Lease Rental Discounting
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Lease Rent discount is another method to obtain finance from bank or other lending institutes. Lease Rent Discount (LRD) consideration is between the borrower who owns the premises, the tenant who has rented the said premises or taken on lease and the bank or financial institute or Corporate. The rent is considered as fixed income over a stipulated time ie. Lease or rent period or tenure. The agreement is between the borrower and lender and the major term of repayment is the rent is directly deposited with the lender and not with the borrower. The Borrower is sanctioned a loan based upon the rent to be collected over the period of lease.
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Eligibility Criteria is considered as a vital factor which determines the possibility of getting a lease rental discounting in India. As getting lease rental discounting requires some basic considerations, thus each individual has to undergo through a certain process in order to make his lease rental discounting sanctioned.
Eligibility Criteria applied for lease rental discounting in India is as follows:
Age: The minimum age requirement to opt for a lease rental discounting from a recognized bank in India is 21 yrs, whereas the maximum age may vary from 58 to 65 years depending upon the source of income of the client.
Qualification: The minimum qualification required to opt for the Eligibility Criteria for lease rental discounting is graduation along with a stable source of income.
Loan amount Eligibility: The amount of lease rental discounting determined by the banks in India totally depends on the annual income of the applicant considering his possibilities of refunding the loan amount in the nearer future.
Loan against property: The loan against property provides you with an option to mortgage your assets increasing your reliability of refunding the loan in time.
Lease Rental Discounting →Eligibility
How to get the best home loan? Simple, compare all the home loans available in the market and evaluate their interest rates. That’s why you should visit MyLoanBazar.com and find a loan that suits your requirements.
As interest rates vary for different banks, you should assess all the products in the market to get the one that suits your budget and repayment capacity. By comparing and evaluating the interest rates offered by different banks, you can surely make a better decision.
Based on your interest rates knowledge, you can also calculate your EMI. More so, it’s the interest rates which decide your total amount and tenure of payment. As a result, you should be careful about interest rates as it will have a huge bearing on your home loan and its total cost to you.
More so, you will have two types of interest rates to select from:
Fixed interest rates
Floating interest rates
Fixed interest rates will remain constant right through the repayment duration while the floating interest rates will depend upon the existing market scenario and governmental policy.
At MyLoanBazar.com , you get interest rates listed from all banks and lending institutions together with their corresponding interest rates. So, analyze them and take informed decision!
Lease Rental - Documents
Sr. No. Documents type Required documents
1 Id proof Copy of, passport / pan card / voter id card / driving license/ ration card / adhaar card
2 Address proof Copy of , passport/utility bill/voter id card / driving license/ ration card / adhaar card
3 Age proof Copy of, passport/ pan card/driving license/birth certificate/ration card
4 Signature proof Copy of, pan card/bank authorized letter
Sr. No. Required documents
1 4 photograph for applicant & co-applicant
2 Company profile (history, background & growth) + director / partner / proprietor (background,
3 Latest list of director & shareholding pattern on letter head attested by ca
4 Net worth statement of all director attested by ca
5 Latest sale tax/service tax/ vat/cst/certificate of registration
6 Copy of moa/aoa/partnership deed (as applicable)
7 Copy of latest vat of till date for latest financial year
8 Copy of provisional balance sheet and profit & loss a/c
9 Last 3 year, itr + computation of income + auditor’s report +profit & loss+ balance sheet with complete schedule
10 Last 6 month bank statement of all running bank accounts of company
11 Last 6 month bank statement of all running bank accounts of director / partner / proprietor.
Sr. No. Required documents
1 Copy of property paper with complete back chain
2 Copy of sanction plan
3. Copy of latest house tax receipt
Sr. No. Required documents
1 Copy of sanction letter & amortization schedule of all running loan.
2 Latest statement of account of all running loan
3. Copy of loan closure letter / noc, if any loan closed in last 6 month.
5. Copy of registered lease deed
6 Copy of bank statement in which rent is getting credited
7 Company profile of lessor
Lease Rental Discounting- Process
The very first step required for applying a lease rental discounting is submitting the application form along with the necessary documents like age proof, address proof, Identification Proof and employment details.
2. After submitting the application form, you may receive a call from the Bank officials. As some of the Financial Banks in India calls for a face to face discussion before approving your loan. In the present scenario it is the least adopted process, but still applied by some of the Indian Banks.
3. The third step required in a lease rental discounting process is to verify your information filled in the application form. The process involves cross checking of your residential as well as official address authenticity by sending bank representatives to the respective places.
4. The next step is the credit appraisal for getting your loan sanctioned. This process involves establishments of repayment capacities based on calculating your income, age, qualification, nature of business and so on. This stage is referred as the most crucial one where your application for loan might get rejected.
5. After getting your lease rental discounting loan sanctioned from the bank you will receive an offer letter enclosing the following details on the banks behalf.
- Loan Amount
- Rate of Interest
- Type of Interest rate (Fixed or variable)
- Tenure of the Loan
- Mode of repayment
- Detailed information regarding the scheme (in case of any special scheme)
- General Terms and conditions mentioned under the loan scheme
- Special conditions ( if any)
6. The legal paper formality is required like the submission of the title document of your seller including NOC.
7. Valuation of the property for which the bank is granting you loan. As the Financial banks in India are really concerned about the property for which they are sanctioning the loan.
8. Sealing the deal and signing the lease rental discounting agreement.