Sonu Sood mortgaged two stores located on the ground floor and six apartments in the Shiv Sagar CGHS; the building complex is located along AB Nayar road, near Iskcon temple in Mumbai
Actor Sonu Sood has mortgaged eight of his properties to Juhu to secure a loan of Rs 10 crore which he will use to help the needy. During the COVID-19 lockdown earlier this year, Sood helped hundreds of stranded migrant workers reach their homes.
He also engaged in other philanthropic activities during the lockdown to help those most affected by the pandemic. Sood was showered with praise for his efforts; some have even given him the nickname “The Messiah of the Migrants”. This time he went even further, mortgaging his own properties to help the needy.
Sood mortgaged two stores located on the ground floor and six apartments in the Shiv Sagar CGHS; the building complex is located along AB Nayar Road near Iskcon Temple in Mumbai, according to registration documents, Moneycontrol reported. The properties mentioned are jointly owned by Sonu Sood and his wife Sonali.
The apartments are located on the first floor up to the sixth floor with one on each level. The lender who agreed to grant 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 loan from Rs 10 crore.
According to real estate experts, this loan that has been waived against real estate is expected to attract 12-15% interest per annum, which is higher than a home loan. Sood is expected to service both the interest amount and the principal amount of this Rs 10 crore loan. The period of time for these types of loans is generally 10 to 15 years.
“Such a philanthropic gesture is unheard of. While these high-end properties will continue to be owned by the actor and his wife and will continue to receive monthly rent, they may have to pay interest and principal on the property. loan of 10 crore rupees, “said Ritesh Mehta, senior manager and head – West India, residential services, JLL India, according to the news site.