I recently found this news on the internet that Amitabh Bachchan has given a property near his home ‘Jalsa’ on lease to SBI for rent of Rs. 18.9 lakhs per month. Isn’t that insane? No, not the part where Mr. Bachchan has leased out his property but the fact that you can actually expect such a good rental yield from a property if you lease it to the bank. Well, it is true indeed and I am sure many of us have asked this question ever since, how to approach banks to provide space for bank branch. Have space for a bank branch? Post a free about about your property on NoBroker and get quick response from interested tenants.Take the owner plan of NoBroker and get Guaranteed tenants or 100% refund.Don’t worry, I did some research on this and I am sure these tips that I am about to share with you will be really helpful.Requirements to rent your property to bank atm or bank branchesThere are certain prerequisites which you must take care of before approaching the bank with an offer. Here is a quick list for you:
The property size should be suitable to what bank demands
The property should preferably in a commercial market or commercial mixed market
Property should not be in a legal feud or no dues must be pending
All the property papers should be genuine and intact for verification
The property should have all the permission required from local and municipal authorities
How to approach banks to provide space for bank branchThere are three ways to approach bank to give your space on rent or lease:
Go to the bank
Of course the first method is to approach the bank and speak with the bank manager if there is any need of this sort. Usually banks do tell about the requirement in areas they find fit for opening branches and installing ATMs. They will ask you to fill a form with details about you and your property.
Check bank website
I found out ICICI bank’s news section had an ad to invite applications from property owners to propose their properties for ATM installation. The bank asked for many details including owner details, property details (address, pin code, landmark, property type, floors, carpet area, availability, furnish status, etc.). You can check out the link here https://leads.icicibank.com/NewSalesWeb/propertyHome.htm
Post a property ad on real estate website
Banks do take notice of properties posted on various real estate websites. You can put your property ad out there in the public eye with all the details, dimensions and in fact pictures. This can help too.
Hey friend,
Financial independence has become the fastest mantra for everyone. Given how difficult it is to make a fortune with the help of a primary source of Income. People, even me, have been thinking of investing into a secondary source of Income. One of the best examples of it is renting your property. You will continue to receive rent from the tenants each month. To help you out, I will share with you how to give property on rent to bank.Post a free ad of your property on NoBroker with zero brokerage.Check out the owner plans by NoBroker and get quick tenants ans save thousands on brokerage.Banks need property for multiple reasons, to construct an ATM, to establish a bank branch, to create a helpline desk etc. If you have an empty space, I would highly recommend you rent it out to a financial; institution. Take a look below to know the process of how to give property to bank on rent.The first step of the process is ensuring your property crosses the eligibility criteria set by the bank.
Direct Application :
You can approach the bank of your choice with the proposal of renting out your property. You can even visit the bank physically to speak to the bank manager or service representative. Here, if the bank is looking for a space, they will share all the necessary requirements with you. You will have to fill a form and sign a contract.
Customer Service :
There are numerous banks that have a toll free customer service number. You can enquire about how to give my property on rent to bank via the helpline number. The bank customer rep will give you a fair idea about the process.
Website :
Another idea on how to give your property on rent to bank is a website. Ever since, everything has gone digital. Banks have decided to post ads for free space on their website. Just keep checking the bank site, you will soon spot an advert. Just reply to the advert with necessary information and perhaps a picture of your property.
I have been in the real estate business for quite a long time now and I know that the leasing industries for homes and companies are distinct from one another. For instance, whereas renting a home has relatively low costs, renting a commercial space comes with substantial operational costs as well as vacancy concerns. Therefore, it is crucial to rent your property to bank in India in such a way that it obtains consistent rentals in order to recoup the money you invested. I will tell you how.Rent your property by posting a free ad of your property on NoBroker, here.Check out the owner plans of NoBroker to find genuine tenants in no time.
