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Tuesday, March 8, 2022

Loan Scheme-Advance Against Rentals Receivables

Loan Scheme-Advance Against Rentals Receivables


Eligible Borrowers:


Individuals, proprietorship, partnership, public limited companies, Private ltd.Companies, Trusts, etc., owning the properties. receiving minimum monthly rent of Rs.25,000/- from the Property offered as security and in case of individuals, the age at the time of loan maturity shall not be more than 70 years.


Eligible Properties:


Residential/Commercial Properties are located in prime areas of Delhi, Mumbai, Calcutta, Chennai, Hyderabad, Pune, Bangalore, Vizag, and any other major industrial center. the property shall be unencumbered, with clear and marketable title in favor of the owner.


Eligible Tenants:


Reputed Public Sector /Private Sector /multinational undertakings, embassies, consulate offices of foreign countries, public sector/Private sector/foreign banks, and financial institutions. National/International Airlines etc., and individuals of high repute, integrity, and credibility.


In the case of commercial organizations, it should be profit-making and shall be in existence for a period of not less than 5-7 years.


Loan Amount:


The loan shall be sanctioned as a term loan. The minimum amount shall not be less than Rs.10.00 lacs and the maximum amount not more than Rs.500.00 lacs. The loan shall be repaid within the unexpired lease period/60 months whichever is less. EMI shall be worked out to recover Principal as well as interest.





Security:


The Loan shall be sanctioned against. the Primary security of rent receivable. the collateral security of premises given on lease against which the rent is receivable. Co-obligation/Guarantee: One co-obligate/guarantor to the satisfaction of the Bank.


Eligibility Criteria


Income for 2 wheelers - Rs.60,000/-p.a. Income for 4 wheelers - Rs.1,00,000/-p.a and Finance - 75% of the cost of vehicle. Hypothecation of the vehicle. Co-obligation Rate of interst | PLR | + 4.0% + Int Tax Repayment in 60 months.


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