The Revenue Committee decided at its meeting to register commercial properties with more than five lakh property tax outstanding in CIBIL. A meeting with CIBIL officials will be held soon to ensure that the municipal corporation’s outstanding tax money is factored into the CIBIL score.
Following the Revenue Committee meeting, Chairman Jainik Vakil stated that Credit Information Bureau (India) Ltd. is a credit company with the largest number of credit files of individuals and businesses worldwide. This company calculates the CIBIL score based on individuals’ and organisations’ credit histories. If one’s CIBIL score is good, one can obtain a loan at a low cost and interest rate. However, if one’s CIBIL score is low, he or she will be unable to obtain a loan from any financial institution. The CIBIL score is one of the factors considered by all banks and financial institutions before making a loan.
Commercial properties account for 5.50 lakh of the city’s total 22.50 lakh properties. A letter was sent to the CIBIL headquarters in Mumbai, notifying them of the properties where more than five lakh in property tax is owed.