Bank of Maharashtra Lease Rental Discounting for Landlord
Bank of Maharashtra Lease Rental Discounting for Landlord from Download
The Bank of Maharashtra Application Form for Lease Rental Discount (LRD) allows landlords to secure a Term Loan by pledging future rental income from their leased properties (79cc3105-e… pp. 4-5).
The key points of the LRD application form and requirements include:
1. Loan Tenor & Repayment Mechanism
- Tenor Limits: The repayment tenure is strictly capped at either the remaining lease period or a maximum of 10 years, whichever is less (79cc3105-e… p. 4).
- Repayment Source: Installments are directly deducted from the incoming property rent through automated channels like Auto-Debit or ECS/NACH (79cc3105-e… p. 4).
- Usage Restrictions: The loan can be used for general personal needs (like health, marriage, or education) but never for speculative purposes (79cc3105-e… pp. 4-5).
2. Rent Computation & Property Valuation
- Net Rent Calculation: Loan eligibility is computed based on the Net Monthly Rent, derived by subtracting TDS, monthly property tax, and other statutory dues from the gross monthly rent (79cc3105-e… p. 5).
- Property Category: The collateral must be a Commercial or Residential property held under Freehold or Leasehold status (79cc3105-e… p. 5).
- Lessee Profile: The applicant must explicitly name the tenant/lessee renting the commercial space (79cc3105-e… p. 5).
3. Essential Paperwork Checklist
- Lease Documentation: Landlords must submit the registered Lease Deed along with a No Objection Certificate (NOC) if multiple corporate entities are involved (79cc3105-e… p. 6).
- Property Clearances: Requires tax paid receipts, approved structural drawings, and building permissions from municipal authorities (79cc3105-e… p. 6).
- Expert Assurances: A formal valuation report from a bank-paneled valuer and a legal search report from a bank-paneled advocate are mandatory (79cc3105-e… p. 6).
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