Bank rent your property
It is possible to rent out a building to other businesses, although it could be difficult to locate a renter. It involves a lot of background checks and other verifications, as well as hazards related to ongoing vacancies. As a result, the majority of commercial property owners today choose the hassle-free alternative of leasing their properties to financial institutions. The new real estate trend of renting out commercial space to banking institutions for the installation of automated teller machines (ATMs) is quickly gaining in places like Hyderabad, Bangalore, and Chennai.In addition to taking the usual measures when renting space or a building to a bank, you need to take extra care with regard to a condition in the lease agreement the bank wants you to sign. That is, a condition in a bank's lease deed allows the bank to determine whether or not to renew the lease after the initially agreed-upon time period has passed. This sentence is unbalanced. Get it changed to "the rental deed can only be reissued with terms and conditions agreed to by both parties to this rent deed" instead, if possible.
How to file an application if a bank required space for branch and you have the required space?
To send your application to the bank manager, use this template. Make sure you enter all the necessary pertinent information:To,The Manager[Name of the Bank][Address of the Bank]Subject: Proposal to rent a property for leasing commercial space for bank branch operationsDear sir/madam,I'm writing to let you know that I'd like to lease my property to your bank's branch operations. In light of the foregoing, I hereby divulge my personal data as well as details regarding the property that I wish to lease for the aforementioned use.Name of the applicant:Address of the applicant:Phone number of the applicant:E-mail ID of the applicant:Address of the property to be leased:Area in sq ft:Year of construction:Distance from the main road:Proposed rental charges:Proposed security deposit:I also state that I have gotten no-objection certificates from the appropriate authorities in order to rent the property for a bank branch at the location and that it is free of encumbrances. For your consideration, I've also attached pictures of the corresponding recommended location in my application. Please give my application some thought.Regards,Name of the applicant:Date:Signature of the applicant:Mobile number of the applicant:Now you know how to rent your property to bank in India.Read More:How to Rent Property to Bank ATM? How to Give Property On Rent to Bank?
Get a folder ready with photocopies of ownership documents like the title deed to rent for bank branch.
Obtain advice from a reputable architect regarding the number of levels and square feet of structure that are permitted on the property.
You can visit the bank and speak with the manager in charge of the branch after gathering this initial data.
Depending on how far away from other banks operating in the town or city it is, the bank will make an initial estimate of its chances of obtaining the required RBI approval.
The bank will request a written proposal from you with all copies of the documents attached if you are able to overcome the above barriers.
If the bank is interested in purchasing your property, they will suggest you sign a contract and an increase in rent will be decided.
The regular monthly payments will start as soon as the property is given over to the bank.
My father owns a commercial property. I advised him to rent it out to a Bank. He was unaware about how to rent a property to Bank. So I assisted him with the same. I’d like to share the steps that I highlighted to him about renting out property.
How to apply for bank rent space?
Writing an application:
You must submit an application or a letter to the Bank manager along with all relevant property information, such as the location, locale, adjacent landmarks, etc. The bank will either accept or deny the application based on the demand and traffic in the region.
Watch for newspaper ads:
Banks might post for their space requirement on the local newspaper. So keep an eye on such advertisements.
A few months ago, I had a similar question because I also wanted to rent my property to a bank. I thus researched how to rent out commercial property to bank and discovered that I could do it offline by advertising in newspapers or directly by NoBroker. My home got rented out in less than a month after I posted it on NoBroker.If you are also looking to give your property to bank, you can follow the below process.
How to Give Your Property to Bank on Rent?
If you also want to save your time, you must follow the below procedure:
Choose your city and tap on Commercial under the Property Type section.
Select your Property Ad Type as Rent or Sale. For my property, I tapped on Rent button.
Click on Start Posting Your Ad for Free button.
Mention your commercial property details like property age, building type, floor and so on.
Click on Save and Continue.
Now, input your commercial property’s location, rental details, available amenities, photos and other needed information.
Finally, click on the Post button to get your commercial property listed online.
Alternatively, you might suggest your proposal to the bank that they rent out your property. You can even visit the bank for a face-to-face conversation with a manager or customer care representative. When you are contacting the bank, you can:
Introduce yourself.
Tell them that you want to give property on rent to bank.
Give them a copy of your proposed plan. This plan must include property location, type, coverage area, condition, your asking rent, and other needed details like parking availability, security, and so on.
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How to Approach Banks to Provide Space for Bank Branch?
Kshitij
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October 11, 2021
2021-10-11T12:26:39+00:00 2023-10-09T14:20:41+00:00Comment
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