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Purpose:
Quantum of Finance: Maximum limit per party that can be sanctioned under the scheme should be calculated considering net rent amount available to the Bank upto maximum 120 months subject to:
Processing Charges: i) Up to Rs 5 crore: 0.50% + GST ii) Above Rs 5 crore & up to Rs 50 crore: 0.25 % + GST iii) Above Rs 50 crore: 0.50% + GST
Security/Guarantee: a. Upto Rs.1.00 Lacs - On Clean basis b. Above Rs.1.00 Lacs - Mortgage of property, in respect of which rent is charged to the loan. In case the security of the said property is not available, Mortgage of alternate property is permitted. However, It should be ensured that the property:
Moratorium: No moratorium is allowed. Repayment will start from the next month of disbursement
Repayment: Loan is repayable upto 120 months by using the entire net rent amount (Gross Rent – proportionate advance rent received – property tax – TDS – Other statutory dues of lessor) within the unexpired period of lease or within 120 months, whichever is earlier.