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Particulars
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Scheme Details
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Nature of advance
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To finance against future rent receivables.
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Target Customers
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Any customer who is having rental income from property (Residential/ Commercial/ Industrial)
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Eligibility
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Borrower must be owner of the property rented out.
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Purpose of advance
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1. For Personal Purpose
2. For Business Purpose
(In case of business purpose, proof of investment in business and activity based licenses to be obtained & classification of advance to be made accordingly)
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Tenor
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Maximum 84 months
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Quantum of Finance
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Minimum – Rs. 1.00 Lacs
Maximum – Rs. 100.00 Lacs
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Eligible Loan Amount
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40 times of monthly rent with 75% of per month rent covering the EMI portion.
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Margin
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Nil
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Primary Security
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Hypothecation of rent receivable.
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Collateral Security
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Minimum 100% collateral in form of the property from which rental income is generated or any other Property of the borrower or close relative/ NSC/ Gold/ Bank own deposits/ Surrender Value of Life Policy.
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Rate of Interest
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Upfront Fee
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1.00% of the loan amount
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Repayment
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EMIs within a maximum tenor of 84 months.
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Penal Interest
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2% p.a. for the defaulted amount for the defaulted period.
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