Property card a hindrance for home loan distribution: Cooperative Union

  • | Sunday | 17th February, 2019

However, the property card scheme introduced by the government for Mangaluru City has made this process difficult. “Since there is lot of confusion with regard to the distribution of property cards and people are forced to stand in queue, a property adalat should be conducted for the convenience of people. Dakshina Kannada District Cooperative Union Limited president Harish Acharya said that the common man faces difficulties in availing home loans and other property loans.“Cooperative societies and cooperative banks have to follow the rules and need to register land records with the deputy registrar of properties before sanctioning home and property loans. “It has not only affected the cooperative sector, but also the common man who applies for loans. MANGALURU: While the government has made property card mandatory for registration of property in Mangaluru City, the move has not gone down well with the cooperative sector.Cooperative banks, which distribute home loans and hypothecation loans, complain that they are not able to sanction such loans since most of the land owners are yet to obtain property cards.

MANGALURU: While the government has made property card mandatory for registration of property in Mangaluru City, the move has not gone down well with the cooperative sector.Cooperative banks, which distribute home loans and hypothecation loans, complain that they are not able to sanction such loans since most of the land owners are yet to obtain property cards. Dakshina Kannada District Cooperative Union Limited president Harish Acharya said that the common man faces difficulties in availing home loans and other property loans.“Cooperative societies and cooperative banks have to follow the rules and need to register land records with the deputy registrar of properties before sanctioning home and property loans. However, the property card scheme introduced by the government for Mangaluru City has made this process difficult. Hence, the government should immediately take necessary initiatives to solve the issue,” Acharya said.He pointed out that in many cases the property card distribution becomes difficult when documents pertaining to property do not tally and as a result cooperative societies and banks fail to sanction loans. “It has not only affected the cooperative sector, but also the common man who applies for loans. It will also affect the banks when it comes to achieving their annual targets even as the financial year ends in March,” he said and urged the government to look into the matter.Mangaluru City North MLA Y Bharath Shetty demanded that a property adalat needs to be conducted to solve the issue. “Since there is lot of confusion with regard to the distribution of property cards and people are forced to stand in queue, a property adalat should be conducted for the convenience of people. Further, the district administration should take necessary action to prevent middlemen menace. So far, only 30% property owners have obtained the property card and remaining are facing difficulties in availing home loans,” the MLA said.Deputy commissioner S Sasikanth Senthil said he would discuss the issue with officials concerned and take a decision to hold an adalat.

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