NEW DELHI, July 1: A government established central registry for mortgaged properties has asked all banks and financial institutions to register mortgage details and extended the deadline to do so by three months to September 30.
Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI) extended the registration of subsisting transactions prior to April 2011 free of any cost for a further period of three months to September 30, 2012 on its portal, an official statement said.
Under the provisions of the SARFAESI Act, banks and financial institutions are required to file the details of all mortgages created in their favour by way of deposit of title deeds on the portal of the Central Registry (CERSAI) in the prescribed format.
A central record of details of all properties against which loans have been taken will help check fraud. Thus, it would be virtually impossible for a borrower to raise loans twice against the same property or raise loans using forged documents.
National Housing Bank Chairman and Managing Director R V Verma has been given additional charge as the registrar of the Central Registry.
More than 46 lakh mortgage records have so far been filed by the banks and housing finance institutions with CERSAI till date.
It may also be noted that the banks and financial institutions, whether or not notified under the SARFAESI Act, may also register themselves with CERSAI and commence filing the details of the equitable mortgages created in their favour on the CERSAI portal, it added. (PTI)
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