Abstact

GIS IN FINANCING AGAINST LAND BASED SECURITIES

In India Banks and other Non-banking finance companies are extensively granting loans against collateral of land and buildings. These financial institutions do not use co-ordinates to locate the boundary of property..GIS based software with GPS integration, Area calculation tool and mapping tool could prove to be useful to solve large scale frauds in mortgaged based loans.GPS integration would increase the accuracy of locating a property .The scamming of the borrower can be cleared up by using the area calculation tool. Area of the property will be provided in the land document. From the co-ordinates of the boundary, area of the property can be calculated using GIS. These two areas can be cross checked and if there is any discrepancy, it may be considered as an act of deceit. Mapping tool is essential to put the real world property in digital format for further reference. It is not possible to train the bank officials about the handling of GIS software, hence a registry is required. Those availing finance against mortgage of land and building have to necessarily register with proposed registry. Once registered, while lending loan, the bank could get the details of the individual's property from the agency's database. If the loan is sanctioned it would be updated in the agency's database. If an individual tries to get another loan with the same property, it won't be possible as his property will be already updated with the details of his previous loan.