Commercial property loans are credit options lenders offer against mortgage of a commercial property. It is a type of credit that gives you some of the best features and benefits of the lending market. Understand the concept of a loan on commercial property in details.
A commercial or a real estate property is one that you use to run a business or any other commercial undertaking. As per the concept of loan on commercial property, you can avail it to purchase any commercial property where you aim to run a business or to renovate it.
Bajaj Finserv brings this credit option with modifications in existing conditions to benefit borrowers. So, if you already have a commercial property, you can easily mortgage it and avail a high-value loan amount with no end-use restriction.
Thus, Loan Against Property can be used to meet several big-budget financial requirements.
A loan on commercial property is a type of Mortgage Loan that is secured through the mortgage of commercial property instead of residential property.
Bajaj Finserv provides this loan to borrowers at affordable mortgage rates of interest and charges, one of the lowest in the market. Flexible repayment tenors of up to 20 years makes it even more borrower-friendly.
You pay lower EMIs as the amortisation process used for calculation distributes the interest calculated as per the applicable Property Loan rates in a more extended number of months.
Bajaj Finserv’s commercial Property Loan also comes with Flexi Loan Facility that lets you withdraw the required money from a pre-sanctioned loan amount. You can opt to prepay at any time before the tenor ends.
Loan on commercial property from Bajaj Finserv also requires you to meet mortgage eligibility criteria and documents to avail the same. Meet them and know how to apply for Loan Against Property to avail the same.
Besides fulfilling the eligibility criteria for a commercial property loan, all applicants/co-applicants need to submit the following documents along with the duly filled and signed application form.
1. Proof of identity and residence
Individuals need to submit their KYC documents, such as PAN Card, Voter ID, driver’s license, passport, or any other government-issued document.
2. Proof of income
Applicants can submit the below documents as proof of income.
3. Property-related documents
Property-related documents required for a commercial property loan include a copy of the allotment letter/buyer agreement as well as title deeds, which include the previous chain of property documents in resale cases.
4. Other documents
Here’s a list of other commercial property loan documents that individuals need to submit to complete the application procedure:
Only self-employed individuals can apply for this type of financial assistance. The applicants are further classified into two types, namely:
Self-employed Professional (SEP)
The following professionals come under this category:
Before initiating the application procedure, it is essential for applicants/co-applicants to make sure that they meet the requirements. If they fail to do so, their application will get cancelled.