Overview about GP Parsik Bank Rent Discounting Scheme
Established in 1972, GP Parsik Bank offers a wide range financial products and services which include Banking Services, Deposit Schemes, and Loans and Advances. The bank offers all kinds of loans including Housing Loan, Car Loan, Professional Loan, House Repairing Loan etc. The bank has nearly 55 fully-equipped branches in India.
Usually, Rent Discounting Loans are terms loans offered against rental receipts derived from lease contracts with corporate tenants. It is a kind of personal loan
and the purpose of this loan is to help you meet your personal requirements. In a Rent Discounting scheme, the agreement take place between the borrower and the lender and the main term of payment is the rent. Rent is considered as a fixed income and based on it the borrower is sanctioned a loan. Under this scheme, the rent directly gets deposited with the lender. It does not reach the borrower who is actually the owner of the premise.
Eligibility criteria for GP Parsik Bank Rent Discounting Scheme
The eligibility criteria for GP Parsik Bank Rent Discounting Scheme include:
The applicant of the loan should be owner of property which is rented to private or public companies, educational institutes, Public trust etc.
Features and benefits of GP Parsik Bank Rent Discounting Scheme
The important features and benefits of GP Parsik Bank Rent Discounting Scheme include:
Loan tenure: Under this scheme, the maximum loan amount is decided based on rent received every month, monthly EMIs on loan, lease period, payment of taxes and many such factors.
Loan amount: The Rent Discounting scheme offers loan up to a maximum tenure of 10 years or up to the expiry of the lease period- whichever is earlier
Security: Simple Mortgageor Equitable Mortgage of the property rented out together with Tripartite Agreement among our Bank can serve as security. The agreement should contain a column saying that the bank has the right to recover the rent. In property should be deposited with Bank.
Installment: You can repay your loan via installments which would be decided considering the existing value or rent of the property, future appreciation of rent other sources.
Other requirements: The Tripartite Lease Agreement needs to be registered.
Rate of interest: The bank charges floating rate of interest on its Rent Discounting Scheme. Currently, the bank charges up to 13.50% which is subject to change from time to time.
Documents required for GP Parsik Bank Rent Discounting Scheme
GP Parsik Bank may ask you to submit the following documents, along with a complete loan application form: