Commercial Property Purchase Finance

Commercial Property Purchase Finance advances made to borrowers who require funds to purchase Shop / Office or any other commercial property. Lenders can be banking or non-banking financial institutions.

Features

Basis Features of such type of Finance

  • This is secured advances.
  • Collateral is usually the property that is being funded. Existing property can also be put up as security.
  • Interest rates are flexible being either Fixed, Floating or a combination of fixed and floating.
  • Interest rates depend upon client's profile, finacial details and property being purchased
  • Amounts offered are higher than under other types of loans; up to 60 to 70% of the property value.
  • Repayments are made in EMIs (Equated Monthly Instalments).
  • Pre-payments are allowed, to reduce liability.
  • They are long-term in nature; tenors usually vary between 5 - 15 years
  • Non-interest charges include processing fees, pre-payment charges, inspection fees, documentation fees etc.
  • Co-applicants/joint-applicants are allowed.

Every lender assesses a customer differently but, by and large, the basic criteria a borrower should satisfy to be eligible for a loan are outlined below:

Eligibility

  • Employment: Ability to service interest charges, as reflected in the borrower’s earning capacity, is important. Borrowers should be salaried employees or self-employed persons (professional/non-professional) OR be in employment/business for at least 3 years of which current employment should account for at least 1 year.
  • Income: A minimum income varying between Rs.5 - 7 lakhs would be required. This depends on the nature of employment i.e. salaried or self-employed.
  • Credit Rating: A good credit score is required (a score of 750-900 from CIBIL is considered good). Besides this, a healthy financial background is vital for approval and to determine the interest rate and loan amount.
  • Current Obligation: The payment track record of any Loan which had been taken by the customer in the past, even though currently closed and EMI of any existing loan may be considered while calculating loan eligibility
  • Age: The minimum age at the time of application should be 21 years. Repayments have to be completed before the age of 60 or 65.

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Finance Market

805, Akshat Complex, Besides Pakwan Restaurant, Bodakdev, S.G.Highway,

Ahmedabad 380054

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Phone : 079 40022171

Mobile : Kamal Thakkar- 9825642171

Reema Kapoor- 7600011579