Rent Discounting Loan Scheme

Shree Sharada Sahakari Bank Ltd., Pune    19-Sep-2015

 

 

 

 

 

Eligibility

Individuals / Proprietor of Proprietorship firms/ partners of Registered Partnership firms, Directors of Pvt. Ltd. Cos etc., who own unencumbered property either in their individual capacity or in the name of their firm /Co.

Type of facility

Term Loan

Amount of Loan

Unexpired lease period     

Loan Amount

upto 3 years 

80% of the lease rentals for unexpired period maximum upto Rs.200 lac

upto 5 years

75% of the lease rentals for unexpired period maximum upto Rs.200 lac

upto 15 years

70% of the lease rentals for unexpired period maximum upto Rs.200 lac

Repayment period

Maximum 15 years or unexpired period of the lease,  whichever is less. ( Lease period, not shorter than the tenor of loan)

Security

1) Assignment of lease rentals in favor  of Bank

2) Equitable mortgage of immovable property

3) Tripartite agreement between lessor, lessee & the Bank.

Rate of Interest

11% p.a. with monthly rests.

Other Conditions

Lessor will have to be enrolled as Member / Nominal Member of the Bank with adequate share linking.

Where the Bank is occupant, Bank may waive the condition of mortgage of property. ( If the period of  lease available is more than the period of loan).

Lease agreement should be registered.       

Valuation of the property will have to be done  wherever necessary.

Interest rate will change as per Bank's / RBI policy.

In deserving cases fixing installment on a graduated basis will be considered.

In the lease agreement there should not be a clause which allows a downward revision in the rentals  during the period covered of the loan for any  reason.

There should be a specific clause in the Agreement stating that Bank will not be responsible for any thing, other than recovery of lease rental, towards recovery of Bank loan.