Eligibility
- Owners of commercial or residential buildings / properties which are rented or to be rented to Banks, Govt. Offices, Corporate and high net worth individuals.
Rate of Intrest
Repayment Period
- By way of EMIs – By ways of monthly rentals within a period not exceeding 60 months.
Proposal Processing Charge
- At present it is 1.50% of loan amount.
Margin
- 15% - considering Net Rental Income.
Max & Min Loan:
- Minimum – Rs. 1.00 Lakh
- Maximum
(A) Rs. 100.00 Lac for corporate borrowers.
(B) Rs. 50.00 Lac for non-corporate borrowers.
Moratorium
- No moratorium period
Security
Primary
- Assignment of Clean. Assignment of receivables and recording of power of attorney with the lessee is a must.
- In a situation where the applicant is already having borrowing arrangement with another Bank and current assets are already charged, in such case, it will be necessary for his bank to cede exclusive first charge on the rent receivable in our favour.
Collateral
- First charge on buildings against the rentals of which the loan would be sanctioned (value of such property should be two times of the loan amount).
- In the case of partnership firm, personal guarantee of all the partners of the building and in the case of private limited company, personal guarantee of all the directors to be obtained.
(In case where our Bank is the tenant and the loan amount does not exceed Rs. 25 lakhs, stipulation of equitable mortgage may be waived subject to the condition that the lease deed should not expire during the currency of the loan)