Commercial Property Loan FAQs

  1. Who can avail a commercial property loan?

    Every working individual who is either salaried or self-employed and is capable to repay the loan can avail a loan for commercial property.

  2. What is the tenure for a commercial loan?

    The loan can be taken from 1-15 years depending upon the applicant.

  3. How much loan can I avail?

    Lenders evaluate certain factors like your financial profile, credit reputation, and your loan repayment ability and decide what should be the loan amount.

  4. Can I prepay the loan before the tenure?

    Prepayment of loan is possible after a certain lock in period is over. Some banks may even charge a penalty for it.

  5. How long the sanction letter is valid?

    The sanction letter is valid for 3 months so that in the meantime you can choose the office space of your choice.

  6. Do I need to provide any collateral for the loan?

    The property for which you are taking the loan will itself act as a mortgage and can be seized if the loan is not paid back.

  7. How can the loan be repaid?

    The loan can be repaid in EMIs through PDC (post dated cheques) or ECS (electronic clearance system).

  8. How much time it will take to get my loan approved?

    The loan is generally sanctioned in 7 working days; however, for the self-employed the sanctioning time can be a little longer.

  9. Can I get a loan for purchasing a property overseas?

    No, you can only get a loan to buy property in India and not overseas

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