Loan based on the rental income of the property Rented/leased out to Central/State/Semi Government/Banks/Financial Institutions and Multinational Companies.
Purpose:
To provide loan to owners of the property.
Property to be leased/rented out to PSU/Central/State/Semi-Government reputed corporates, Banks, Financial Institutions, MNCs.
Granted for meeting business needs or any other genuine personal needs.
Eligibility:
Customers with satisfactory dealings with us.
If non customer, to be well introduced.
Quantum:
Maximum 75% of Gross Monthly rent receivables for unexpired period of lease less TDS and Advance rent taken.
Security:
Equitable Mortgage of lease property, with value at least 100% of loan amount, if EMT of property against rentals of which loan is proposed is not possible, value of alternative property to be 150% of loan amount.
Assignment of lease rental in favour of Bank.
Repayment:
36 Months.
Rate of Interest:
11.00% per annum
Processing Charges:
1.00 % of the loan amount.
Documentation:
Application.
Pronote/Pronote covering letter.
Photograph of the borrower/co-obligant.
Tripartite Agreement (to be stamped as Agreement cum Power of Attorney) to be executed by the lessor, lessee and financing Bank.
Authorisation agreement executed by lessor on stamp paper to receive the rent from lessee.
Term loan agreement duly stamped as agreement.
All existing document for creation of EMT to be obtained.
Others:
Physical inspection of property to be done.
Clear title of the property to be established.
LSR and valuation from qualified Chartered Accountant.
