It's not possible to purchase a shop without a good amount of resources. So, for that, the financial institution has come up with loans for commercial shops. A commercial loan has made our lives easy. Now, anyone with a dream of establishing businesses can apply for loans to buy commercial land or shop to set up their business. But most of the time while thinking about loans we tend to think that the eligibility criteria for home and loan for shop purchase would be the same. I will share with you the difference between residential loans and commercial loans and the eligibility criteria so that you can wisely get loans for commercial shops.
Difference between residential property purchase and commercial property purchase:
The LTV (land-to value) ratio for residential property is around 75-85%. For commercial property, it is 55%.
The rate of interest of commercial property is higher than residential property.
The loan tenure for commercial property generally extends to 10 years, whereas for residential property it is 25-30 years.
The processing fee for commercial property is higher than residential property loans.
Can I get loan for buying shop?
The answer would be yes! There are many banks such as HFFC, IDBI, DHFL, Bajaj Finserv, ICICI, PNB that offer commercial loans to their customers.
I have secured commercial loans for PNB so I will mention their eligibility criteria.
Eligibility criteria:
For salaried employees/ self-employed professionals/ non-professionals, the customer's age should not be more than 50 years.
For partnership firms/ corporate bodies: The entity has to be in existence for at least 3 years prior to the date of application
I hope this answers your question related to loan for shop purchase.
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Authors Of The Question
Can I get loan for buying shop?
Dibyendu
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2 Year
2022-02-28T20:51:42+00:00 2022-02-28T20:51:43+00:00Comment
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