Ten points to be remembered by a Bank Panel valuer

KNOWLEDGE BANK FROM B KANAGA SABAPATHY

LET KNOWLEDGE SPREAD

Message from B K Aruna 26.08.2023

Ten 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 in 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 before proceeding with valuation is always advisable in order to ascertain the exact scope of valuation and legal aspects.

5. Doing desktop valuation is never 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. Never do over-valuation nor under-valuation.

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 and must be defended by you at any point of time.