SBI Mortgage Loan Rent Plus
SBI Rent Plus mortgage loan program provides loan against assignment of upcoming future rentals to the commercial or residential property owners to provide them one stroke funds with end use of working capital or business use.
Any of the customers who are the owners of approved & plan pass commercial buildings or residential buildings and the same properties which are or already rented or to be rented to any of Banks / MNCs / any of Corporate companies.
SBI Mortgage Loan Rent Plus Amount-
Lowest of the loan amount under this program :
Maximum permissible loan amount against property ‘loan to value of 75%’ current market value, as per latest market valuation report of independent Bank’s approved technical valuer.
In the loan approval formula 75% of [total monthly rental for the residual or commercial lease tenure or over all loan tenure, whichever is lowest deduct entire of advance deposit amount, calculative amount of annual property tax receipt amount, consolidate service tax amount, annual TDS amount and any of other related to statutory dues of any government body for the tenure.
Awesome Mortgage Loan program for all Indian self employed & salaried customers permissible minimum & maximum loan amount under the loan Scheme :
Min Loan amount under rent Plus: Rs 50,000/-
Max Loan Amount under this scheme:In Metros max loan up to Rs 7.50 Crores & In Non-Metro cities maximum Rs 5.00 Crores
APPROVED LOCATION OF MORTGAGEE PROPERTY
Any of residential/ commercial Properties from Metro cities /Urban areas/Semi-Urban areas & all rural location areas.
Rental Plus Loan allows only for approved and sanctioned plan properties and other related permission location wise approval authority departments for the property from
SBI Rental plus LOAN ALLOWED FOR TYPES OF LESSEES / TENENTS
(a) The residential Properties/commercial buildings properties which are to be leased or already leased out to lessee/ any PSU Banks/ Commercial Bank / corporate companies. The Network banks branch GM is vested with the sole discretion to consider or rejects the cases of other types of lessees.
(b) However, in the loan program properties should not be in to public interest or have been leased to any Schools, any Colleges, any of Orphanages, any of Hospitals, any of Old Age Homes or any Nursing Home or any kind of Social Sector building Infrastructure. All the buildings should be followed by SARFAESI compliant rule.
Loan Margin Money from the side of Loan borrowers
• Minimum of 25% of the applied loan amount
• Pre fix endues of loan with Nature of Facility
• Normal Term Loan facility for fixed tenure
NORMAL LOAN REPAYMENT TIME & REPAYMENT MODE
Loan Repayment Period:
• Maximum Loan tenure of 10 years or leased period of the property whichever is lower.
• Calculate the monthly Loan EMI and advice for the customer for the repayment requirement if any.
• Normal Bank PDC for the Loan Repayment period.
• Normal ECS from bank
• Standing Instructions if the borrower’s a/c with SBI
Normal Bank Processing Fee & Charges
Bank deducts Processing fees of 2.02% plus service tax on the loan amount.Normally PF amount of Rs. 1, 01,865/- to be paid in advance as loan processing fees. Apart from the legal charges & the valuation charge of the property are to be borne by the borrower.
Prepayment charges – NIL