Eligibility

Should own commercial or residential property

Property has been rented out to individuals, banks, MNCs, PSUs, Government Institutions including landlords of IOB's branch/office premises and officers' quarters

Should have a firm lease agreement for letting out/leasing of your property

The rent receivable has not been charged to any other loan

Owner and the individual/establishment to whom the property is rented out, are credit-worthy

Loan Amount

Maximum of 75% of the receivable rent for the unexpired period of lease or tenancy after deductions for TDS and the advance rent received.

Rate of Interest

Retail Credit Interest Rate (Click here)

Repayment

Repayable in equated monthly installments of 120 months (maximum). But the repayment period should not exceed the number of months taken into account for arriving at the loan amount

Security

• For loans upto Rs. 2 lakh, future rent receivable is charged to the Bank
• For loans above Rs. 2 lakh, your leased/let out property should be mortgaged in addition to charging the rent receivable In the event of inability to mortgage this property, any other immovable property with a value of one and half times the loan amount can be mortgaged, or The NSC, KVP, IVP, LIC (surrender value) equivalent to the loan should be offered as security
• Power of attorney is to be executed by the lessor infavour of the bank to receive the rent directly from the lessee.

Documents

• An application form
• Proof of income
• Copy of the lease deeds of the property
• Assessment copy of Income Tax /Wealth Tax
• Copy of approved building plan
• If you have an existing loan on the property, certificate of the balance from the financing institution should be produced
• Copy of title deeds of the property offered as security.

Processing Charges

As applicable from time to time. For up-to-date Processing Charges, you are requested to kindly visit your nearest IOB Branch.

Liquirent Application Form

Download Application Form here