Rent Plus - Personal Banking

Features

• Loan Amount Lowest of :
  • 75% of realisable value of the property mortgage (as per latest valuation report of the Bank's approved valuer).
  • Maximum permissible under the Scheme.
  • 75% of [total rent receivable for the residual lease period or loan period, whichever is lower minus total of advance deposit, estimated amount of property tax, service tax, TDS and other statutory dues for the period.
• The Minimum permissible under the Scheme :Rs 50,000/-
• The Maximum permissible under the Scheme:
  • In Metros Rs 7.50 Crores,
  • In Non-Metro Rs 5.00 Crores
• Location Of Property :
  • Properties located in Metro/Urban/Semi-Urban/Rural areas.
  • Plan approval and other related permission for the property from appropriate authority need to be in place.
• Margin : 25% of the loan amount
• Nature of Facility : Term Loan
• Repayment Period :
  • Maximum of 10 years or residual lease period whichever is lower.
  • Calculate the EMI and advice the customer about the same depending on the tenure they want
• Repayment Mode:
  • Post Dated Cheques for the Repayment period given.
  • ECS (To Check & then include in content)
  • SI from the borrower's a/c with our Bank
• Processing Fee
  • 2.02% of loan amount. Maximum amount Rs. 1,01,865/- to be paid upfront as processing charges. The charges of the valuation of property are to be borne by the applicant
• Prepayment : NIL
• Interest Rate : Refer to the Interest Rate page