The Municipal Corporation of Delhi (MCD) was thoroughly destroying the illegitimate lands which had led some banks for loss. Banks might have lost Rs. 7,200 Crores to Rs. 9,000 Crores as an awful property on housing loans which was been paid from many years. Delhi had observed auctions of about 25,000 housing properties in the market for around Rs. 12,000-15,000 Crores on an average about 60% property cost which was financed by the banks. There were about 50 banks which were working through 2,000 branches in Delhi. This crisis was occurred while banks were in a hurry to hit competitors and had given the loans without correct certifications. According to the rules banks must release loans after making sure of title deeds, Form A, Form C, Form D and Form E which will be given by the MCD. But some banks and HFCs had been financing the properties without Form E and Form C & D.
Ankur Srivastava MD of DTZ told that, “Taxes at shares will be higher and at least 1,000 residences with an average price of Rs. 1.5 Crores were sold in South Delhi alone. Banks had financed on properties between Rs. 60 Lakhs and Rs. 1 Crores by taking their total yearly coverage to over Rs. 600-1,000 Crores.”
Legalized specialists were in the estimation that banks cannot even claim outstanding loans when a property is demolished.
Anshuman Magazine head of CB Richard Ellis India said that, “Banks had given finance without MCD’s conclusion documents for some years but as RBI became strict things were better.” After the sealing’s commenced RBI had issued a notice that banks should not give loans without correct documents from local authorities. Not only for home loans but also for the loans against property (LAP) which was given by banks might strike the books too and LAP market is believed to be almost double the dimension of the home loan market.
Source: NIMMA BENGALURU
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