Commercial Property Purchase Loan

We know how important it is for you to build your business empire. ABM Financial Services provide loans for buying commercial property. If you have already identified or in the process of identifying your commercial space, we will help you right from the time you choose a property till the complete payment of loan amount.

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Features of Commercial Property Purchase Loan

All loans are not created equal, Commercial Property Purchase Loan has become a great option for people to use.

Loan Term

Loan amount is always based on property’s condition and market value; it can be up to 70% of the purchase price of property or loan eligibility whichever is lower. Maximum loan amount is Rs. 5 crore.

Interest Rate & charges

The rates of interest are 8.80% to 12.00%.  The final rate of Interest will depend upon Profile, Loan amount, tenor and property type.

Commercial Property Purchase Loan - Eligibility

Any self-employed or professional Public and Private company is eligible for a commercial property purchase loan. It can be availed to buy a shop, plot or resale commercial property.

Eligible property: shop, plot or resale commercial property.

 

Age

Self Employed (Min-Max) 24 – 70 years

Business Stability

Business Stability for Self Employed 5 years and above

Credit Rating

Applicant should have the bank specified credit score of 750 or above.

Frequently Ask Questions

Individuals

Salaried Individuals: Any individual who is in permanent service in any government undertaking or any reputed private sector company in India. We also offer loans to salaried Non Resident Indians (NRIs) working with reputed companies in select countries.

Professionals:  Professionals i.e. allopathic doctors, architects, chartered accountants, cost accountants, practicing company secretary, management consultants and lawyers. o Self Employed: Individuals like traders, distributors, manufacturers, service providers etc.

 Non-Individual Entities

Proprietorship Firms, Partnership Firms, Private Limited Companies, Public Limited companies.

You can borrow up to 70 % of the market value of your property subject to your income eligibility.

We have various options available under which we can offer you loans i.e. income based and surrogate income based loans. We have the understanding of your business and can determine your loan eligibility accordingly.

We grant commercial property loans from minimum 3 years to maximum 15 yrs. The term for the loan will be restricted to the retirement age or 60 yrs at loan maturity for salaried customers and 65 years for self employed customers.

Yes. All the co – owners of your property will have to sign up as co-applicants. For a sole property owner or applicant, one adult member in the family will need to sign up as a coapplicant. In case of partnership firm or a company, partners and promoter directors respectively need to be co-applicants.

The rate of interest varies depending upon your loan amount, property type, income etc and this will be communicated to you by our sales representatives.

Yes. One can pre-pay the loan at any time after 6 months from the date of final disbursement of the loan. Foreclosure charges will be levied as applicable.

Foreclosure charges will be 5% + service tax on the outstanding loan amount at the time of foreclosure if the loan is closed within 12 months from the date of 1st disbursement. Foreclosure charge will be 3% + service tax if loan is closed between 12- 24 months from the date of 1st disbursement. The foreclosure charge will be 2% + service tax if loan closed after 24 months from the date of 1st disbursement.

You can make part pre-payments of a minimum amount of Rs 50,000 after 6 months from the date of first disbursement of the loan. This payment can be made only once in a financial year subject to a maximum of 25% of the balance outstanding against your loan amount at the time of request.

All part prepayments made 12 months prior to the foreclosure of the loan will be charged at the applicable foreclosure rate at the time of foreclosure.

 

You can pay either by way for Electronic Clearing System (ECS) or by way of Post dated cheques (PDCs).

Your Loan against Commercial Property makes you eligible for tax benefits* as per the prevailing laws. This means that you can save more money by claiming deductions in your income tax, against principal and interest amount repaid.

An EMI is the ‘Equated Monthly Installment’, which is the monthly payment that you make towards repaying your Home Loan on a specified date until your loan is repaid in full.

Documents

Below is the list of documents required for loan process.

  • PAN CARD
  • VOTER’S CARD
  • DRIVING LICENCE
  • EMPLOYEE CARD
  • LAST 3 MONTHS SALARY SLIPS
  • 2 YEARS FORM 16.
  • 6 MONTHS BANK STATEMENT WITH SALARY CREDIT
  • AADHAR CARD
  • LATEST ELECTRICITY BILL / PIPED GAS MONTHLY BILL
  • RATION CARD
  • PROPERTY TAX/WATER BILL
  • PAN CARDV
  • OTER’S CARD
  • DRIVING LICENCE
  • LAST 2 YEARS ITR WITH COMPUTATION
  • CA AUDITED FINANCIALS WHERE EVER APPLICABLE
  • 6 MONTHS PRIMARY BANK STATEMENT
  • AADHAR CARD
  • LATEST ELECTRICITY BILL / PIPED GAS MONTHLY BILL
  • RATION CARD
  • PROPERTY TAX/WATER BILL

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