National Toll Free No1800 425 00 000
 
National Toll Free No1800 425 00 000

IB Rent Encash

IB Rent Encash

Eligibility Residential / commercial building owners (individuals / joint owners/ Trust / Societies /Corporate / Firms or any other entity) who have / who propose to let out their buildings to top notch Corporates / Public Sector Undertakings / State / Central Government offices. (Lease Agreement between the applicant and tenant should be Registered).
Purpose  Repairs, renovation of buildings, marriage, education, household festivals, medical or any bankable purpose.
Quantum of Loan Net Present Value (NPV) of net rent receivables upto 120 months (residual certain period of lease).
Minimum Rs.1.00 lakh Maximum Rs.500 lakhs*
Margin 10% / 20% on Net Present Value (NPV) of Net Rent Receivables not exceeding 70% / 60% of value of property.
Processing fee 1.18% on loan amount
Repayment
Category of Lessee Repayment period
PSBs/Central or State PSUs/MNCs (rated by Fitch or S&P with rating of ‘BBB’ and above) and Top Notch Corporates (with external rating of BBB and above Maximum of 120 months or residual lease period (certain period) whichever is lower
All other cases Maximum of 84 months or residual lease period (certain period) whichever is lower

 

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 1. Assignment of rent receivables.
2. Equitable Mortgage of  Freehold / Leasehold**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.
3. CERSAI Registration (at Applicant’s cost) to be done** conditions apply
Documents to be submitted for processing the application 1. 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.
14. Copy of Registered Lease Agreement.(Legal Opinion from Advocate & Valuation of property from Engineer will be arranged by Bank at applicant’s cost)
Insurance Property (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

( Last modified on Apr 08, 2019 at 02:04:17 PM )