- Meeting business / personal needs but not for speculative purpose.
- Owners of the property who have let out the same to reputed companies/ shops for commercial purpose/ Industrial/ software companies, MNC’s, Bank, PSUs / Reputed Govt. / Semi-Govt. Institutions / Organizations, Financial Institutions, Insurance Companies etc. for their occupation or and also providing services in the form of office infrastructure with/ without manpower etc (Plug & play model) and have future cash flows / receivables including lease rentals, service charges, Agency Commission assuring Minimum Guaranteed Amount etc. as per agreed terms.
- Owner of the property who have rented out their premises to Allahabad Bank are also eligible.
Loan Limit :
- Minimum: Rs.1.00 Lac
- Maximum: Rs. 200.00 Crores or as per requirement of the applicant or limit arrived at, whichever is less.
- Loan amount will be assessed in such a way that it is repaid within the residual lease period or maximum 120 months, whichever is earlier.
- Assignment of Future cash flow/receivables including lease rentals, service charges. Agency Commission, Minimum Guaranteed Amount etc.
- quitable Mortgage/ Pari passu charge of relative immovable property having market value not less than 125 % of the proposed loan If the equitable mortgage of relative immovable property is not possible, for any valid reason whatsoever, the mortgage of any other property as security with market value not less than 150% of the proposed loan be insisted.
- 100% value of NSC/Bank’s own deposit etc.
- 125% cover partly by immovable relative property and partly by security such as NSCs, Bank’s own deposit etc. Open Land as a collateral security under this scheme will be accepted only for the following purpose on the condition that Land is not an agriculture land/ acquired on the basis of partition deed), Further, Land is identifiable, situated in residential/ commercial area and easily marketable only when
- Land is rented for factories, where temporary structure is created
- In certain case, where it is not possible to mortgage relative property, for any valid reason whatsoever, another property in shape of land may also be accepted as security.
- In equated monthly instalments stepped up as variable EMIs in consonance of rent as per escalation provision for a period not exceeding 120 months or unexpired period of lease/ agreement, whichever is earlier.
- Maximum 108 Months (Equated Monthly Installment).