POINTS TO BE REMEMBERED BY A PANEL VALUER IN GENERAL
POINTS TO BE REMEMBERED BY A PANEL VALUER IN GENERAL; OPINION BY BK SIR
KNOWLEDGE BANK FROM B KANAGA SABAPATHY
LET KNOWLEDGE SPREAD
Message from B. K. sir 07.03.2023
Points to be remembered by a panel valuer in general :
1. While advancing loan to any borrower, the bank is relying on the legal opinion of its panel advocate and the valuation report of its panel valuer.
2. The bank has more confidence with you as its panel valuer and trusting fully the value certified by you, the bank advances the loan to the borrower. It is the public money.
3. Value varies with purpose. Bank advances loan to its borrowers for many purposes. Never proceed with any valuation without knowing the exact purpose.
4. Perusal of legal opinion is always advisable in order to ascertain the exact scope of valuation.
5. Doing desktop valuation is not expected from a professional panel valuer.
6. Don’t yield to any pressure either from the borrower or from the bank side.
7. Always do a FAIR valuation for the said purpose.
8. When the borrower becomes a defaulter and when the bank is unable to auction the property for the value you have certified, you will be questioned if your valuation is proved wrong.
9. It is important to safeguard the interest of the bank (against any default) and also your own interest.
10. Your report should be self-explanatory which can be defended.
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With best wishes,
B. KANAGA SABAPATHY
About the Author:-
- Mr. B. Kanaga Sabapathy born in 1951, is a Civil Engineer who belongs to the 1972 batch of Regional Engineering College, Tiruchirappalli in Tamilnadu.
- He is a Registered valuer of the Central Board of Direct Taxes, a Professional Engineer and also a Chartered engineer. Valuation is his main profession..
- He was the National Vice-President of the Institution of Valuers (India) for 11 terms.
- He is a regular contributor of articles in the Indian Valuer Journal from the year 1985. His articles especially his regular column “Questions & Opinions” are very popular among the practising valuers in India.
- His book “Guidelines on Valuation for Banks” (2002) is used to be referred by many banks. The valuation formats designed by him were accepted and adopted as the formats by many banks in the country.
- His son K. Arun and daughter B.K. Aruna are also approved valuers and they also contribute articles to the Indian valuer journal.
- His guru: Mr. C.H. Gopinatha Rao, Chennai.
- His mentor: Mr. R.K. Gandhi, Mumbai.
- His role model: Mr. S. Rajaratnam, Chennai.
- His best students: Thousands of valuers in the country
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