A commercial property loan is a loan that a lender offers against the mortgage of non-residential or commercial property. Such properties are used to run a business or any other commercial activity. If one wants to buy a commercial property, he/she has to take a commercial property loan. I recently learned about commercial land loan rates and their eligibility as well. You can learn about both of them in this answer.
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How to get loan for commercial land purchase?
There are several banks or institutions that provide commercial loans for example HDFC. let me share the criteria that the applicant must meet to qualify for the commercial loan here-
Features:
In HDFC one can avail of the loan in case of
Purchasing a built-up office space
Extending, renovating or constructing an office space
Transferring balance of a commercial loan from another bank
As for the commercial land loan eligibility in HDFC, the applicant
Can apply for the loan jointly or individually
Only close family members or joint owners can apply for the joint loan with the owner
The maximum repayment period is 15 years
I hope these details answer how to get loan for commercial land property. But do know that HDFC loan amount depends on some conditions like-
| Loan Amount | Maximum Funding |
Rs. 20 lakh or less |
90% of the cost of property |
Rs. 20.01 lakh to Rs. 75 lakh |
80% of the cost of property |
More than Rs. 75 lakh |
75% of the cost of property |
The commercial land loan rates usually remain between 8.75% to 9.75% p.a but might vary from bank to bank.
Read More:How to qualify for a commercial real estate loan ?
What is a commercial construction loan ?
Can I get business loan to buy commercial building?
Can I get business loan for buying commercial place?
Difference between residential and commercial loans?
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Authors Of The Question
How to Get Loan for Commercial Land Property?
Rashi
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1 Year
2023-03-13T17:42:22+00:00 2023-03-13T17:47:59+00:00Comment
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