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Actor Sonu Sood has mortgaged eight properties in Juhu, Mumbai and raised an amount of ₹10 crores in order to help the needy. The properties which have been mortgaged by him include two shops and six flats.
A Moneycontrol report revealed that the agreement for mortgaging the properties was signed on September 15.
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.
"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," the report quoted Ritesh Mehta, Senior Director & Head – West India, Residential Services, JLL India.
Experts in real estate pointed out that the loan raised against property typically attracts an interest of 12-15 percent per annum, which is higher than a housing loan. The actor would also have to serve both the interest and principal on this loan.
Sonu Sood has emerged as a hero amid the coronavirus pandemic. He extended support to the migrant workers at the peak of the COVID crisis and his philanthropic efforts were appreciated by many.
During the coronavirus induced lockdown, he helped migrants with transportation, food and shelter. He also arranged for buses, trains and even chartered flights for stranded migrants, many of whom were forced to walk home after the lockdown was imposed in March.
Apart from this, he has also provided PPE kits to the front line healthcare workers. Sood reportedly gave 1,500 PPE kits to paramedics in Punjab. He also donated 25,000 face shields to police officers in Maharashtra.
He was conferred with the prestigious SDG Special Humanitarian Action Award by the United Nations Development Programme (UNDP) for the help he extended to migrants.
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