Commercial Property Loan
Need funds to purchase commercial property but don’t know from where you get lowest interest rate. Don’t worry. Posiitive Ally support you to get affordable loan to establish your commercial set up. Whether you need funds to get your right space to achieve your business goals or you want to upgrade to a bigger retailing shop; planning to built your office.
A Commercial Property Loan can be used:
- To buy under-construction office space
- To buy under-construction outlet
- To buy ready to occupy office space
- To buy ready to occupy outlet
Benefits & Features
- Long repayment Tenure - Unlike any other loans, commercial property loan come with longer repayment tenure.
- Balance Transfer & Top- up Facility - You can transfer the loan from one lender to another for several reasons, such as interest rate, service charges, customer service experience and others. You can avail also top-up your existing loan amount at nominal borrowing rates and with minimal paperwork.
- Maximum Loan Amount - It would be approx 70%-90% of the purchase price of property or loan eligibility whichever is lower.
- No Prepayment Penalty - When you take a floating –rate home loan, you can make payments towards the loan whenever you have a lump sum at hand without having to pay any prepayment penalty. This will help you close the loan much before the set loan tenure.
Who Can Apply For Commercial Property Loan?
- For salaried employees/ self-employed professionals/ non-professionals:
- Age of the customer should not be more than 65 years at the time of applying for loan
- For partnership firms/ corporate bodies: The entity has to be in existence for at least 3 years prior to the date of application.
EMI Calculators
You can use the EMI Calculator to calculate your monthly installments way before you apply for a loan and have a definite estimate of your monthly payments well in advance.
Documentation Required for Commercial Property Loan
Following are the documents you would need to submit for all applicants / co-applicants along with the photograph for the loan approval
Salaried individual
| KYC – Applicant & Co-Applicant |
|---|
| Photograph of Applicant & Co-applicants |
| Identity proof of Applicant & Co-applicants |
| Address proof of Applicant & Co-applicants |
| Income Proof of Main Applicant ( PDF Format ) |
| Last 3 months Salary Slips |
| Form 16 with Part A & B |
| Bank Statement of that account in which last 6 salaries credited (updated 8 months statement in PDF format ) |
| Other Documents ( PDF Format ) |
| Current loan SOA if any |
| Ownership Proof if required* |
| Property Papers ( PDF Format ) |
| Photocopy of draft sale deed and chain title documents |
| Builder buy agreement( For direct Allotment) |
| Authority approved Sanction letter |
| No objection certificate from the society and other documents as per legal report |
Self-employed individual
| Sole Proprietorship | Pvt. Ltd. | Partnership |
|---|---|---|
| KYC - Applicant & Co-Applicants | ||
| Photograph of Applicant & Co-applicants | Photograph of Applicant & Co-applicants | Photograph of Applicant & Co-applicants |
| Identity proof of Applicant & Co-applicants | Pan card of the company | Pan card of the company |
| Address proof of Applicant & Co-applicants | List of directors on shareholding pattern-certified by CA | Partnership Deed |
| Business vintage proof | Business vintage proof | Business vintage proof |
| GST registration | GST registration | GST registration |
| Article of Association and Memorandum of the company | Identity proof of all partners | |
| Identity proof of all directors | Address proof of all partners | |
| Address proof of all directors | ||
| Income Proof - Certified by CA | ||
| Last 3 years Financials - Attested By Proprietor/Director/Partner | ||
| Income Tax Return | Income Tax Return | Income Tax Return |
| Computation of Income | Computation of Income | Computation of Income |
| Balance Sheet | Balance Sheet | Balance Sheet |
| Profit & Loss | Profit & Loss | Profit & Loss |
| Creditors & Debtors | Creditors & Debtors | Creditors & Debtors |
| Complete all Audit Report | All Director's Report | Complete all Audit Report |
|
Complete all Audit Report |
||
| 26 AS | 26 AS | 26 AS |
| GSTR-3B (updated one year)* | GSTR-3B (updated one year)* | GSTR-3B (updated one year)* |
| One year Bank Statement of Saving & Current accounts | One year Bank Statement of current accounts | One year Bank Statement of current accounts |
| (In PDF Format) | (In PDF Format) | (In PDF Format) |
| All Directors | All Partners | |
| Income Tax Return | Income Tax Return | |
| Computation of Income | Computation of Income | |
| 26 AS | 26 AS | |
| One year Bank Statement of Saving accounts | One year Bank Statement of Saving accounts | |
| (In PDF Format) | (In PDF Format) | |
| Other Documents | ||
| Current loan SOA if any | ||
| Ownership Proof * | ||
| Property Papers | ||
| Photocopy of draft sale deed and chain title documents | ||
| Builder buy agreement( For direct Allotment) | ||
| Authority approved Sanction letter | ||
| No objection certificate from the society and other documents as per legal report | ||
All documents to be self attested. The above list is indicative in nature and additional documents can be asked for.
For quick apply to send all documents in PDF format to our email info@positiveally.in
Reasons to Avail Commercial Property Loan with Posiitive Ally
- Connected with top Private and nationalized banks & NBFCs, which helps you to get market’s most attractive & affordable loan.
- Enjoy the hassle-free experience with minimal documentation, doorstep document pick up at your desired location.
- Provide pre-loan & post loan support with advisory services.
- Quick turnaround time and complete secure process.