All about CERSAI

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Pro­tec­tion from mul­ti­ple loans: The Cen­tral Reg­istry of Se­cu­ri­ti­sa­tion As­set Re­con­struc­tion and Se­cu­rity In­ter­est of In­dia (CERSAI) has been set up to pro­tect fi­nan­cial in­sti­tu­tions and home­buy­ers from cases of mul­ti­ple frauds

Reg­is­ter each trans­ac­tion: Though it is ap­pli­ca­ble to all banks and 19 hous­ing fi­nance com­pa­nies, Na­tional Hous­ing Bank and CERSAI have is­sued ad­vi­sories to all the 56 hous­ing fi­nance com­pa­nies to fur­nish all of their trans­ac­tion de­tails on the por­tal

Pay 50 for each check: All stake­hold­ers – banks, hous­ing fi­nance com­pa­nies and home­buy­ers can ac­cess the CERSAI data­base by pay­ing a nom­i­nal amount of ` 50 as fees

Cross-check the loan sta­tus: All lend­ing in­sti­tu­tions have been ad­vised to is­sue nec­es­sary in­struc­tions to their branch-level func­tionar­ies to make the search in the CERSAI por­tal an in­te­gral part of their ap­praisal process

No penalty a draw­back: The SARFAESI Act does not, un­for­tu­nately, con­tain any spe­cific pe­nal pro­vi­sion against of­fi­cials of the lend­ing in­sti­tu­tions who do not cross-check prop­erty de­tails on CERSAI and ex­tend loans against prop­er­ties that have al­ready been mort­gaged to other banks

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