Saturday, July 19, 2008

BANK OF MAHARASHTRA -REALTY FINANCE

• Mahabank Realty Rentals
• Mahabank Realty mortgages

Finance against rent receivables
(Mahabank Realty Rentals)

Purpose: For meeting business requirements / personal needs
Eligibility: Individuals / Partnership firms / Ltd. Companies , owning commercial buildings/premises, let out on long term lease and who desire to raise loans against the future rent receivables.

Amount of Loan: Minimum Rs.5.00 lakhs, Maximum For properties located at Metros:Rs, 3.00 crores For properties located at other centres:Rs 1.00 Cr.

Margin: 25% of the amount of rent receivables (net of taxes) during loan period

Rate of Interest: BPLR - 1.25% i.e 10.25% p.a at present

Security: Hypothecation of lease / rent receivables.Power of attorney for collection of lease / rent receivables. Power of attorney for collection of lease / rent receivables and mortgage of the property.

Repayment: By equated monthly installment maximum within 7 years.

Processing charges: 0.60% of the loan amount



Finance against mortgage of self occupied property
(Mahabank Realty Mortgages)

Purpose: For meeting business requirements / personal needs

Eligibility: Individuals, Proprietorship, Partnership firms, Pvt.Ltd. Companies owning properties which are unencumbered and under self occupation

Amount of Loan: Minimum Rs. 1.00 lakh, Maximum for properties located at other centres Rs.50.00 lakhs For properties located at Metros:Rs 1.00 crore.

Margin: 50% of the value of property

Rate of Interest: 12.75%p.a

Security: Mortgage of the property

Repayment: By equated monthly installment maximum within 7 years

Processing charges: 0.60% of the loan amount

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