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Union Rent Scheme
Features
Union Rent Scheme

Silent Features of Union Rent Scheme:

Union Rent scheme for providing finance against future lease rent receivables

Eligibility:

 

Property Owners having their properties situated in metro, urban, semi-urban and rural areas who have leased out such properties to the following:

(i) Public Sector Undertakings / Govt. / Semi / State Govt. & reputed corporate, Banks, Financial Institutions, Insurance Companies and Multinational Companies.
(ii) Reputed private hospitals/ nursing homes.
(iii) Franchisees/dealers/distributors of reputed corporate

Quantum of Loan:
Maximum Limit per party that cab be sanctioned under the scheme will be calculated considering gross rental up to 120 months subject to:

A. 75% of the net rental income for the residual/effective lease period i.e. Gross Rentals less (Advance Rent Received + Property Tax +TDS + Other Statutory dues) 
OR
B. 75% of the value of the property

Whichever is less.

Security:

Assignment of lease rentals.

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, it should be ensured that 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 would also be considered on a case to case basis.

Loan Tenure:
Maximum tenure up to 10 Years

For further details & financing costs, please contact our nearest Large Corporate Branch

With reference to the above captioned subject, we would like to bring to your attention the remarkable service offered by your esteemed bank.
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