| Bank Name | Interest Rate Range | Processing Fee | Foreclosure Charg | Chances of Loan Approval | |
|---|---|---|---|---|---|
Axis Bank Ltd.
|
7.50% | 1% | 2% |
|
|
Bank of Baroda
|
8.00% | 1% | 2% |
|
|
Bank of India
|
8.35% | 1 % | 2% |
|
|
Canara Bank
|
11.70% | 1% | 2% |
|
|
Central Bank of India
|
10.10% | 1 % | 2% |
|
|
LIC Housing Finance
|
8.00% | 1% | 2% |
|
|
HDFC Bank Ltd
|
7.25% | 0.50% | 2% |
|
|
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ICICI Bank Ltd.
|
7.75% | 1% | 2% |
|
|
IDFC First Bank
|
9.50% | 1% | 2% |
|
|
Citi Bank
|
7.20% | 0.50% | 2% |
|
|
Indian Bank
|
8.80% | 1% | 2% |
|
|
Indusind Bank
|
9.00% | 1% | 2% |
|
|
KOTAK MAHINDRA BANK
|
7.25% | 1% | 2% |
|
|
State Bank of India
|
10.70% | 1% | 2% |
|
|
RBL Bank Ltd.
|
8.50% | 1% | 2% |
|
|
Punjab National Bank
|
8.70% | 1% | 2% |
|
|
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Union Bank of India
|
9.80% | 1% | 2% |
|
|
United Bank of India
|
10.75% | 1% | 2% |
|
|
Bandhan Bank Ltd.
|
10.00% | 1% | 2% |
|
|
YES Bank Ltd.
|
8.00% | 1% | 2% |
|
|
HSBC Bank
|
7.50% | 1% | 2% |
|
|
Edelweiss Finance
|
10.00% | 1% | 2% |
|
|
Digibank (DBS)
|
9.00% | 1% | 2% |
|
|
South Indian Bank Ltd.
|
10.70% | 1% | 2% |
|
|
Indiabulls
|
9.50% | 1% | 2% |
|
|
PNB Housing
|
9.00% | 1% | 2% |
|
|
Standard Chartered Bank
|
7.50% | 1% | 2% |
|
|
UCO Bank
|
9.40% | 1.00% | 2% |
|
|
Have you rented your commercial property & looking to avail loan. Let your worry be aside, Loan against rent receivable allow you to get 50% - 60% of commercial property value as a loan amount. Minimal documentations are required which allow you to get hassle free loan.
Loan against rent receivable Eligibility CriteriaEligibility Criteria depends on various factors like age of individual, repayment history, business sales/turnover, total work experience & Creditworthiness ...etc.
Eligibility Criteria for Self-Employed Individuals
Note: - As a minimum loan amount you can avail 25 lacs to maximum loan amount of 200 Cr.
What are the factors generally affecting Loan against rent receivable Eligibility Criteria?There are few factors that generally affects Eligibility Criteria as given below: -
Applicant age: - If you are 30 years old at the time of getting loan then you have enough time period to pay back the loan as your working days will be longer. But if you are near to your retirement age then you lose lowering your eligibility as you working days are very less to repay loan amount, hence lender will not prefer you give approval for loan.
Lower Income: - Your income indicates your repayment capacity. If you already having existing loan then, debt to income ratio will calculated by lender that you have enough capacity to repay another loan or not. So, it might lower chances.
What are the ways to increase Loan against rent receivable eligibility?To increase Loan against rent receivable eligibility, you need to consider points as given below, this will aid you in increasing your eligibility level.
Add collateral: - Lender need trust from his/her applicant is capable to repay loan, in this scenario if you add your collateral/assets lender trust level increase that if applicant fails to pay back the loan amount, collateral is enough to auction to match the loan amount as it will your chances of loan approval.
Extra importance of payment: - As you know lender check your credit score to know your previous transaction history. Therefore, always give extra importance of payment while taking place in time or not. A clean & clear repayment indicate your sincerity of payment making on time.
