RENT PLUS

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Rent Plus scheme provides loans against assignment of future rentals to the residential or commercial property owners to meet their liquidity mis-match.

Eligibility

Owners of residential buildings and commercial properties which are to be rented or already rented to MNCs / Banks / large & medium size Corporate.

Loan Amount
Lowest of :
  • 75% of realisable value of the property mortgage (as per latest valuation report of the Bank's approved valuer).

  • Maximum permissible under the Scheme.

  • 75% of [total rent receivable for the residual lease period or loan period, whichever is lower minus total of advance deposit, estimated amount of property tax, service tax, TDS and other statutory dues for the period].

The Minimum and Maximum permissible under the Scheme:

Min: Rs 50,000/-

Max:

In Metros Rs 7.50 Crores
In Non-Metro Rs 5.00 Crores

LOCATION OF PROPERTY
  • Properties located in Metro/Urban/Semi-Urban/Rural areas.

  • Plan approval and other related permission for the property from appropriate authority need to be in place.

TYPES OF TENANTS/ LESSEES

(a)The residential buildings/commercial properties which are to be rented or already rented to MNCs / Banks / Large & Medium size Corporates. The Network GM is vested with the discretion to consider cases of other types of lessees

(b)However, the properties should not be or have been leased to Schools, Colleges, Orphanages, Hospitals, Old Age Homes, Nursing Home or any other Social Sector Infrastructure.

All the property should be SARFAESI compliant

Margin

25% of the loan amount

Nature of Facility

Term Loan

REPAYMENT PERIOD & MODE
Repayment Period:
  • Maximum of 10 years or residual lease period whichever is lower.

  • Calculate the EMI and advice the customer about the same depending on the tenure they want

Repayment Mode:
  • Post Dated Cheques for the Repayment period given.

  • ECS (To Check & then include in content)

  • SI from the borrower's a/c with our Bank

Processing Fee

2.02% of loan amount. Maximum amount Rs. 1,01,865/- to be paid upfront as processing charges. The charges of the valuation of property are to be borne by the applicant

Prepayment

NIL

Interest Rate

Refer to the Interest Rate page