| Who can Apply |
Owners who have rented out his/her commercial premises on rent basis under a registered rent
agreement |
| What should be the purpose? |
For meeting financial need of the borrower against assignment of future rent receivables |
| How much loan can be granted ?. |
Maximum 60 months rent receivables. (But should not exceed 65% of the market value of the
property and limited upt expired period of lease)
|
| What is rate of interest? |
@13.50% p.a. on reducing balance |
| What will be the share linkage |
R1% of loan sanctioned |
| What will be the repayment period? |
By 60 EMIs through direct credit of rentals |
| What will be the securities? |
Regd mortgage of the property
Hypothecation of rent receivables
Tripartite Agreement with borrower, tenant & Bank
|
| What about guarantors? |
Two guarantors acceptable to Bank
|
| How to apply? |
Application in prescribed format
Photographs of borrower & guarantors
PAN CARD ( MANDATORY)
CIBIL REPORT ( MANDATORY)
Address proof : Passport / telephone / electricity bill, Ration card / Voter identity card
etc (any one)
Identity proof: Passport / voter identity card / PAN card, Driving licence / Adhar Card etc
(any one).
Consent letter from the tenant
Certified copy of the rent agreement
Copy of registered sale agreement
Search report/ valuation report
NOC from builder/Society, NOC from CIDCO
Original share certificate
Consent letter & financial papers of guarantors
Pre sanction visit report
|
| What about insurance? |
The property shall be fully insured with Bank clause
|
|
By way of disbursement through the account of the borrower .
b) Post Sanction:-
Periodical visit of security offered to bank atleast once in six months. The inspection report to be kept in record and adverse feature if observed to be brought to the notice of the H.O. immediately
|