CERSAI registration charges against home loan
rohangupta
(Querist) 25 May 2015
This query is : Resolved
Hi,
I would like to ask CERSAI registration charges against home loan. In June 2012 I had taken home loan from one of the public sector bank and paying regular EMI for more than two years, but few days back i.e. In May 2015 they deducted approx 5700 Rs. from my bank account in the name of CERSAI registration charge against my home loan apart from EMI. Just wanted to know whether they are allow to charge me this much amount as a CERSAI registration charges? What is exactly CERSAI charges? And how they charged me after almost 3 years of home loan approval? Thank you in advance.
Kumar Doab
(Expert) 26 May 2015
You should ask the BM in writing under proper acknowledgment and demand reply by Redg. Post.
Based on reply you can proceed further.
Do you have certified copies of Loan Brochure,Loan offer,Loan application,Loan approval,Loan agreement etc...
Relate with the documents on record.
T. Kalaiselvan, Advocate
(Expert) 31 May 2015
The Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI) is a company licensed under section 25 of the Companies Act, 1956 and registered by the Registrar of Companies, New Delhi. CERSAI was promoted by central government to prevent frauds involving multiple lending by different banks on the same immovable property. It became operational on March 31, 2011.
Initially, 51% of the equity was owned by the government, and rest were owned by National Housing Bank and other public sector banks.
CERSAI maintains as central registry of mortgages in India. It can be accessed as online financial institution and the general public for a fee. However, the general public can access it only through a third party like a bank or authorised financial institution. The database contains information on the mortgage taken on property and the entire mortgage history of a property. This allows the lender to access information on the collateral offered by the prospective borrower. It also allows potential buyers to examine the property's financial history. According to the government's directives, financial institutions must register a mortgage within 30 days of its creation.[1] CERSAI also aims to assist lenders in securitisation and asset reconstruction.
In your case the amount deducted towards registration seems to be bit excess, you may confirm this by obtaining proper details for it. Though the bank is late in recovering this amount, better late than never is the policy adopted by the bank. You cannot agitate on this.
Rajendra K Goyal
(Expert) 02 June 2015
These are the expenses you have to pay as the language of your loan agreement must be covering and defending Bank for debiting such expenses.
However you may lodge protest and ask in writing regarding the specific provisions and copy of your loan agreement if not provided already to you.
c.p.s. ramachary
(Expert) 07 June 2015
Please check terms of your loan document. If the document stipulate charging of CERSAI fees,specifically or impliedly, you are bound to pay the debited amount of the fees. Generaly all the banks do include the terms by necessary implication. Registration of charge with Central Registry, does not guarantee the validity of the equitable mortgage. If one secured creditor forgets registration of charges he does not loose priority of his charge as in case of Sec.125 of Companies Act.The second secured creditor's opinion may go wrong as particulars of his charge could not be traced out in Registry on account of non filing of the registration pariculars. In default in filing particulars of charge with the Central Registry, payment of penalty wipes of the default. Hence the bank collects the amount as the burden of paying sale tax is passed on the purchaser.
