NRI BankingLoansProperty LoanLoan for Purchase of Commercial Property

LOAN FOR PURCHASE OF COMMERCIAL PROPERTY                       

Purpose
Purchase of the following types of Commercial Building for Own Use or Let out Purpose:
  • Ready Built Commercial Building
  • Commercial Building Under Construction
  • Reimbursement of Purchase Cost of Commercial Building
Target
Customers
  • Resident Individuals
  • Non Resident Individuals
Age
Minimum
21Years
Maximum
65 Years
Amount
Minimum
Rs 25.00 lacs
Maximum
Rs 1500.00 lacs
Tenure
Maximum period of 144 months
LTV
Up to 75% of value of Property
Interest rate
To view interest rate click here
Eligibility
Minimum Bureau Score of 600 for applicant.
Features
  • In case of building under construction, maximum holiday of 6 months may be allowed and interest during the period should be serviced by the borrower
  • In case of purchase of ready built building, the age of the building should not be more than 20 years at the time of application
  • In case of purchase of commercial property under construction the date of commencement of construction of such property should not be more than 3 years old
 
Processing fees
1.00% of the loan amount with a minimum of Rs. 10000.00
Pre closure charges
2% of the outstanding loan amount for Pre-Closure

 Documents required

Salaried Class
Business Class
Pensioners
KYC Docs (PAN Card and Aadhar Card and Photographs)
KYC Docs (PAN Card and Aadhar Card and Photographs)
KYC Docs (PAN Card and Aadhar Card and Photographs)
ITR for the two years with computation sheet
ITR for the two years with computation sheet
ITR for the two years with computation sheet
Salary Slip/Pension Statements for 3 months deed etc to be taken
Recent financials
Salary Slip/Pension Statements for 3 months
Account Statement for 6 months
Account Statement for 6 months.
Account Statement for 6 months
 
Financials of the firm
 
Title deeds, Possession Certificate, Tax Paid Receipts
Proof of agricultural land holdings, ITR if any. Assessment will be based on analysis of agriculture profile