Loan against Rent Receivable
Facility: Term Loan
Purpose: For Business Needs and/or other genuine personal needs of the owners.
Eligibility:
Individuals, proprietary concerns, partnership firms, private and public limited companies, trusts etc owning the properties including land lords of our premises.
Security:
Primary: Rent receivable is the primary security.
Collateral security: Property of not less than 200% of the limit.
Co-Obligant: One co-obligant/guarantor to the satisfaction of the Bank.
Rate of Interest: 11.50% PA
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Loan Limit: Maximum Rs.500.00 Lacs
Max Loan period: 120 Months
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.
Repayment: Equated Monthly Installments
Interest method: Diminishing Method
Guarantor : Government Employee/ I.T Assessee
Processing Fees: Nil
Terms & Conditions: As per Bank’s Loan Policy.