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Overview

It has always been a Dream for any Business Entrepreneur to work from his Self-Owned Premises whether he could be a Professional Consultant, or a Self-Employed Business Owner. You purchase a Property to make it a source of your Secondary Income.  Your decision always needs a perfect execution when there is a requirement of Financial assistance and this is where we are there to help you with this. Choosing the right Loan requires a lot of thought process. Starting from minimum Interest Rates to the maximum tenure as well as the Loan Eligibility, every parameter has to be cautiously and meticulously worked upon.

Commercial Loan is loan where you purchase your Dream Property or Construct or Renovate as per your need and the Property is mortgaged by the Financier or the Commercial Loan Institution. We at Atharva’s Financial Solutions simplify this process and make it easier and hassle free by providing all these Services right at your Doorstep.

Features

Product Overview

  • Under Construction / Ready Possession Shops / Office Spaces /Ware House / Industrial Work Shops
  • Purchase of a Plot & Self Construction of Commercial Space

Funding

You could avail 50 to 60% of the Market Value or 80% of the  Agreement Value which ever would be Lower.

 

Criteria

Applicant can apply for a Loan in his Individual capacity or he could jointly take other Property Owners as Co-Applicant.

Quantum

Maximum Tenure of  15 Years depending on the other parameters. Subject to Bank’s Policies & their criteria.

CIBIL Score

Financial Institutions & Banks will always check the Credit Report which is downloaded from Credit Bureau of India Ltd. website to understand the applicant’s & co-applicant’s past repayment history and also to understand the existing Loan obligations serviced by the Individual. Based on this past History and Loan Obligations, the Financial Institutions appraise the said proposal for Final Sanctioning. Based on the CIBIL score, the Final Commercial Loan Interest Rates could also vary.

Commercial Loan Eligibility Norms

Loan Sanction Criteria varies based on the Profile.

If you are Professional Consultant, the calculations are normally done based on consideration of your Gross Profit and Net Profit which could vary with respect to Financier.

For Self Employed Individuals, the Calculations are Normally done based on different methods which Include Income declared as per the Latest Financial returns filed, Bank Statements, GST Returns, Gross Turn Over Products etc. But it is normally restricted to Fixed Obligation to Income Ratio Norms (FOIR).

Rate of Interest

Interest Rates vary based on the Profile of the Customer, CIBIL score and it also depends on various other Parameters such as Eligibility Criteria under which the Proposal has been sanctioned.

Interest Rates could either be Fixed / Floating/Semi Fixed and may vary between the Banks and other Financial Institutions.

Commercial Purchase Loan Processing Fees & Other Charges

Apart from Commercial Purchase,  Loan Interest Banks and other Financial Institutions will charge a Fixed Nominal Charge which normally needs to be paid at various stages during the Loan Processing period. While making your comparisons, make sure you also consider these charges. Below are details of this charges which are normally paid during various stages of the Commercial Loan processing:

At the time of Commercial Loan Application: –

Processing Fees

While processing your Loan Application, the Bank normally charges you a Processing Fee. This is considered to be Non refundable and the charges are likely to vary with different Banks.

For Salaried Individuals, it normally varies within the Range of 0.5% to 0.75% and for Self Employed Individuals, it varies from 0.75% to 1% based on the Loan Amount. Normally your Legal & Technical Charges are actually included within this fee. But a few Private Banks & Financial Institutions will charge the Legal & Technical Fees separately, which is quite nominal.

Loan Insurance

In Order to Secure the Loan Proposal, the Bank will provide a Property Insurance as well as a Loan Cover in order to secure the Loan. The Insurance amount is added to the Loan Amount which indirectly increases the EMI amount.

Franking Charges & Notice of Intimation

While Executing the Loan Agreement between the Financial Institutions and Customer, the State Government normally charges a Nominal Stamp Duty which the Customer needs to bear along with the Legal Fees during execution of the Loan Agreement along with the Legal & Notary Charges which could be charges during executing the Notice of Intimation documents.

Post Loan Disbursement

Customers need to be aware of the below charges which could be charged

  • Cheque / ECS Dishonour Charges
  • Penal Interest Charges
  • Rate Conversion Fees
  • Duplicate Loan Statement & Other Related Documents

Preclosing Charges

For Individual Commercial Loan Proposal, if the Disbursement has been availed on an Individual Capacity the preclosing charges may generally vary on case to case basis. But at the same time, if the Company / Firm has been taken as a guarantor, then the Preclosing Charges may vary from 2%-4%

Once your Loan is sanctioned, Banks will normally provide to secure the Loan Amount so Banks will provide Property Insurance as well as Life Cover in order to secure the Loan Amount to avoid unexpected incidents such as death and disability.   

 

Commercial Loan Documentation Details

Below Documents need to be submitted along with your Loan Application
Documentations
Options
KYC Documents
Check box
Income Documents
Bank Statements
Existing Loan Details
Property Documents

Above List could vary based on the Banks and other Financial Institutions and solely depend on the Final credit approval provided any additional documentations required for final credit assessment.

Tenure

As mentioned earlier, the maximum tenure an Individual can apply is for 15 years. It is always subject to Credit Norms the loan terms would be finalized and could be reduced on the sole discretion of the Credit.

Property Funding Criteria

Value of Funding is further derived from the Property Value or the Market Value which ever seems lower. As per the RBI guidelines, higher the Loan Amount, lower the proportion of funding which is as mentioned above.

Balance Transfer Option

In case of Existing Mortgage Loan / Loan Against Property, there is an option of transferring the Loan to an Another Financier and we could also enhance the amount as a Top-up which based on the End Use of the Loan could be sanctioned. End Use could either be meet your Cash flow in your existing Business or for meeting up your Personal Needs like Marriage, Business, Higher Education, Hospitalizations and many more. Eligibility Calculations would remain same based on the other Loan Obligations. This is could also facilitate in reduction of Interest Rates which could be quite beneficial while transfer is concerned.

We'd love to hear from you

Contact Us

Atharva Financial Solutions is one of the leading Financial Consultant Services established in 2007 to produce fast and reliable fund-raising solutions all over India.

Reach us through

  • B-8 Aaradhana Society
    42/2 A Shivaji Nagar
    Pune :- 411005
  • 9370672252/ 9822142252
  • contact@yoursite.com

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