INDIAN BANK-RENTENCASH

Target Group:

Residential / Commercial building owners (individuals/ joint owners/ trusts/ societies/ corporates/ firms or any other entity*) who have / who propose to let their buildings to top notch Corporates / Public Sector Undertakings / State / Central Government Offices.

Purpose:

Any purpose including repairs, renovation of buildings, marriage, education, household festivals, medical, or any bankable purpose.

Quantum of Loan:

Maximum of 84 months' rent or rental value for the unexpired period (advance received from the tenant to be deducted to arrive at the loan amount) subject to a maximum of 60 % of the market value of property.

Maximum Loan:

Rs.100 lakhs

Repayment:

* Maximum of 84 months in EMI
* No holiday period.
* Repayment to commence from the month immediately following the month of loan availment.

Rate of Interest w.e.f 01.07.2009:

13.50% floating

Margin:

40% on net rent receivables.

Service charges:

1.15% on loan amount.

Security:

# Future Rent receivable during the loan period
# EM of free hold Property which is leased for monthly rentals.- EM by the owner only – EM by P.A. holder not permitted except where owners are impersonal entities.
# In places like Mumbai a negative lien in favour of the bank with necessary advice to the concerned society, as per the prevalent practice/procedure, where negative lien is applicable.
# Leasehold property on perpetual lease.
# Leasehold properties where the lessor is Govt./reputed body

Overdue Instalments :

If any installment becomes overdue a penalty of 2% p.a. on the overdue amount will be levied. If three EMIs are overdue the entire loan balance shall be recalled.

Important guidelines and other terms and conditions:

1. Property should be free-hold. Agricultural properties not considered for this purpose.
2. Properties in socially vulnerable pockets / properties which are difficult to access in case of need to liquidate etc., not acceptable.
3. The borrower should agree to honour the monthly repayment commitments, in case, for any reason, rent is not being paid/remitted by tenant to the bank.
4. Tenancy act provisions will be taken into account. In case of properties under rent control the loan assessment will be based on the rent control value only
5. Up to date tax dues on account of Municipal / Local authorities taxes, water taxes, sewerage, developmental tax etc., should have been paid by the property owner and relative receipts to be submitted along with the documents. No dispute shall persist on account of governmental dues. Till the pendency of loan, the periodical taxes on account of Municipalities, Corporations, etc., should be paid and the relevant receipts should be submitted by the borrower on time.
6. During the pendency of loan, if the borrower wants to sell the property, the loan should be adjusted out of the sale proceeds and release of documents shall be made only after adjustment of loan.
7. Tripartite agreements between the tenant/property owner and the Bank to be entered into or Power of Attorney from the property owner to collect the rent directly from the tenants.
8. Acceptance from the tenants to directly pay the rent to the Bank.

*Trusts, Societies, Corporates, etc., should have proper authority to borrow / charge the assets as authorized by their bye-laws / trust deeds etc.,

Property must be located in Urban / Metropolitan areas.

DENA BANK- RENT SCHEME

Dena Rent Scheme (Finance against Rent receivables)

Good news for Landlords

Now, landlords can make their property earn more money by availing Dena Rent Scheme against their rent receivable.

You are eligible if:

· You are a landlord- an individual, corporate, trust or anybody who has given their property on rent to banks, FIs, PSUs or reputed companies.

Loan Amount:

· Minimum- Rs. 1 lakh

· Upto- Rs. 200 lakhs

Margin: 25%

Rate of Interest:

Please Check out the Interest Rates Section to find latest Interest Rates applicable

INTEREST CHARGED ON DAILY REDUCING BALANCE

NO PREPAYMENT CHARGES

Security:

Equitable mortgage of property.

Process Fees: 0.50%

Repayment: Up to 60 months

This loan information is read and published from the bank's web site.

CORPORATION BANK-CORP RENTAL

Corp Rental - Encash your future rent receivables from commercial properties

1.Introduction

The Scheme envisages financing the owner of the commercial properties against future rent receivables for the unexpired period of lease specified in the lease agreement.

2. Eligibility

Eligible applicants for financing under the Scheme would be Individuals/ Partnership Firms/ Corporates/ Trusts/ HUFs, owning commercial buildings let out to reputed organizations, where the unexpired period of lease is generally more than three years.

NOTE: Age of the commercial building leased/ let out shall not be more than 15 years.

3. Purpose

The loan may be availed for any productive purpose such as taking up new projects, business or towards contingencies or to meet domestic/ personal/ any other commitments.

4. Quantum of Loan

The minimum loan amount is Rs.5 lakhs .No upper ceiling [ subject to prudential exposure limits fixed by the Bank ].

Only fixed loans are to be considered under the Scheme

5. Assessment of Eligible Loan Amount & Margin

The quantum of loan should be restricted to the extent of 70% of rent receivable net of TDS, Taxes and Rent Deposit with 30% margin during the unexpired period of the lease [upto a maximum of 120 months only].

6. Security

Charge over rent receivables and equitable mortgage of building property whose rent is charged to the bank.

7. Third Party Guarantee

In the case of loans to partnerships, Trusts and Private Ltd.Companies, personal guarantee of partners, Trustees and promoter directors, respectively, should be obtained without fail. No separate third party guarantee need be insisted upon in such cases.

In all cases other than Corporates, suitable third party guarantee should invariably be obtained.

8. Rate of Interest: 13.25% with effect from 04.05.2009

9. Repayment

Loan shall be repaid in Equated Monthly Installments within the unexpired period of lease or 120 months (maximum) whichever is less.

10. Processing Charges

A one time up-front fee of 1% of the loan amount.