Loan against Commercial Property

ABM Financial Services offers Loan against Commercial Property which you can avail if you need quick funding for taking care of urgent business requirements. Enjoy competitive interest rates and customized options with the hassle-free processing on loans against property. With low EMIs and speedy loan approvals, our loans against property are the ideal solution to meet your immediate financial needs.

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Features of Loan against Commercial Property

All loans are not created equal, Loan against Commercial Property 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 80% of the property’s value. Maximum loan amount is Rs. 5 crore. Tenure for this loan is up to 15 years depending upon your age.

Interest Rate & charges

The rates of interest are 13.75% – 15.75%*. The final rate of Interest will depend upon Profile, Loan amount, tenor and property type.

Loan against Commercial Property - Eligibility

Any salaried, self-employed or professional Public and Private company is eligible for a personal loan.

Age

For Salaried (Min-Max)     24 – 60 years

Self Employed (Min-Max) 24 – 70 years

Stability

Work Experience for salaried 3 years and above

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

It is not mandatory to have a co-applicant but having a co-applicant will increase your eligibility and your chances of getting the home loan sanctioned. If you are an individual, your parents, your spouse or even your major children can be your co-applicant.A co-owner of your property has to be a co-applicant but a co-applicant need not be a co-owner.Non Individual organizations like a partnership firm, an LLP, and a private limited company can also be a co-applicant.

Any Resident Indian Individual (salaried/ self-employed) can apply. The co-applicants can be close relatives, partnership firms, or even a Private Limited Company.

Salaried Customers need to submit their last 2 month’s salary slip, 6 months bank statement, form 16 and ITR and documents related to running loans. Self Employed customers need to submit complete set of ITR and Financials for last two financial years, 6 months CA statement and documents related to running loans.

We offer this Loan Against Property for max tenure of 15 years.

It would take minimum of 4 working days after submission of required documents.

Repayment can be made by way of EMIs and must be made through Automated Clearing House (ACH) or Electronic Clearing System (ECS).

Normally a guarantor is not required; however, this would also depend upon the loan facility and financial strength of the customer. However, every loan to have either co-borrower or guarantor.

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.

  • Aadhar card
  • Ration Card
  • Telephone Bill
  • Electricity Bill
  • Voter’s ID Card
  • Aadhar card
  • Voter’s ID Card
  • Driver’s License
  • Employer’s Card
  • Latest Bank Statement/Passbook from where you can show a salary/income being credited for the previous 6 months
  • Salary slip for the previous 6 months showing all deductions
  • Form 16 for the previous 2 years
  • Copies of all the property documents of the concerned property to be pledged for the loan
  • Ration Card
  • Aadhar card
  • Telephone Bill
  • Electricity Bill
  • Voter’s ID Card
  • Voter’s ID Card
  • Aadhar card
  • Driver’s License
  • Employer’s Card
  • Latest Bank Statement/Passbook from where you can show a salary/income being credited for the previous 6 months
  • Copies of all the property documents of the concerned property to be pledged for the loan

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