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Maximum limit per party that can be sanctioned under the scheme should be calculated considering net rent amount available to the Bank upto maximum 120 months subject to:
OR
whichever is less
(Securitization of lease rentals and repayment thereof beyond the unexpired lease period upto 120 months may also be considered as per the terms of the scheme.)
a. Upto Rs.1.00 Lacs - On Clean basis b. Above Rs.1.00 Lacs - EM of property, in respect of which rent is charged to the loan. In case the security of the said property is not available, EM of alternate property is permitted. However, the property should have Clear & marketable title and there should not be any litigation of any nature outstanding on the property, it should be held as free hold and The value of the alternate property is not less than 150% of the loan amount. Other chargeable securities such as NSCs, Bank own deposit, LIC policies etc. having value sufficient to cover the loan amount may also be obtained.
Category
Rate of interest
MCLR + 2.00%
As detailed below
(rate of interest is subject to revision from time to time)
Period
CRE loan
Non-CRE loan
Up to 3 Years
MCLR + 4.90%
MCLR + 3.90%
Above 3 Years
MCLR + 5.15%
MCLR + 4.15%