PHOTOGRAPHS 2
PAN CARD COPY
AADHAR CARD + PASSPORT
ADDRESS PROOF IF RENTED ALSO REQUIRED PERMANENT ADDRESS PROOF
LAST 3 YEARS FORM -16, ITR WITH COMPUTATION OF INCOME IF FILE
LAST 1 YEAR BANK STATEMENT - SALARY ACCOUNT
LOAN SCHEDULE & SANCTION LETTER (IF RUNNING)
COMPLETE PROPERTY PAPERS WITH CHAIN & MAP +ATS
PROCESSING FEE CHEQUE IN FAVOUR OF BANK
LAST 3 MONTHS SALARY SLIP + APPOINTMENT LETTER
PHOTOGRAPH BOTH
PAN CARD CLEAR COPY PROPRIETOR
ADDRESS PROOF (PASS PORT, VOTER ID CARD) PROPRIETOR
OFFICE ADDRESS PROOF LATEST (ELECTRICITY BILL, TELEPHONE BILL)
FIRM REGISTRATION CERTIFICATES & GST REGISTRATION COPY
LAST 1 YEAR GST RETURN COPY
FIRM 3 YEARS ITR COMPUTATION, PROFIT LOSS A/C, BALANCE-SHEET, TAX AUDIT REPORT, ALL SCHEDULED & ANNEXURE
PROVISIONAL FINANCIAL AY 2019-20
BANK ACCOUNTS (CURRENT ACCOUNT, CC ACCOUNT, OD ACCOUNT LAST 1 YEAR UPDATED)
6 MONTH SAVING ACCOUNT STATEMENT UPDATED (PROPRIETOR)
IF RUNNING ANY LOAN PLEASE PROVIDE SANCTION LETTER AND REPAYMENT SCHEDULED
AGREEMENT TO SELL COPY
PROPERTY PAPERS WITH CHAIN SANCTION MAP
GST CERTIFICATE
GST RETURN LAST 1 YEARS
3 YEAR COMPANY ITR COI P/L A/C BALANCESHEET + AUDIT REPORT 3CB 3CD, ALL ANNEXXURS, SCHEDULED WITH C.A.CERTIFIED
PROVISIONAL FINANCIAL AY 2019-20
3 YEAR.ALL PARTNER INDIVIDUALS ITR + COMPUTATION
FIRM ALL A/C BANK STATEMENT 1 YEAR UPDATED
ALL PARTNER SAVING A/C STATEMENT 6 MONTH
IF RUNNING ANY LOAN – LATEST SANCTION LETTER + TRACK RECORDS OR REPAYMENT SCHEDULED
AGREEMENT TO SELL COPY
PROPERTY PAPERS COMPLETE CHAIN WITH MAP
PHOTOGRAPH PARTNERS
PAN CARD - COMPANY, ALL PARTNERS
ADDRESS PROOF - ALL PARTNERS (PASS PORT, VOTER IPAN CARD, ADHAAR)
FIRM ADDRESS PROOF- LATEST ANY UTILITY BILL
PARTNERSHIP DEED COPY
GST CERTIFICATE
GST RETURN LAST1 YEARS
ANNEXXURS, SCHEDULED WITH C.A.CERTIFIED
PROVISIONAL FINANCIAL AY 2019-20
3 YEAR.ALL PARTNER INDIVIDUALS ITR + COMPUTATION
FIRM ALL A/C BANK STATEMENT 1 YEAR UPDATED
ALL PARTNER SAVING A/C STATEMENT 6 MONTH
IF RUNNING ANY LOAN – LATEST SANCTION LETTER + TRACK RECORDS OR REPAYMENT SCHEDULED
AGREEMENT TO SELL COPY
PROPERTY PAPERS COMPLETE CHAIN WITH MAP
ALL DIRECTORS PHOTOGRAPH
CLEAR PAN CARD - COMPANY AND ALL DIRECTORS
ADDRESS PROOF – COMPANY AND DIRECTORS
LIST OF DIRECTOR & SHARE HOLDER WITH CA CERTIFIED AS ON DATE
MEMORANDOM ORDER IN HAND AND COMPLETE COPY (IF APPLICABLE)
GST, SALE, VAT AND SSI REGISTRATION CERTIFICATE
1 YEAR GST RETURNS
ALL DIRECTORS INDIVIDUALS ITR & COMPUTATION LAST 3 YEARS
LAST 3 YEARS COMPLETE FINANCIAL WITH TAX AUDIT REPORT AND ANNEXURE
PROVISIONAL FINANCIAL FY 2019-20 OR MONTH WISE SALE FIGURE LAST 1 YEAR
COMPANY ALL BANK ACCOUNT STATEMENT 1 YEAR UPDATED
ALL DIRECTORS SAVING A/C STATEMENT 6 MONTH
IF RUNNING ANY LOAN – LATEST SANCTION LETTER AND REPAYMENT SCHEDULED
AGREEMENT TO SELL COPY
PROPERTY PAPERS COMPLETE CHAIN WITH SANCTION MAP
Frequently asked questions (FAQ) pages are Q&A-style pages that most brands build to answer queries that slip through the cracks. FAQs are targeted to give a complete sense of query satisfaction to the client.
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Yes, there are various lenders ready to provide loan on rental income if you have commercial property rented out & require loan.
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In general, you get 60% - 85% of property value as a maximum loan amount.
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Starting from 0.5% to 1% on loan amount are charged for processing applications.
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Individual who have Commercial Property rented out can able to apply for loan & get benefits.
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Generally, the ranges various from 25 lakhs to 200 Crores.
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It’s a kind of loan offered by various banks to individual who have Commercial Property rented out & looking forward a loan, can avail this facility.
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The property you have rented out need lease agreement & tax returns to provide lender as a proof.
CA Vikas Jain - Our Mentor
9863-02-02-02