply educative to the best of my knowledge and belief. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability about the information, products, and services being displayed on this website for any purpose. Any reliance you place on such information is therefore strictly at your own risk. In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising out of or in connection with the use of this website or my profile anywhere on the web. We welcome feedback, comments or healthy criticism on any article or content on this site or my own work anywhere on the web. I owe my success on the web to IndiaStudyChannel to Tony John, Webmaster at ISC. I am also a featured author at HubPages, Global Site for writers and Authors. This site is dedicated to my countrymen to sharpen their online skills to compete for the world. The public can also get their CIBIL Reports rectified professionally at very low prices – when big corporations are charging as much as Rs.25000 per person per Credit Report.

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