PROPLEGIT GLOBAL PRIVATE LIMITED

In their own words

From its inception in August 2019, Proplegit Global Private Ltd.’s vision is to provide the BFSI segment fully integrated due diligence digital platform with a One Stop Solution for instantly verifying the property, ownership and encumbrance status for a “Go – No Go Decision”, Digitized Title Clear Certificate, Digitized Property Valuation Report and even going one step forward, i.e. monitoring / tracking the land / property post disbursement against any and every kind of transaction that happens on public and government platform till the loan tenure. We want to provide an end to end solution to the Banks / NBFC’s by saving time, resources and legal cost with a pre-alarm for any transaction occurring on the mortgaged property which will eventually and substantially reduce chances of a loan turning into an NPA. · As far as the State coverage is concerned, we are live with 19 States for Rural and 10 States for Urban. · The services that we offer as an end to end solution are shown below: o iPVR (initial Property Verification Report) – An instant report confirming the ownership, property and encumbrance / lien status of the land / property that is being mortgaged. Base land record document for each State (e.g. 7/12 and 8/A for Gujarat and Maharashtra or Property Card for Urban Property, Jamabandi for Rajasthan, etc.) are being considered for generating this report. It gives the Bank Manager a clear decision making option whether he can move ahead with the application for Title Clear or not. o e-Check and Per Owner Share – Some Banks are currently not verifying the documents provided by the loan applicant and are directly processing the application. Applicants do provide old documents sometimes which leads to lapses / gaps in due diligence which ultimately leads the loan into negative case. Hence we are providing this service to the Banks / NBFC’s wherein they can verify whether the document is latest and also provide per owner share (in case there is single or multiple owners in a land / property). o Digital Title Search Report (DTSR) / Digital Title Clear Certificate (TCC) – Here, we are providing two options. Most of the Banks have their own empaneled list of Lawyers to whom they allocate individual cases. So as a first option, we are providing them the digital platform of uploading the certified documents required, add comments against each set of document reviewed and finally adding final remarks / observations before the digital TCC gets generated and shared back with the Bank Manager on his authorized login. As a second option, we also provide a service wherein Bank Manager can directly request Proplegit to provide a Digital TCC through their own empaneled Lawyer. o Digital Property Verification Report – Here, we provide a digital platform wherein Bank can allocate the case to a valuer who is empaneled with them. He will have the option of scheduling the site visit, go to the site and capture the key parameters required for valuation, get the geo location of the land / property and also automatically collect the distance of key infrastructure amenities (e.g. road length, schools, hospitals, airport, local transport, etc.) from the site to determine a fair market value of the land / property vis-à-vis the Government base rate. Post Mortgage Monitoring / Tracking – Most of the Banks are not following the process of mandatory registration of mortgage on two portals: CERSAI as well as State Government Sub-Registrar. It is because of this reason that there are high chances of land / property moving into an NPA bucket. So in order to ensure that compliances are met, Post Mortgage Monitoring starts with this two compliances and sends notifications / alerts to higher authorities till they are completed. Further, Proplegit tracks / monitors the land / property on Public as well as Government platforms for any type of transaction or changes that are happening or likely to happen on the mortgaged land / property. The changes / intended transactions are notified to the Bank Manager through SMS, email and a phone call so that he can take immediate action through legal or other Bank teams to normalize the situation in consultation with the loan applicant. This service highly reduces the chances of the mortgaged property moving towards an NPA and saves time, resources and legal cost to the Bank for taking physical possession and auctioning the land / property (which normally takes 9-12 months and even beyond to sale the land / property and recover the principal amount with interest).

Written by the company on its public Startup India profile. Not verified by us.