House Rent Plus
Objective
Financing for Personal needs other than speculation purpose.
Eligibility
Individuals/ Companies/ Associations/ Firms, who own building/ Commercial complex etc in Capital City, District Head Quarters, Towns and leased to MNC/ Banks/ reputed public sector/reputed private sector and such lessee has made substantial in the towards infrastructure facilities such as air-conditioning, interior decorations, electrical installations etc.
Purpose
Investment in business, extension of properties, meeting other personal needs like marriage, education of children, and purchase of properties etc. and the utilization should be for a genuine purpose .
Amount
The maximum amount of the loan should not exceed 75% of the rent expected during the unexpired lease period of tenancy.
Margin
25% of the rent expected during the unexpired period less expenses and rental advances.
Security
Future rent receivable .
Equitable/registered mortgage of the properties of which rent is charged to the loan.
Repayment
Maximum 120 EMIs.
Rate of Interest
BPLR (Present BPLR 14.25%).
Remarks
A registered lease agreement of the premise/building is prerequisite for the scheme.