A partnership firm may or may not have property of its own. Sometimes, the partners may have properties which may be mortgaged to the Bank for securing a loan. We are now dealing with the case of third party mortgages, ie. neither the firm nor its partners are mortgaging their respective properties or they are not having such properties to be mortgaged. So it is clear that we are dealing with a third party mortgage.
The anomaly can be seen when we enters details in the Borrower/s tab in CERSAI.If there is a sole borrower ie. the partnership firm the details asked by the site are as follows:
When we select 'Partnership Firm' as the 'Borrower Type' the site asks the Partnership Firm Name and Name of the authorised person/partner who is signing the papers on behalf of the firm. Here we can enter the person so authorised by the partnership deed or as mutually agreed by the partners.
The real problem comes when there are two borrowers. Say one is an individual/partner of the firm who has taken a loan on the same security property of third party. The site allows adding multiple borrowers. We selected individual first as the Borrower type. We entered details of the individual. Then for adding the partnership firm, we clicked 'Add Borrower' button and selected Partnership Firm in Borrower Type of Borrower 2. There you will find that the site is asking for the name of the partner who is mortgaging the property belonging to the Partnership firm. We will have to take this by surprise since the partnership firm is not mortgaging its property how could we enter these details.
This is a problem of the site. I hope the developers correct this thing immediately.But there is a solution for this. Whenever there are more than one borrowers and a partnership firm is one of the borrower and it is not mortgaging any of its properties, you have to add the details of firm as Borrower 1. Then go to the second borrower. If you enter the name of the partnership firm first, the site will not ask for name of the partner who mortgages the property. If you have accidentally selected individual or any other as Borrower 1 and then selected Partnership as Borrower2, then you can't revert. Even if you delete the Borrower 1, then also the site will ask Name of the partner who is mortgaging the property. So you will have to start afresh. To avoid this always care when uploading details in CERSAI with multiple borrowers and having Partnership firm as one borrower.
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