Cibil launches Mortgage Check to level out home loan market

Fraudulent home loan seekers and habitual defaulters will have a tough time now as lenders have a ready pool of information available on them, with the launch of the country’s first electronic centralised database of mortgage information called Cibil Mortgage Check. Cibil Mortgage Check would help banks and financial institutions share and access mortgage information, exercise better due diligence, and thus help reduce fraudulent property transactions. This will also bring in more transparent and a factual mine of information about loan seekers, and more importantly about the property being sought to be mortgaged. Cibil Mortgage Check, launched jointly by the country’s largest credit information service provider Cibil (Credit Information Bureau of India) and TransUnion–a global leader in credit and information management services–in consultation with property market regulator National Housing Bank (NHB). Launching this new tool here today, NHB chairman S Sridhar, who is also the CMD of Central Bank of India, said, “Cibil Mortgage Check will help contain a lot of fraudulent activities in residential property marketplace that has been growing at a CAGR of 40 per cent since the past five years.” Sridhar further said, as the sectoral regulator, NHB has been working with Cibil to create this platform so that the lenders have access to ready and credible information on loan seekers as well as their properties. Sridhar also informed that NHB is working on bringing out a property price index which will help contain excessive speculation in the marketplace. On the proposed standards for residential property valuation, he said, NHB has already finalised a draft and sent it the Indian Bank Association for comments

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