What Is A Commercial Property Loan?
Getting a SMFG Grihashakti home loan is accompanied by a range of benefits.
Simply put, a commercial property loan is a type of loan that can be used to purchase real estate in order to run a commercial undertaking or business. You can also use the loan to renovate the property.
What Are the Types of Commercial Property Loans?
SMFG Grihashakti offers a range of loans for commercial property purchases or renovations. These include:
Loan to Purchase New Commercial Property: If your goal is to purchase a new commercial property then you should make an application under the ‘Loan to Purchase New Commercial Property’ category.
Loan to Purchase Resale Commercial Property: If you are interested in purchasing a used or a resale commercial establishment, opt for SMFG Grihashakti’s ‘Loan to Purchase Resale Commercial Property’.
Loan to Construct Commercial Property: If your dream is to build a commercial establishment from the ground up, then the category of loan that you should apply for is ‘Loan to Construct Commercial Property’.
What Are the Benefits of a Commercial Property Loan?
Availing of a commercial property loan comes with a host of benefits. These include:
Flexible loans to Purchase New, Existing Commercial Properties or Construct Commercial Establishments from scratch: SMFG Grihashakti’s commercial property loans are ideal for the purchase of any new or existing commercial space to start your business venture. Commercial loans by SMFG Grihashakti can be availed to finance the construction of a commercial real estate space from scratch.
Simple Eligibility Checks and Documentation: SMFG Grihashakti only requires applicants to meet its minimum eligibility parameters to avail of a commercial property loan. Successfully meeting the eligibility criteria is followed with a hassle-free documentation process.
Attractive Interest Rates with Convenient Repayment Tenures: SMFG Grihashakti offers a range of affordable commercial property interest rates in combination with simple repayments through easy monthly instalments across a convenient repayment tenure.
Ease of Online Application with Quick Processing: You can apply for a SMFG Grihashakti Commercial Property loan from the comfort of your home or office. Moreover, you can quickly get an estimate on your future monthly instalment outflow with the help of the convenient EMI calculator available on the website.
What is the Documentation Process to avail of Commercial Property loans?
Conveniently upload the soft copies of the required documents on SMFG Grihashakti’s website. The list of documents includes:
- Proof of Identity: PAN Card, Voters ID, Driving License
- Proof of Residence: Aadhaar Card, Latest Electricity bill/Piped gas monthly bill, Ration Card, Property Tax/Water Bill
- Proof of Income for Salaried individuals: Last 3 months’ salary slips, 2 years’ Form 16, 6 months’ bank statements with salary credit
- Proof of Income for Self-employed individuals: Last 2 years ITR with computation, CA audited Financial wherever applicable, 6 months bank statements
- Property related documents will also need to be submitted along with the above list.
What Are the Applicable Charges on Commercial Property Loans?
Availing a SMFG Grihashakti Commercial Property loan attracts the following charges:
The processing fee for a commercial property loan is up to 3% of the loan amount.
Application fees are as follows:
- INR 2,500 for a loan amount less than or equal to INR 10 lakhs
- INR 3,500 for a loan amount between INR 10 to 25 lakhs
- INR 4,500 for a loan amount between INR 25 lakhs to 50 lakhs
- INR 6,000 for a loan amount above INR 50 lakhs
Documentation fees of
- INR 1,500 for loan amount less than INR 25 lakhs
- INR 3,000 for loan amount more than INR 25 lakhs.
Stamping fees are as per state laws.