Loan Against Rent Receivables Providers in Kakinada

Top List of Loan Against Rent Receivables in Kakinada as on Oct 14, 2024

Sri Sai Teja Home Deals

Dondaparthy, Visakhapatnam, 530016

( Also serves in Kakinada )

5.0/5 Based on 5 Reviews

+07569002704

+10 more

Response Time: More than 60 MinsSulekha score: 7.9

Sri Sai Teja Home Deals, located in Dondaparthy, Visakhapatnam, is a reputable finance company offering a wide range of financial services. Established in 2000, the company is led by A. Srinivasa Rao and specializes in providing home loans, mortgage loans, business loans, personal loans, and plot loans. They are committed to helping individuals and businesses achieve their financial goals with customized loan options tailored to various needs. Whether you are looking to purchase a home, refinance, or obtain funding for your business, Sri Sai Teja Home Deals strives to make the process efficient and transparent

Available Loan Types:

Offering 10+ different types of loans

Loan Amount Range:

From ₹10 Lakhs to ₹1 Crore and above
Depending on the type of loan

Satish p from Visakhapatnam

"Very good and exlent service Very good knowledge persons "

Bharatgi from Visakhapatnam

"Good service, well known persons, genuine work "

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Shri Vinayak Enterprises

Vaishali Nagar, Jaipur, 302021

( Also serves in Kakinada )

Loans Business Loans CC Limit Loans

+12 more

Sulekha score: 7.8Working hours: 10 PM to 7 PM

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Why Choose Sulekha?

Sulekha is your go-to platform for finding a wide variety of loan providers catering to diverse financial needs such as personal loans, Loan Against Rent Receivables, home loans, vehicle loans, mortgage loans, education loans, and more. With Sulekha, you gain access to a comprehensive network of reputable lenders, ensuring you find the perfect match for your specific requirements. The platform simplifies your search process, saving you time and effort by connecting you with trusted professionals who can offer tailored loan solutions. Choose Sulekha for a seamless and efficient loan-seeking experience.

1. When to Consider Taking Out a Loan Against Rent Receivables?

Immediate Financial Needs: When you need immediate cash flow for personal or business expenses, leveraging your rent receivables can provide a quick source of funds.
Business Expansion: If you need capital to expand your business or invest in new opportunities, a loan against rent receivables can be a viable option without liquidating your assets.
Property Maintenance: When substantial repairs or renovations are needed for your rental property, this type of loan can fund the required improvements.
Debt Consolidation: If you have multiple high-interest debts, consolidating them into a single loan against your rent receivables can reduce your overall interest burden.
Cash Flow Management: When there's a mismatch between the timing of your income and expenses, a loan against rent receivables can help manage your cash flow more effectively.

2. Eligibility Criteria for Loan Against Rent Receivables

Ownership of Rental Property: The applicant must own a rental property that generates consistent rental income.
Lease Agreement: A valid lease agreement with the tenant(s) is required, typically for a duration that covers the loan period.
Property Valuation: The property should have a favorable valuation as determined by the lender's approved valuer.
Tenancy Record: A good tenancy record with a reliable and creditworthy tenant(s) enhances eligibility.
Rental Income Stability: Stable and sufficient rental income to service the loan, usually demonstrated through bank statements or rent receipts.
Credit Score: A good credit score and financial history are important for loan approval and favorable terms.
Age and Income: The applicant should be within the age limit defined by the lender and have a steady income source apart from the rental income.

3. Benefits and Advantages of a Loan Against Rent Receivables

Utilization of Idle Assets: Enables property owners to unlock the value of their rental income without selling the property.
Lower Interest Rates: Generally, such loans come with lower interest rates compared to unsecured loans due to the secured nature of the loan.
Flexible Repayment Options: Offers flexible repayment tenures and options tailored to the borrower’s financial situation.
Large Loan Amount: Higher loan amounts can be availed based on the rental income and property value.
Tax Benefits: Interest paid on such loans can be claimed as a tax deduction under certain conditions, reducing the overall tax liability.
Continuous Rental Income: The borrower continues to receive rental income even after pledging it for a loan, ensuring ongoing cash flow.

