CIBILMORTGAGE 2 LST
PTI | 10:09 PM,Sep 02,2010Launching the tool, Cibil managing director Arun Thukral said here today, "lenders have been reporting rising cases of fraudulent transactions in housing sector. Realising the urgent requirement of an industry-wide system for fraud control, NHB advised us to develop an exhaustive repository of information on mortgages that will help contain defaults and fraudulent transactions by enabling informed decisions. "This solution will serve as a due diligence tool for credit granters before establishing business relationship with new customers," Thukral added. This new service will help all sorts of lenders access ready information from Cibil and thus prevent fraudulent mortgage loan seekers from getting away. Mortgage Check primarily offer two set of information-the personal information about the applicant, and secondly the complete chain of information about the property being sought to be mortgaged. It will also offer detailed reference database containing information on properties on which owners have already availed loans, and detail of those loans among others. The second part assumes significance as the latest Reserve Bank report says the number of fraudulent activities such as fake and forged sales deeds, multiple copies of sales deeds, sale deeds of fictitious property and multiple financing in the home loan space, have witnessed a massive 75 per cent spike in the past five years. Cibil has already got a data base of over 6 million and 25 lenders as members for the Mortgage Check tool. Cibil, which entered the country only in 2009, already sits over a data mine of 160 million and a customer base of 250 lenders.PTI BEN AMA SHT
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