Loan against Rent Receivables
Loan Product Name
|Loan against Rent Receivables
|Eligibility||Individuals, proprietary concerns, partnership firms, private and public limited companies, trusts etc owning the properties and rented out to reputed commercial establishments and Govt departments/agencies.|
|Purpose||For Business Needs and/or other genuine personal needs of the owners.|
|Security||Against lease rent receivables from Shopping /Office Complexes.
Mortgage of the immovable property of not less than 200% of the Loan.
|Rate of Interest||12.50% PA|
|Loan Limit||Maximum Rs.500.00 Lacs|
|Guarantor||Government Employee/ I.T Assessee|
|Max Loan period||5 Years|
|Repayment||Equated Monthly Installments|
|Interest method||Diminishing Method|
|Margin||Will be based on monthly rent receivable in the next 2. 60 months or unexpired lease period|
|Basic Documents|| KYC documents of Borrowers and Guarantors.
Copies of IT returns for last 3 years
Registered Lease Deeds
Title Deeds of the property offered as security.
Other Documents As required.
|Terms & Conditions||As per Bank’s Loan Policy.|