All you need to know about Commercial property loan
A commercial property loan is a credit secure by a commercial property, such as an office building, shopping center, industrial warehouse, or apartment complex. Income from commercial mortgages is typically used to acquire, refinance or redevelop commercial property. Taking a loan for residential property is a common practice nowadays but there are many people who want to take a loan for office space or for an outlet but are unable to get it because they have very limited knowledge on it. A financier applying for a loan must submit a company’s financial papers, proof of integration, and proof of business. It is possible to get a commercial loan because some banks provide this facility. But there are differences that you need to know when going for residential property loan and commercial property loan.
Features of loan
- With a commercial property loan, one can buy or lease a new or existing clinic, office or an outlet space.
- Commercial property loans for the expansion, improvement or construction of an office, clinic or outlet may be provided under financing
- Credits for transfer or renewal of a commercial property can also be avail under this category.
- Expert lawful and technical consultation is also offer to help you make the right decision to purchase your property.
- Processing of loans is easy with hassle free documentation process.
- Repayment is available through monthly installments that can be made over a flexible tenure.
- We provide this loan in Rupyaapaisa.
Who are Eligible for this Loan?
A commercial property loan can be use by both self-employed individuals and self-employed professionals. Self-employed professionals who are eligible for this loan: Engineer, Doctor, Company Secretary, Lawyer, Chartered, Accountant, Architect, Consultant. Self-employed persons who are eligible for this loan: commission agents, traders, contractors. You can get a property loan for one of two purposes: one for office space, one for outlets. These two categories can be further classified into two – ready for occupation and construction. Mostly lenders hesitate to lend for commercial properties and the reason behind this is mostly people who apply for commercial loans. Lenders are happy to lend a commercial property loan to individuals who want this loan for their business. The same applies for an under-construction property.