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Home Loan
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NRI Applying While sitting Abroad
 
    Loan Against Commertial Property

This loan is provided against commercial property (office space,shop) which should be approved by local municipal authorities . While providing loan , the bank verifies the type of commercial property, its usage and occupancy. Most banks offer loan only if the commercial property is self occupied. The loan could be used for meeting any personal requirements of the borrower such as business expansion ,marriage.

Product features:

  • Max funding- 50% to 60% of market value
  • Tenure – 1 to 15 years
  • Interest rate – As applicable . Interest rate keeps on changing.
  • Age limit - max 65 years or retirement age whichever is earlier for salaried and 70 years for self employed.
  • Loan foreclosure penalty - Means paying off the complete loan at one go. Mostly bank charges 2 to 3% of principal outstanding.
  • No income tax benefit is there
  • Loan foreclosure penalty - Means paying off the complete loan at one go.Most bank charges 2 to 3% of principal outstanding as penalty .
  • part payment - means paying some part of loan.Most bank don't charge any penalty.
  • Co-applicant - Most of the banks ask for co-applicant .Co-applicant in case of
  •                          Individual  - spouse,parents
  •                          Director  - spouse , parents , pvt ltd company , other directors .
  •                          Partner - spouse , parents , partners .
  •                          Co-owners of property need to be co-applicants in loan . 

Loan process

3 documents are required for a loan to get disburse

  1. Sanction letter: - Loan sanctioning is based on the financial documents,personal documents and past credit history of the borrower.  Based on the information provided through these documents banks calculates the loan eligibility and decides on the loan amount.

    Documents required for loan sanctionning are :-

          Documents in case of salaried
          Documents in case of sole proprietor (proprietorship)
          Documents in case of partner (partnership)
          Documents in case of director (private limited company)

  2. Legal report: - In this complete chain of property documents , starting from allotment of the property till the last transaction , are required . Based on these documents  legal report is made.

     Technical report : - In this approved map by municipal authority is required .On map provided , physical verification of the property happens .While verification certain things are checked like area of property , usage of property(Residential or commercial) . Based on this   report is made .

If all the 3 documents are approved by the bank , than disbursement documents are signed and cheaque is made in name of borrower .

This complete process takes 15 to 18 days , subject to complete documents are provided by borrower

 

 

     

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