LOAN FOR PURCHASE OF COMMERCIAL PROPERTY
Purpose of the Loan
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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
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Target Customers
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- Individuals (Residents and Non Residents)
- Proprietorship Concern & Partnership Firm
- Limited liability Partnership Firms
- Private and public limited companies
- Trust/Society
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Age
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Minimum
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21 years
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Maximum
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65 years
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Amount
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Minimum
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Rs. 25.00 lacs
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Maximum
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Rs.1500.00 lacs
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Tenure
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Maximum period of 144 months(excluding Holiday period)
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LTV
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Up to 75% of value of Property
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Interest rate
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EligibilityMinimum Bureau
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Minimum Bureau Score of 730 for applicant.
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Features
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- 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
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Processing/Upfront fees
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1.00% of the loan amount with a minimum of Rs.10000.00
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Documents required
Salaried Class
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Business Class
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Pensioners
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KYC Docs (PAN Card and Aadhar Card and Photographs)
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KYC Docs (PAN Card and Aadhar Card and Photographs)
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KYC Docs (PAN Card and Aadhar Card and Photographs)
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ITR for the two years with computation sheet
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ITR for the two years with computation sheet
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ITR for the two years with computation sheet
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Salary Slip/Pension Statements for 3 months deed etc to be taken
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Recent financials of the firm
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Salary Slip/Pension Statements for 3 months
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Account Statement for 6 months
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Account Statement for 6 months.
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Account Statement for 6 months
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Title deeds, Possession Certificate, Location certificate and sketch, encumbrance certificate, Tax Paid Receipts
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