28 April 2017
INDIA: Latitude and Longitude of Fixed Assets Now a Standard Mortgage Requirement
Companies that use fixed assets as security for mortgages and loans in India are now obliged to specify their exact locations, including their precise latitude and longitude. The move comes as part of a bid to tighten up such loan arrangements, with mortgaged properties and other tangible assets often taking several years to track down under the previous regime.
As of 22 April, updated loan forms have all required such specific geographic data to be entered as standard. This is expected to aid lending agencies in India when it comes to the online verification of any details relating to mortgaged fixed assets.