Purpose
For meeting any genuine needs and purposes acceptable to the company.
Eigilibility
1. Individuals/ Firms/ Companies, who have property leased / rented out to PSUs, Central / State / Semi Government Undertakings, reputed corporates, banks, financial institutions, insurance companies, MNCs etc., including the property leased / rented out to Bank as office premises or quarters to its Executives / Officers are eligible to apply for a loan under the scheme.
2. The rent/ lease agreement should be a duly registered document. The unregistered rent/ lease agreement can be considered selectively.
Quantum of Loan
The minimum amount of loan under the scheme is Rs.2 lacs and the maximum amount of loan is Rs.200 Crores and subject to a maximum of 75% of the net rent receivables.
Margin
The margin for the loan is not less than 15% of market value of the security as per the valuation report given by the Bank's Panel Valuer.
Instalment-Income Ratio (IIR)
IIR is not applicable since finance is limited to 75% of net rent receivables for the unexpired period of lease.
Interest Rate
Interest rate Prevailing from time to time on monthly diminishing balance basis will be applicable.
Repayment
Within a maximum period of 7 years by way of Equated Monthly Installments.
Security
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Equitable mortgage of the property to be financed.
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Third party guarantee of person/s of adequate networth acceptable to the company.
Additional security, where found required.
