Loan Against Future Lease Rentals to consolidate your debts from IDBI Bank.
Leverage the power of your fixed assets to pay off your loans.
IDBI Bank Loan Against Rent Receivables
This loan helps property owners who have let out or leased their property situated in metro, urban or semi-urban areas to government units, semi-government units, public sector undertakings, financial institutions, reputed corporations, multinational companies, etc. get access to funds to meet their personal needs. This secured loan can also be used to consolidate high-interest debts.
Features of IDBI Loan Against Rent Receivables (Loan Against Future Lease Rentals)
Why this Loan?
- The IDBI Rental Loan Scheme is designed to help borrowers who have let out or leased their property situated in metro, urban or semi-urban areas to government units, semi-government units, public sector undertakings, financial institutions, reputed corporations, multinational companies, etc. get access to funds to meet their personal needs
- This loan can be availed to meet the financial needs for business expansion, education expenses, wedding expenses, purchase of a new property, repayment of existing loans, etc. It cannot be used for speculative reasons
- Borrowers can also avail this scheme to pay off their high-interest credit card debts and loans
- The maximum loan amount sanctioned under this scheme is up to 85% of the market value of the property or Rs. 10 crore, whichever is lower
- As of October 2020, the interest rate applicable to this loan is not mentioned on the bank’s website. Please call a bank representative to know more details
- This loan must be repaid within 10 years or the unexpired lease period, whichever is less
- The bank asks for the assignment of future rent receivables in favour of the bank
- The bank may also ask for liquid collaterals depending on a case-to-case basis
Margin Money (Borrowers Contribution to Total Cost)
- The bank charges at least 15% of the loan amount as margin for this loan
- The bank charges up to 1% of the loan amount excluding tax for processing the loan
- Loan Application Form duly filled and signed by the applicant and co-applicant, if any
- Two Passport Size Photographs of applicant and co-applicant
- Personal ID Proof: Aadhaar Card, PAN Card, Passport or Driving License. PAN Card / PAN Card Issuing Letter is must
- Signature Proof: PAN Card, Banker’s Verification, Driving License or Passport
- Residential Address Proof (Any One): Aadhaar Card, Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
- Income proof, income tax assessment or IT return documents of the borrower
- Property related documents
- IDBI Bank Website: www.idbibank.in
- Headquarters: Mumbai, Maharashtra
- Call Centre Toll-Free Number: 1800 209 4324, 1800 22 1070