Multiple banks. Different interest rates. Call it a "conflict of interest".
  • Personal Loan BYTES FROM OUR KITCHEN

    Loan Against Rent Receivables

    A loan offered by banks keeping the future rent of an owned property as security. This loan can be availed by anyone who owns any kind of property that has been let out on a commercial basis, though banks might have further terms and conditions that would define which customer would actually be eligible for availing the loan.

    Loan against Rent Receivables is a loan that can be used in lieu of a Personal Loan for improving the conditions of the property in question, taking up new projects, repair/renovation, and expenses pertaining to education, marriage, or even helping out in a business activity. There are virtually no limitations on how the sanctioned loan amount can be utilised.

    Eligibility for availing a Loan against Rent Receivables

    The first and foremost criteria that would be considered while considering such a loan, is that the interested individual in question must own a property that is legally acceptable. The property in question should also be rented out to one or more tenants. Further to that, the following conditions define the basic eligibility for availing such a loan.

    • Property should have been already let out and should be earning rent
    • Property is built according to a plan approved by the local government authorities
    • Property thus rented out has a confirmed rental or lease agreement between the owner and the tenant(s)
    • The owner and the tenant(s) are creditworthy as per the standards of the bank

    Apart from the above basic criteria, depending on individual banks, further details might be added to the eligibility conditions.

    Documentation Required for Loans against Rent Receivables

    Loans against receivables is a security based loan and thus requires all valid documents pertaining to the identity of the owner, the tenants and the authenticity of the property in question. The following are a list of common documents that might be required by banks –

    • Loan application form
    • Photograph
    • Identity proof
    • Residence proof
    • Educational qualifications certificate, latest 3 months’ salary slip and/or proof of business existence
    • Form 16/ITR or latest 3 years’ Income Tax returns or business profile
    • Latest 6 months’ bank statement or last 3 years’ profit/loss and balance sheet
    • Processing fee cheque
    • Property related documents
    • Title of ownership of property
    • Approved sanction/building plan

    Details about Loans against Rent Receivables

    The tenure for which the loan is provided could be as high as 10-15 years and would vary from bank to bank. The tenure allowed would also be based on the credit rating of the customer.

    Based on the market value of the property, the maximum amount of loan is decided. Most banks consider allowing a loan amount that is between 70-90% of the market value of the property.

    The higher the lease or rental period in the agreement, the lesser will be the proportion of the loan repayment amount from the rental amount.

    Benefits of Loans against Rent Receivables

    A personal loan by all purposes, a loan against rent receivables is much better than a conventional personal loan. The following points outline how such a loan is a better choice to opt for –

      Approval Time – Since the loan is given based on the security of rent amount coming from an immovable asset, there are lesser verifications to be done and processing happens way more quickly

      Interest Rates – Since it is a security-based loan, banks generally offer better and lower interest rates on the loan amount and thus it turns out to be less of a burden financially

      Repayment Tenure – Longer repayment periods of up to 10-15 years as compared to 4-5 years in case of conventional personal loans

      Loan Amount – The loan amount is based majorly on the market value of the property and thus can facilitate a larger sum of financial help

