CENT RENTAL (PERSONAL)

Purpose

Financing property owners against future lease rental for meeting personal needs but not for speculative purpose

Eligibility

Property owners having their property situated in Metro/ Urban / Semi-Urban area, who have let out /leased their property under registered lease deed to Govt./ Semi Govt./ Public Sector Undertakings/Reputed Corporations/Banks/Financial Institutions/ Insurance Cos./ and Multi- National Companies.

Property owned by Government/Association/Trust etc. will be excluded.
Properties leased to Social Infrastructure projects such as Schools, Colleges, Orphanages, Hospitals, Old Age Homes etc. cannot be accepted.

Cent Rental For Land Lord of Our Branch

Under Cent Rental Scheme, the target group is for the property owners having their property situated in Metro/Urban and Semi-urban only. This facility can also be extended to the property (Branch premises) located in Rural area with the above same terms and conditions to our landlord of Bank premises.

Nature of Facility

Term Loan

Quantum of Finance

Maximum Rs.7.50 Cr. Least of a & b

95 % of Net Present Value (NPV) @ 10 %

OR

65 % of future lease rental receivable for residual period

Future Lease Rent Receivables = Gross rent Receivables less (Advance rent received + Property tax + Income tax + other statutory dues of the lessor)

Security

Assignment of future rent receivables in favour of Bank.
EM of Property: Realizable value should be at least 150% of loan amount.

Insurance

Borrower/s to keep the insurance for the full market value of the property to be mortgaged in the name of the borrower/s with Bank clause against risk of damage, loss, destruction by fire and such other risks as may be prescribed by the Bank and keep up such insurances live until the amount due under the Scheme of the Bank is paid in full.

Rate of Interest

RBLR (Repo Rate+ Spread) + CRP (Credit Risk Premium)

Up to 3 Y –RBLR (9.35%) + 2.80% = 12.15%

Above 3 Y–RBLR (9.35%) + 3.30% = 12.65%

Processing Fee

1% of loan amount +GST; Maximum Rs.3.00 Lakh

Documentation Charges

For loan up to Rs.50 lakh: Rs.2500/- +GST

For loan above Rs.50 lakh: Rs.5000/- +GST

Borrower’s obligations

All obligations as lessor under the lease to be fulfilled by the borrower. Borrower shall be responsible for up keeping of the property, payment of all taxes, insurance premium, etc.

Min. CIC Score