Loan against Rent Receivables

Loan Product Name

Loan against Rent Receivables
FacilityTerm Loan
EligibilityIndividuals, 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.
PurposeFor Business Needs and/or other genuine personal needs of the owners.
SecurityAgainst 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 LimitMaximum Rs.500.00 Lacs
GuarantorGovernment Employee/ I.T Assessee
Max Loan period5 Years
RepaymentEquated Monthly Installments
Interest methodDiminishing Method
MarginWill be based on monthly rent receivable in the next 2. 60 months or unexpired lease period
Processing FeesNil
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 & ConditionsAs per Bank’s Loan Policy.