    Loan Against Rent Receivables Reviews

    • ICICI Bank Personal Loan
      "Good overall"
      0.5 5.0/5 "Blown Away!"
      My personal loan is with ICICI Bank and it was a good experience. The process is good and the loan was provided to me on time and as needed. The rate of interest and the processing charges is nominal and there are no hassles in the after loan services.
      Was this review helpful? 0
      , jorhat
      Reviewed on Jan 15, 2019
    • Bank Bazaar Personal Loan
      "Excellent experience"
      0.5 5.0/5 "Blown Away!"
      The experience is good overall at Bankbazaar as they contacted me on time and informed me the details. The process was easy as I was able to get my details on time. The website is also good and it is informative and useful as well. From next time will apply for loan through this channel.
      Was this review helpful? 0
      , jorhat
      Reviewed on Jan 15, 2019
    • HDFC Bank Personal Loan
      "ROI is high"
      0.5 5.0/5 "Blown Away!"
      HDFC Bank has offered me a personal loan with a zero processing fee. The rate of interest is on the higher side. It is of 16%. After the document collected the loan got approved. But the disbursement took very long, I got the loan after almost 25 days.
      Was this review helpful? 0
      , jorhat
      Reviewed on Jan 15, 2019
    • Bank Bazaar Personal Loan
      "Satisfactory"
      0.5 5.0/5 "Blown Away!"
      There are no hassles with Bankbazaar, as I received a response on time and there are no issues to get connected with the bank. The portal is also good and it is easy to understand and use and apply for the loan. There are follow up calls as well in the process.
      Was this review helpful? 0
      , jaipur
      Reviewed on Jan 15, 2019
    • HDFC Bank Personal Loan
      "Experience is good"
      0.5 5.0/5 "Blown Away!"
      I have taken my personal loan with HDFC Bank. The customer services and response is good and I got the loan with ease and on time. They are also normal on the rate of interest and processing charges. In all no hassles in the documentation process.
      Was this review helpful? 0
      , jaipur
      Reviewed on Jan 15, 2019
    • Bank Bazaar Personal Loan
      "Fast process"
      0.5 4.0/5 "Great!"
      The experience with Bankbazaar is good and there are no hassles in the process. The customer services and response is very fast. They been on time to contact me and they are helpful too. The website is also good and it is easy to understand and place a request.
      Was this review helpful? 0
      , haridwar
      Reviewed on Jan 15, 2019
    • HDFC Bank Personal Loan
      "Need to improve overall"
      0.5 3.0/5 "Satisfactory"
      After me applying for a personal loan with HDFC Bank. The documents was collected on time. After which the process for the loan took three weeks which is almost like 25 days to get the funds. I have not received the loan letter yet. I have not got any confirmation about the EMI due date and also what is the interest rate and processing fees.
      Was this review helpful? 0
      , haridwar
      Reviewed on Jan 15, 2019
    • ICICI Bank Personal Loan
      "Satisfactory"
      0.5 5.0/5 "Blown Away!"
      I also have a personal loan with ICICI Bank. The customer services are good and the process was on time. I did not face any delay and the documents was collected on time. I received the loan within a week. The rate of interest and the processing charges is normal.
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 15, 2019
    • Bank Bazaar Personal Loan
      "Supportive services"
      0.5 4.0/5 "Great!"
      There were no delay with Bankbazaar.com, and the customer services and the response is good. They were on time to contact me and inform me the details. The website is also satisfactory and it is easy to understand and it is informative as well. Mr. Vijay was very supportive in the whole process.
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 15, 2019
    • HDFC Bank Personal Loan
      "Good. Can do better"
      0.5 4.0/5 "Great!"
      HDFC Bank has also offered me a personal loan. The process was quick and I got the loan on time. The rate of interest is of 18% and there were processing charges as well. The loan amount is not as expected. I asked for 5.5 lakh and I received 2.5 Lakh.
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 15, 2019
    • Bank Bazaar Personal Loan
      "Excellent experience"
      0.5 5.0/5 "Blown Away!"
      Bankbazaar has been really good overall. The website is satisfactory as I can check the bank offers. The services was on time to contact me and inform me the details. There were follow up calls as well in the process. In all a hassles free experience.
      Was this review helpful? 0
      , kochi
      Reviewed on Jan 15, 2019
    • HDFC Bank Personal Loan
      "Good overall"
      0.5 5.0/5 "Blown Away!"
      I had my personal loan with HDFC Bank. The process to get the loan is good. The documentation is normal too. I needed a loan of five lakhs but I received only two lakhs for the rate of interest of 10%. There was a processing fee as well. The customer support is fine.
      Was this review helpful? 0
      , kochi
      Reviewed on Jan 15, 2019
    • Bank Bazaar Personal Loan
      "Services are satisfactory"
      0.5 4.0/5 "Great!"
      There were no hassles at Bankbazaar.com as the contacted me on time and informed me the details. The customer services and response is good and there are no issues. The website is also fine and it is easy to use and understand and place a request.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jan 15, 2019
    • IndusInd Bank Personal Loan
      "Experience is good"
      0.5 4.0/5 "Great!"
      I have a personal loan with Indusind Bank. The process to get the loan is fine. The rate of interest is around 11.5% with a zero processing fee. The loan was provide on time and the documentation was collected on time too. I received the loan amount as expected.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jan 15, 2019
    • Bank Bazaar Personal Loan
      "Good. Can be more quick"
      0.5 3.0/5 "Satisfactory"
      After I applied at Bankbazaar I received a call and the process started off for the loan. I got the details of the banks and their offers. The website is also easy to use and it is informative as well. It would be better if the process is more sooner.
      Was this review helpful? 0
      , pune
      Reviewed on Jan 15, 2019
    • HDFC Bank Personal Loan
      "Good. Can be more sooner"
      0.5 3.0/5 "Satisfactory"
      I have taken my personal loan with HDFC Bank. The process to get the loan was delayed, I got it after one and half week. The documentation was collected late. The rate of interest of 11.25% and there was a processing fee too. The loan amount was as expected.
      Was this review helpful? 0
      , pune
      Reviewed on Jan 15, 2019
    • Bank Bazaar Personal Loan
      "Awesome one stop shop "
      0.5 5.0/5 "Blown Away!"
      Various option available in Bank Bazaar, rather going to direct financier. here we can analyze the real information in website without going anywhere. I am using the site for past 2 months, the portal is good to post the request. The customer support team gave me the proper information.
      Was this review helpful? 2
      , new delhi
      Reviewed on Jan 14, 2019
    • Tata capital Personal Loan
      "Satisfactory Experience"
      0.5 4.0/5 "Great!"
      I am satisfied with Tata Capital documentation part and they have fulfilled the commitment on my personal loan. The interest rate is quite nominal they gave me the same thing which provided by other banks. Even the door step documentation process is good.
      Was this review helpful? 2
      , new delhi
      Reviewed on Jan 14, 2019
    • Axis Bank Personal Loan
      "Reduce the charges"
      0.5 5.0/5 "Blown Away!"
      I took my personal loan in Axis Bank before 4.5 years back and its been completed before 5 to 6 months have taken top-up loan. The customer service is very good. The charges are more compared to other banks. The loan duration is 5 years. Monthly installment is 5600 rupees through net banking.
      Was this review helpful? 2
      , bangalore
      Reviewed on Jan 14, 2019
    • Bank Bazaar Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      The customer service and response was better. I have been using the bank bazaar website for past 2 years, It was helpful to take credit card,loans and to check the credit score. Am comfortable with the mobile app. Most I like the responsibility is very good and process was simple.
      Was this review helpful? 2
      , bangalore
      Reviewed on Jan 14, 2019
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