Actor Sonu Sood has mortgaged eight of his Juhu properties to raise a loan of Rs 10 crore which he will use to help the needy. During the COVID-19 lockdown earlier this year, Sood had helped hundreds of stranded migrant workers reach their homes.
He has also engaged in other philanthropic activities during the lockdown to help the people who were affected most by the pandemic. Sood was showered with praise for his efforts; some even gave him the moniker of 'The Messiah of Migrants'. This time he has gone even further, mortgaging his own properties to help the needy.
Sood has mortgaged two shops located on the ground floor and six flats in the Shiv Sagar CGHS; the building complex is situated along AB Nayar Road, near Iskcon Temple in Mumbai, according to registration documents, Moneycontrol reported. The mentioned properties are jointly owned by Sonu Sood and his wife Sonali.
The flats are located on the first floor all the way to the sixth floor with one on each level. The lender that has agreed to provide the loan is Standard Chartered Bank. The loan agreement was signed on September 15 and was officially registered on November 24. According to the documents, a registration fee of Rs 5 lakh was submitted to raise the Rs 10 crore loan.
According to real estate experts, this loan that has been raised against property should attract an interest of 12-15% per annum, which is greater than a housing loan. Sood would have to service both the interest amount and the principal amount on this Rs 10 crore loan. The time period for such types of loans is generally 10-15 years.
"Such a philanthropic gesture is unheard of. While these premium properties will continue to be owned by the actor and his wife and would continue to receive a monthly rental, they may have to pay interest and principal against the Rs 10 crore loan," said Ritesh Mehta, Senior Director & Head - West India, Residential Services, JLL India, according to the news site.