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Loan for Commercial Property
Why rent, when you can own your office space. Apply for ICICI Bank’s Loan for Commercial Property, today!
Introduction
As an established business owner or a budding entrepreneur, you must have always dreamt of building a profitable business. This is only possible when you have the right environment or a workplace to achieve your aspirations. If you have been intending to raise funds for commercial or office premises, then let us be a part of your lending needs.
Whether you are thinking of purchasing a new office space, expanding your present business or simply improving or renovating your existing office, ICICI Bank’s Loan for Commercial Property is just the right solution for your commercial lending needs.
The Loan for Commercial Property caters to organised and unorganised sectors, across various industries, thus, enabling you to establish a commercial set up at attractive interest rates, starting from a minimum of <9>% onwards, per annum. The loan can be used to purchase, construct, extend or refurbish office premises.
Enjoy a quick loan disbursal process and a host of other benefits, offered by ICICI Bank.
Features
Multiple uses: The Loan for Commercial Property by ICICI Bank is specifically offered to self-employed professionals/non-professionals who want to purchase a new office space, revamp the existing one
Easy documentation: When it comes to Loan for Commercial Property documents, it is a simple and convenient process. With minimum paperwork, you can avail instant funds for buying or improving or growing your business presence
Transfer of Loan:You can also opt for a balance transfer of your loan, if you are struggling with high interest rates on your Non-residential Property Loans.
To qualify for the Loan for Commercial Property offer, you need to meet the following eligibility criteria:
- Any resident Indian can apply for the Loan for Commercial Property
- It is available only to the self-employed professionals and non-professionals
- The business should have been in operation for a maximum of 3 years.
Below are the Loan for Commercial Property documents you need to produce, at the time of application:
Proof of identity & residence:
- Aadhaar Card, PAN Card, passport or driving licence.
Proof of Income:
- Income Tax Returns for the last 3 years
- Last 3 years’ Balance Sheet and Profit & Loss Account Statements
- Last 6 month’s Current Account Statements.
Proof of Business Ownership:
- Copy of the Buyer Agreement
- Copy of the Title Deed (including the previous chain of papers, if purchased by the earlier owner).
Popular FAQs
What is Loan for Commercial Property?
Who is eligible for Loan for Commercial Property?
What are the documents required for Loan for Commercial Property?
To be eligible for the loan, here are the essential documents that you should produce, along with a duly signed application form:
- Proof of Identity & Residence: You can produce either your Aadhaar Card, PAN Card, Passport, or Driving Licence
- Proof of Income: You need to submit the last 3 years ITR, with computation of Income, last 3 years’ Balance Sheet and Profit & Loss Account Statements attested by a CA and last 6 months’ Current Account Statements
- Property Documents: You need to submit a Copy of Allotment or the Buyer Agreement and Title Deeds.
What is the interest rate applicable on Loan for Commercial Property?
What is the minimum loan amount offered on Loan for Commercial Property?
How can we apply for Loan for Commercial Property?
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