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Wednesday, September 24, 2008

Rent Plus, Loan against Rental Income, Mortgage Loan, Corporate tie-up


RENT PLUS

Nature of facility : Term Loan
Period of repayment : 7 years or the residual lease period, whichever is lower.
Eligible customer : Owners of residential buildings and commercial properties in Rural/Semi-urban/Urban/Metro areas which are to be rented or already rented to MNCs/ Banks/ Large & medium size corporate.
Purpose : To meet liquidity mis-match of the applicants.
Quantum of finance : Min. Rs. 50,000.00Max. Rs. 5 crore for properties located at Non-Metro Centres and Rs. 7.50 crores for properties located at Metro Centres. There will be no differentiation on the basis of constitution of the applicant.
Margin : 15%
Repayment : Equated Monthly Installments of 7 years or residual lease period.
Prepayment : 1% of the loan amount prepaid.
Interest : 0.75% above SBAR. i.e.14.50% p.a. Floating.
Primary Security : Assignment of receivables and recording of power attorney with the lessee is a must.
i) First charge on buildings against the rentals of which the loan would be sanctioned (value of the property should be double the amount of loan) or any other acceptable property of equal value.
ii) Equitable Mortgage of immovable property by deposit of title deed.
iii) In case of partnership firm, personal guarantee of the partners of the building. In case of company personal guarantee of directors to be obtained.
Insurance : The amount of insurance should cover the value of assets charged to the Bank.
Applicability : Metro / Urban / Semi-urban/ Rural centers.
Processing charges and cost of valuation 1% of loan amount, subject to a maximum amount of Rs.50000/=, to be paid upfront as processing charges. The charges for valuation of the property are to be borne by the applicant.

22 comments:

Unknown said...

DEAR SIR I HAVE GIVEN MY COMMERCIAL SHOPS TO STATE BANK OF INDIA ON RENT BASIS IN KALYAN KHADAKPADA WEST MUMBAI. I WANT LOAN AGAINST MY RENT . SO PLS HELP ME ON THIS ISSUE.
hope for a soon reply you

email id : pravin_mamta@rediffmail.com

contact number : 9869568309

Unknown said...

SBI nowadays offers every type of Mortgage Loan against Property, the latest offer being lower interest rates Home Mortgage Loan for women customers in India.

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Unknown said...

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Owners of leasehold properties must fully understand the process of extending the lease and how to calculate the amount, as the renewal of the lease is often an essential part of maintaining the worth of the leasehold property. Even the property owners who have managed to stay on their lease for many years should ensure that they fully understand the consequences of their lease running short and know-how and when they should seek a lease extension.

Estimating the lease cost can be a daunting and confusing task. Fortunately, there are a lot of Lease extension calculators where you just have to put a few of the details and you can get the estimated amount for the lease extension. Leasehold Valuation Calculator or leasehold value calculator are created to offer homeowners a reasonable estimate of how much it would cost to renew the lease on their property. However, you should also remember that this tool is not an alternative to the Chartered Surveyor's opinion, and anyone considering a lease extension should get professional advice.

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