CIBIL and NHB to launch central registry for homes purchased using home loans
by 4, September, 2010 0 |
CIBIL and NHB are making active steps to lessen frauds connected with home loans. Both the companies have chosen to start a central registry of mortgaged homes. One of the prime causes for increasing number of bad loans was frauds in which the borrower took the loan by using fake documents.
CIBIL and NHB have opened the first mortgage repository on Thursday.
The database comprises data on 6 lakh borrower accounts from 25 commercial banks and housing finance companies (HFCs). This database includes data on main bulk of loan accounts in the country.
NHB Chairman S Sridhar said, the step was taken to enhance the infrastructure finance market in the country.
As the home loan market grows, there is a requirement to produce suitable infrastructure, he stated.
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