loan against lease rentals
LOAN AGAINST LEASE RENTALS
Our bank has a product in the name of “IB RENTAL” for availing finance against the lease rentals of commercial and residential properties on the most liberalized terms. The scheme will cater to the specific needs of our clientele who owns Malls and other commercial complexes, let out on rent or proposed to be let out.
| Particulars | Guidelines |
| Eligibility | Owners of Property (Commercial/Residential) who have let out or propose to let out the property to eligible lessee/Tenants |
| Purpose | Any Bankable purpose |
| Loan amount | Loan Requirement of Rs. 5 crores and above.
Depending on of monthly rental value pertaining to unexpired certain period of the lease. (For Loan amount of less than Rs. 5 crores our Bank has separate scheme under the name IB-Rent Encash) |
| Margin | 10% to 20% of the net present value of the rentals |
| Tenor & Period of repayment | EMI Maximum period 144 months. Period of 180 months can be considered on selective basis. |
| Security | Mortgage of the property with value to cover 125% of the loan amount.
Escrow of the lease rentals Tri-partite Agreement between the Borrower, Lessee and the Lender (Bank) Others as applicable as per Bank guidelines |
Frequently Asked Questions (FAQs)
Find answers to commonly asked questions about Indian Bank Mortgage Loan.
1. What is an Indian Bank Mortgage Loan?
An Indian Bank Mortgage Loan, also known as a Loan Against Property (LAP), is a secured loan offered against the mortgage of eligible residential, commercial to meet personal or business financial needs.
2. Who is eligible to apply for an Indian Bank Mortgage Loan?
Eligible salaried individuals, self-employed professionals, business owners, and other applicants meeting the bank's eligibility criteria can apply for a Mortgage Loan.
3. What is the interest rate for an Indian Bank Mortgage Loan?
The Mortgage Loan interest rate depends on the applicant's profile, loan amount, loan tenure, and the applicable scheme. Please refer to the latest interest rates published by Indian Bank.
4. What documents are required for a Mortgage Loan?
Applicants generally need identity proof, address proof, income proof, bank statements, property ownership documents, and other documents required by Indian Bank.
5. How much Mortgage Loan can I get against my property?
The eligible loan amount depends on the market value of the property, repayment capacity, credit profile, and the bank's lending norms.
6. Can I apply for an Indian Bank Mortgage Loan online?
Yes. Eligible customers can apply for a Mortgage Loan online through the Indian Bank website or visit the nearest branch for assistance.
7. What can a Mortgage Loan be used for?
A Mortgage Loan can be used for eligible personal, business, education, medical, or other financial requirements, subject to the bank's terms and conditions.
8. What is the repayment tenure for an Indian Bank Mortgage Loan?
The repayment tenure varies based on the loan scheme and eligibility, as per the prevailing guidelines of Indian Bank.
9. Can I prepay or foreclose my Mortgage Loan?
Yes. Indian Bank allows Mortgage Loan prepayment or foreclosure as per the applicable terms, conditions, and charges.
10. Can I get a Mortgage Loan against residential or commercial property?
Yes. Indian Bank offers Mortgage Loans against eligible residential and commercial properties, subject to valuation and the bank's lending policy.
11. Is a Mortgage Loan the same as a Loan Against Property?
Yes. A Mortgage Loan is commonly referred to as a Loan Against Property (LAP), where an eligible property is pledged as security to obtain a loan.
12. How long does it take to process a Mortgage Loan application?
The processing time depends on document verification, property valuation, legal scrutiny, and fulfilment of the bank's eligibility requirements.
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