4. Important Factors to Consider When Taking a Loan Against Rent Receivables

Loan-to-Value (LTV) Ratio: Understand the LTV ratio offered by the lender. It typically ranges from 50% to 85% of the property value or rental income.
Interest Rates and Charges: Compare interest rates, processing fees, and other associated charges across different lenders to get the best deal.
Tenure and Repayment Terms: Choose a tenure that aligns with your financial situation and repayment capability to avoid financial strain.
Prepayment and Foreclosure Charges: Check for any prepayment or foreclosure charges as these can impact the overall cost of the loan if you plan to repay early.
Impact on Cash Flow: Consider how the loan repayments will affect your monthly cash flow and ensure that you can manage the financial commitment.
Legal and Documentation Requirements: Ensure all legal documents related to property ownership, lease agreements, and rent receipts are in order and meet the lender’s requirements.
Risk of Default: Assess the risk of tenant default or vacancy as this can impact your ability to service the loan and may result in penalties or foreclosure.
Lender’s Reputation: Choose a reputable lender with favorable terms and a good track record in handling loans against rent receivables.

5. Loan Against Rent Receivables Interest Rates?

Bank Name	Interest Rate (%)	Loan Tenure	Processing Fees
State Bank of India (SBI)	8.5% - 10.5%	Up to 7 years	0.35% of loan amount (Min. ₹2,000)
HDFC Bank	9.0% - 11.0%	Up to 10 years	1% of loan amount
ICICI Bank	8.75% - 10.75%	Up to 10 years	1% of loan amount
Axis Bank	9.25% - 11.25%	Up to 9 years	1% of loan amount
Punjab National Bank (PNB)	8.6% - 10.6%	Up to 7 years	0.50% of loan amount (Min. ₹2,500)
Bank of Baroda	8.75% - 10.75%	Up to 10 years	1% of loan amount
Kotak Mahindra Bank	9.0% - 11.5%	Up to 7 years	1% of loan amount
IDFC First Bank	9.25% - 11.75%	Up to 10 years	1% of loan amount
Canara Bank	8.9% - 10.9%	Up to 7 years	0.5% of loan amount (Min. ₹3,000)
Union Bank of India	8.85% - 10.85%	Up to 7 years	0.50% of loan amount

Please note: Interest rates and fees can vary based on the loan amount, tenure, credit profile of the borrower, and specific bank policies. Processing fees may also include additional charges like GST. It is advisable to check with the respective bank for the most accurate and updated information.

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Most Common Questions About Loan Against Rent Receivables

1. Who are the best Loan Against Rent Receivables providers in Kakinada?

Sri Sai Teja Home Deals
Shri Vinayak Enterprises

2. What documents are required for a Loan Against Rent Receivables?

You will need to provide proof of identity, proof of address, property ownership documents, the lease agreement, bank statements showing rent receipts, and a No Objection Certificate (NOC) from the tenant. Additional documents may be required based on the lender’s policies.

3. What are the eligibility criteria for a Loan Against Rent Receivables?

Eligibility criteria typically include property ownership, a valid lease agreement with a reputed tenant, a stable rental income history, and a good credit score. Some lenders may also require a minimum rental income and specific property types.

4. How do I apply for a Loan Against Rent Receivables online?

To apply online, you can apply online with the Sulekha form above with your loan requirements, and connect with the best loan providers that suit your needs. Also you can visit the lender's website, fill out the application form with your personal and property details, upload the required documents, and submit the form. The lender will review your application and contact you for further steps.

5. How can I get an instant Loan Against Rent Receivables?

Instant loans may be available through lenders offering quick approval processes. Ensure you have all necessary documents ready, maintain a good credit score, and choose a lender with a reputation for fast processing. Some fintech companies may offer instant loan services.

6. What is the percentage rate for Loan Against Rent Receivables?

The interest rate for a Loan Against Rent Receivables typically ranges from 9% to 14%, depending on the lender, your credit profile, and the lease agreement terms. It's advisable to compare rates from multiple lenders before making a decision.

7. Can I get a Loan Against Rent Receivables with a low CIBIL score?

While a low CIBIL score might reduce your chances, some lenders may still consider your application if you have a strong rental income and a solid lease agreement. However, expect higher interest rates and stricter terms.

8. What is the processing fee for a Loan Against Rent Receivables?

Processing fees for a Loan Against Rent Receivables usually range from 0.5% to 2% of the loan amount, depending on the lender's policies. It's essential to clarify all fees and charges before proceeding with the loan application.

9. Can I get a Loan Against Rent Receivables with a bad credit score?

Obtaining a Loan Against Rent Receivables with a bad credit score is challenging but not impossible. Lenders may consider the strength of your rental income and the tenant's credibility. Be prepared for higher interest rates and more stringent loan terms.

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