Commercial Property Loan

Commercial Property Loans

Commercial Property loan is the type of loan which is lent for the purpose of acquiring, extending or renovating any commercial property. The loan is generally transferred from one bank to another bank. The maximum tenure within which the loan must be repaid is 15 years. The commercial property loan can be availed either by individual or altogether by a business.

Eligibility

For working individuals:

  • The age of the person must be between 23-65 years.
  • The person must be a permanent resident of India
  • The person must be earning and must possess a minimum experience of 3 years.
  • The minimum loan amount he/she can apply for is Rs.10 Lakh, with Maximum loan amountas Rs.3.5 crores.

For Entrepreneurs/self-employed applicants:

  • The age of the person must be in between 25-70 years.
  • The person must be a permanent resident of India
  • The person must have an experience of minimum 5 years within the industry.

Documentation

Some of the documents which are required to get eligible for Loan against Property are:

  • Property Ownership Documents
  • Document proof for KYC such as Adhaar, PAN card, identity proof, Passport, etc.
  • Document proof for the running business or self-employment with an Experience of minimum 5 years.
  • 6 months prior bank statement proof


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