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IB Rent Encash
Purpose / ObjectiveRepairs, renovation of buildings, marriage, education, household festivals, medical or any bankable purpose.
EligibilityResidential / commercial building owners (individuals / joint owners/ corporate / firms) who have / who propose to let out their buildings to top notch corporate public sector undertakings / state / central Government offices.(Lease Agreement between the applicant and tenant should be Registered).
Amount of LoanUpto 84 months rent or rental value for the unexpired certain period of lease (Rent receivables) whichever is less.
Minimum Rs. 1 lakh. Maximum: Rs.200 lakhs
Margin40% on Net Rent Receivables (Rent Receivables Net of Advance already received from the tenant + TDS + Property Tax + any other statutory liability) with a maximum of 60% of Market Value of Property.
Processing fee1.15% on loan amount.
RepaymentNot Exceeding 84 EMIs (No Holiday Period).
Prepayment charges• No pre-closure charges, if loan is closed out of own funds.
• 2.25% on Balance outstanding or applicable Drawing Limit whichever is higher, if loan is closed by way of takeover by another Bank / Financial Institution
Security* Equitable Mortgage of Property. * Equitable Mortgage to be registered (at Applicant’s cost) if there is a provision for the same in the State where property is located.
Documents to be submitted for processing the application1. Completed Application Form with passport size photograph.
2. Proof of Identity such as PAN Card / Voter`s ID/Passport/Driving License.
3. Proof of residence such as Recent Telephone Bill / Electricity Bill / Property Tax Receipt / Passport / Voter`s ID.
4. Proof of business address in respect of businessmen / industrialists.
5. Proof of Employment.
6. Salary Certificate.
7. Proof of other income like rent, interest on investment, if any.
8. Balance Sheet for the past three financial years in the case of Professionals, Businessmen & Self employed.
9. Income Tax / Wealth Tax (if applicable) Returns for the past 3 years.
10. Sale Deed.
11. Approved Building Plan.
12. Title Deed Documents for 30 years.
13. Proof of title in the Revenue Records.
Copy of Registered Lease Agreement.(Legal Opinion from Advocate & Valuation of property from Engineer will be arranged by Bank at applicant`s cost)
InsuranceProperty (offered as security) to be insured at borrower’s cost with Bank clause against fire, flood, earthquake, riot and other risks, which are normally covered by insurance companies.



 
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