Notice of intimation_housing loan

Dipen (Querist) 23 May 2020 This query is : Resolved
Respected Experts,

I have seen Banks filing Notice of Intimation to Registrar's office in case of Housing loans?

What is the purpose of this (apart from mandatory requirement)?

Will any buyer be intimated when he goes for registration of property that the property is mortgaged one?

Regards,

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Guest (Expert) 23 May 2020
Your Title of the Query it self has the reply and It is just an Intimation to ensure that no other Registration could take place with out clearing the loan or with out the Consent of the Concerned Bank.

kavksatyanarayana (Expert) 23 May 2020
Yes. I agreed with the advise of expert Mr.N.J.S.Rajkumar alias Narasimha ji.

Rajendra K Goyal (Expert) 24 May 2020
Information to Registrar office regarding loan is sent to sanction the mutation / entry regarding mortgage of property with the Bank in its record.

Presently CERSAI has come in existence to keep record of mortgaged (registered and equitable mortgage) at central level to check frauds / multiple mortgage of same property with more than one Bank.

Following lines are taken from Wikipedia :

Central Registry of Securitisation Asset Reconstruction and Security Interest (CERSAI) is a central online security interest registry of India. It was primarily created to check frauds in lending against equitable mortgages, in which people would take multiple loans on the same asset from different banks.[1]
A Government company licensed under section 8 of the Companies Act, 2013 having its Registered Office at New Delhi.
The company incorporated with majority shareholding of the Central Government, Public Sector Banks and National Housing Bank for the purpose of operating a Registration System under the provisions of Chapter IV of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. (SARFAESI Act).

Raj Kumar Makkad (Expert) 24 May 2020
The purpose to sending such intimation is to enter the event mentioned in that intimation in its relevant record qua the said property so that subsequent transaction qua the same propertyif takes place during the subsistence of the the entry arising out of such intimation, further mutation mayl be got denied.

Every buyer is expected to first go through the revenue record qua the said property and if previous entry of mortgage is already existing, then he is facilitated to decide accordingly. similarly bank is also well protected and further frauds also get avoided.

Rajendra K Goyal (Expert) 25 May 2020
There Are many instances when borrower fraudulently tried to sell the property mortgaged with the Bank. Search report of revenue record contained entry of previous mortgage and loan. The interest of buyer and the Bank was saved due to such entry which was result of Bank sending information to Registrar office regarding loan and the mortgage. The purchaser preferred to clear the Bank loan first and later handed rest money to seller after clearance of the loan.

Raj Kumar Makkad (Expert) 25 May 2020
Stopping frauds is also one of the aims of such intimation.

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