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Eligibility
- Owners of the property who have let out the same to reputed
Companies / Shops for Commercial purpose / Industrial /software
Companies, MNC's, Bank, PSUs / Reputed Govt. / Semi-Govt
Institutions / Organisations, Financial Institutions, Insurance
Companies etc. for their occupation or and also providing services
in the form of office infrastructure with/without manpower etc (Plug
& play model) and have future cash flows /receivables including
lease rentals, service charges, Agency Commission assuring Minimum
Guaranteed Amount etc. as per agreed terms.
- Owners of properties who have rented out their premises to
Allahabad Bank are also eligible
Purpose
For meeting business/ personal needs not for speculative purpose.
Age of the Building
Age of the building leased/ let out should not be more than 15 years.
Loan Amount
- The entitlement of the loan amount not to exceed 75% of post TDS
rent / service charge receivable after deducting the estimate cost
of providing such services for a period not exceeding 120 months or
unexpired period of lease/ agreement whichever is less.
- The Minimum loan amount under the scheme is Rs.1.00 lac and
maximum Rs. 75.00 crores.
Margin
| Period for which Future Cash Flow is discounted |
Margin |
| Upto 5 years |
25% |
| Above 5 years and upto 7 years |
30% |
| Above 7 years |
40% |
Security
Primary:- Assignment of Future cash
flow/receivables includes lease rentals, service charges. Agency
Commission, Minimum Guaranteed Amount etc. Collateral:-
Equitable Mortgage of relative immovable property having market value
not less than 125 % of the proposed loan Or 100% value of NSC/Bank's
own deposit etc. Or 125% cover partly by immovable relative
property and partly by security such as NSCs, Bank's own deposit etc (Mortgage of property in the shape of land will not be accepted under
this scheme)
Rate of interest - PLR+1.00%
Repayment:-
In equated monthly installments from future cash flow
/ receivables including lease rentals, service charges and Agency
commission, Minimum Guaranteed Amount etc. Repayment can also be
done by Stepped up / variable EMIs in consonance of rent as per the
escalation provision in lease agreement / agreement. Repayment
will start from next month of the date of first disbursement. Repayment Period:Maximum 120 Months or unexpired period of
lease whichever is less.
Processing Charge -
| Amount of Loan |
Processing Charges |
| Upto Rs. 25.00 lacs |
1.00% of Loan amount Minimum Rs. 2500.00 |
| Above Rs. 25.00 lacs to Rs. 150.00 lacs |
0.50% of Loan amount Minimum Rs. 25000.00 |
| Above Rs. 150.00 lacs |
0.25% of the loan amount. Minimum Rs. 75000.00 |
Prepayment penalty:- 2.00% of the Outstanding Balance if
prepaid within 1 year, after that 1.00% only in case of takeover. top |
