Non-Residential or Commercial Purchase Loan :
Loan for purchase of Commercial Property or Industrial Property such as office space, shops, factory, etc. The maximum loan offered is 60% to 70% of the property value and the maximum loan tenure is 15 years for any borrower. Most banks or financial institutions require 5 years of business or employment vintage to avail a loan for non-residential property purchase.
Documents Required:
For any loan application, a minimum set of documents are generally required by any financial institution in order to process the application. The list of documents required are as follow:
- Identity Proof: Identity proof can include PAN card, Aadhar card, Voter ID card, Passport, etc.
- Address Proof: Address proof can include Aadhar card, Passport, Utility Bills, etc.
- Income Proof: Income proof can include ITR documents, Form 16, Salary slips, Form 26AS, and Bank statements.
- Business Existence Proof: This is usually required in the case of a self-employed borrower and can include a GST registration certificate, trade license, partnership deed, etc., In the case of a self-employed professional like CA or Doctor, a certificate of practice and degree is also required.
- Loan Details: This includes sanction letter or repayment schedule of any existing running loans along with its repayment bank account statement.
- Property Documents: This includes a complete chain of property documents like sale deed, conveyance deed, allotment letter, sale-purchase agreement, possession letter, etc. and certificate of approved sanctioned maps and plans for construction.