IDBI Bank Loan Against Rent Receivables
IDBI Bank Loan Against
Rent Receivables
Overview
We have designed the product Loan against Rent Receivables with an objective to address the financial requirement of applicants having self owned property given on rent & enable them to get the liquidity against the expected future rentals of the property.
Features
Loan Purpose: Any Productive Purpose such as
🌳 For loan above Rs.10 Cr, depends on individual cases.
Loan Tenure Maximum 120 monthly installments or Residual lease tenure whichever is less.
- Taking up new projects
- Business, trade/commercial activity
- Education/Marriage Expenses.
- Repair/Renovation/Construction of building/residences/Commercial shops
- Repayment of Existing Loans
- Purchase of House
🌳 For loan above Rs.10 Cr, depends on individual cases.
Loan Tenure Maximum 120 monthly installments or Residual lease tenure whichever is less.
Eligibility
Property owners having their property situated in Metro/ Urban Area/ Semi-Urban areas/ Rural Areas, who have let out
/leased their property under registered lease deed/ Leave & license agreement to Public Sector Undertakings/ Govt. / Semi Govt./ State Govt.
reputed corporate houses, Banks, Financial Institutions, Insurance Companies, Multinational Companies, Warehouses, large retail outlets,
person engaged in trade, commerce & business, Professionals, self Employed, High Net worth Individuals, Salaried Class, Proprietary firms,
Partnership firm, companies, etc.
Maximum Funding*
Up to 85% of the market value of the property.
*Subjected to repayment capacity of the individual as assessed by IDBI Bank Ltd.
Processing Fees
Up to 1% of the loan amount plus service tax as applicable.
Assessment of Loan Amount
- Loan amount will be assessed in such a way that it is repaid within the residual lease period or maximum 120 months, whichever is earlier. Net rent (rent minus taxes and dues) will be calculated after making necessary deduction from gross receivables.
- For Loan eligibility, future rentals would be considered in the following proportion of the future lease rentals receivables for unexpired period of lease.
- Up to 3 years : 8 5%
- 3 years to 5 years : 75%
- 5 years to 7 years : 65%
- 7 years to 10 years : 55%
Documentation
Salaried Customers
Application form with photograph
Identity and Residence Proof
Latest Salary-slip for last 3 months
Form 16/ITR
Last 6 months bank statement
Processing fee cheque
Property Related Documents
Note: The documents mentioned above are indicative in nature. IDBI Bank may ask for additional document if required during the processing of your loan application.
Security
Primary
First Charge on the mortgaged property by way of equitable mortgage against which IDBI Bank has advanced the loan. If the equitable mortgage of relative immovable property is not possible, for any valid reason whatsoever, the mortgage of any other property as security with market value not less than 150% of the proposed loan.Collateral
Liquid Collaterals as required by The Bank selectively in the form of Pledge/Hypothecation and Assignment depending on individual cases.Other Charges
