initial Property Verification Report

About

What is iPVR ?

iPVR (Initial Property Verification Report) is a critical tool aligned with the RBI’s Fraud Risk Management Framework, specifically designed to identify Early Warning Signals (EWS) at the pre-disbursement stage. By leveraging real-time Government Land Records and Public data, iPVR provides a comprehensive report on ownership, encumbrances, liens, and property status, enabling Banks, NBFCs, and FIs to detect potential risks early.
The Risk Meter Recommendation feature acts as a proactive EWS mechanism, highlighting discrepancies and red flags in property records. This allows lenders to make informed "Go/No-Go" decisions within minutes, ensuring compliance with RBI’s mandate for early fraud detection. By filtering out high-risk applications upfront, iPVR not only reduces legal expenses for Title Clear process but also strengthens the overall fraud risk management framework.

Challenges

• Time-Consuming Manual Verification: Banks and FIs rely on manual processes to verify property ownership, encumbrances, and liens, leading to delays in loan approvals.
• High Legal Costs: Legal teams are often engaged for pre-verification, resulting in unnecessary expenses for applications with discrepancies.
• Lack of Real-Time Data: Dependence on outdated or incomplete Government records increases the risk of errors and fraud.
• Inconsistent Risk Assessment: Without a standardized tool, risk assessment varies across branches, leading to inconsistent decision-making.

Solutions

How iPVR resolves these challenges:

• Instant Verification: Delivers a comprehensive property report within 5-7 minutes, enabling quick "Go/No-Go" decisions.
• Cost Savings: Filters out high-risk applications upfront, reducing legal expenses for unnecessary title checks.
• Real-Time Data: Leverages the latest Government Land Records and public platforms for accurate, up-to-date information.
• Standardized Risk Assessment: The Risk Meter Recommendation provides a consistent, data-driven approach to risk evaluation.

Benefits of iPVR:

• Reduces TAT for loan approvals by 80%.
• Saves 30-40% on legal costs.
• Ensures compliance with RBI’s Fraud Risk Management Framework.