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How to Apply and Get Approval for a Commercial Real Estate Loan

How to Apply and Get Approval for a Commercial Real Estate Loan

We often consider opting for loans to finance our big-ticket expenditures; both personal and professional and investment in property is no different. While purchasing a commercial property is an investment for the better future of your business, it comes with its fair share of stress as far as the financing is concerned. This is where commercial real estate loans step in and help you to inch closer towards achieving your dreams.

Commercial real estate loans provide finance at reasonable rates and support you right from the time you are hunting property till the repayment of the loans borrowed.

What are Commercial Real Estate Loans?

A loan for commercial property purchase enables you with funds required in the form of loans to purchase new or resale properties for business.

How to apply and gain approval for a Commercial Real Estate Loan?

We have simplified the entire process of the application right from application to approval to ensure that you can avail of funds in a simple and uncomplicated manner. All you need to do is visit our website, fill in the application form and submit a few documents.

Post this step, our representative will get in touch with you about the next steps in the process.

After successful evaluation of your eligibility, verification of your documents and valuation & verification of the property and related paperwork, your loan will be sanctioned and the approved funds will be credited to your account.

What are the advantages of opting for a commercial real estate loan?

If you are considering borrowing funds for a commercial property, here are some advantages of borrowing funds from Grihashakti:

Quick processing: We understand that quick access to funds can help you grab the property and commence operations in the property of your choice sooner and hence, ensure the quick approval and disbursal of funds. The loan amount is credited to your account within 72 hours post sanction of your application and verification of your documents. Please note that the overall time between application to loan approval could take 15-20 days, as the process includes the valuation of the property and related documents.

Affordable interest: Avail of commercial property loans at reasonable rates of interest starting from 13.50% per annum, which will help in reducing the overall value of the EMIs payable.

Flexible tenure: We offer flexible repayment tenures upto 20 years so that you can select a repayment period and corresponding EMI that can comfortably fit within your budget .

Am I eligible to apply for a commercial real estate loan?

The eligibility criteria are as specified below:

Salaried Professionals

  • To be eligible to apply for a loan, salaried professionals must be employed with MNCs, Listed Public Companies or Government companies.
  • Candidates employed with closely held or unlisted companies, partnership or proprietorship firms are also eligible to apply.

Self-Employed Professionals

  • Self-employed professionals that include individual businessmen, sole proprietors are eligible to apply.
  • Professionals like Doctors, architects and Chartered Accountants are also eligible to apply.

Applicants should possess a steady income and a good repayment capacity and the CIBIL score should be 700 or above to apply for a commercial property loan.

What are the documents required to be submitted for the loan verification process?

The documents required to be submitted for verification as a part of the application process include:

For Salaried Professionals

  • Salaried professionals applying for a commercial real estate loan are required to submit a copy of their PAN Card, Voters ID, Driving License, etc, as Proof of Identity.
  • They are required to submit a copy of the previous 3 months’ salary slips, previous 2 years’ Form 16- and 6-months bank statements with salary credit.
  • he Residence Proof documents required to be submitted include Aadhar Card, copy of the latest electricity bill, Ration Card, etc.

For Self-Employed Professionals

  • Self-employed professionals applying for a commercial real estate loan are required to submit a copy of their PAN Card, Voters ID, Driving License, etc, as Proof of Identity.
  • They are required to submit the previous 2 years ITR computation, CA audited financial and 6 months statement of their primary bank account as a Proof of Income.
  • The Residence Proof documents required to be submitted include Aadhar Card, copy of the latest electricity bill, Ration Card, etc.

Documents related to the property and any other documents as requested by us from time to time will be required to be submitted.

What are the fees on a commercial property loan?

The charges are as described below:

Processing Fee

  • A sum of Rs. 2,500 is charged on a loan amount less than or equivalent to INR 10 lakhs.
  • A sum of Rs. 3,500 is charged on a loan amount between INR 10 to 25 lakhs.
  • A sum of Rs. 4,500 is charged on a loan amount between INR 25 to 50 lakhs.
  • A sum of Rs. 6,000 is charged on a loan amount above INR 50 lakhs.

Documentation Fees

  • A documentation fee of Rs. 1,500 is charged on a loan amount of less than INR 25 lakhs.

Stamping fees are charged as per state laws.

If you are considering opting for a loan, you can visit our website and commence the application process by filling in the requisite details or contact our representatives for further assistance.

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