Commercial Property Purchase Loan
Buying a commercial property is always an important step. We understand that a lot of aspirations and desires go behind making this investment and help you out in getting a step closer to buying your dream property through our commercial property purchase loan.
What Is A Commercial Property Purchase Loan?
As the name suggests, a commercial property purchase loan is a term loan provided specifically for purchasing a commercial property. Just like a car loan or an inventory loan, this is the kind of loan where the purchased entity itself acts as the collateral.
When you obtain the commercial property purchase loan from us, the property you purchase from the funds acts as the security for your loan. Although you can start utilizing the property as soon as you have purchased it, you will get its ownership only after you have paid off all the dues.
At Vinayak Associate, you can avail of a commercial property purchase loan for the following types of properties:
- Already built commercial properties
- Commercial properties under construction
- Reimbursing the cost for an already purchased property
How Does A Commercial Property Purchase Loan Work?
As mentioned earlier, a commercial property purchase loan works in a way that is similar to any term loan provided for the purchase of a specific commodity.
Once you approach us with your loan requirements, our executives will assess your eligibility for the loan by taking the following key factors into consideration:
- Your age (the age range lies between 21 and 65 years)
- The value of commercial property to be bought
- Your monthly/annual income
- Your monthly/annual income
- Your history of credit and defaults (if any)
- History of bankruptcy (if any)
- History of bankruptcy (if any)
The meaning of a car loan is pretty self-explanatory.
Charges Levied
There are three major charges that would be levied during the tenure of your commercial property purchase loan – processing fees, prepayment charges, and conversion fees.
The processing fee is a nominal amount levied on the processing of your loan application. If you are willing to settle your dues before your term ends, you will need to pay prepayment charges for the same.
Also, if you are willing to switch from an existing property loan to a fresh commercial property purchase loan with improved benefits, you will need to pay conversion chares for making the switch.
All these factors help us decide on the amount of loan to be provided, the interest to be charged, and the tenure of your loan. Once your eligibility is finalized, you will need to submit specific documents based on your occupation and purpose. Some of these documents include:
Your application will be processed and funds disbursed shortly after all the formalities are carried out. You can make repayments on an easy monthly installment basis.
- Proof of age
- Proof of age
- Balance sheets of the last 3 years
- Profit and loss statements of the last 3 years
- Bank statements for the last 6 months
- Copy of the buyer agreement or allotment letter for the concerned commercial property
- Title deeds for the concerned property
- Other relevant documents if required
What Are The Benefits Of Commercial Property Purchase Loan?
Longer Repayment Term
On taking a commercial property purchase loan, the repayment tenure generally stretches to several years. This reduces the pressure of making higher payments every month for settling the dues.
Option For Reimbursement
Apart from purchasing a new property, the loan can also be taken if you are willing to reimburse the money for a commercial property that you have already purchased.
Less Focus On Credit Score
Although your credit score is important for assessing your eligibility, the focus on it is considerably lower due to the secured nature of the loan. You can rest assured that you will get the best deal for a property loan with an easy repayment structure at Vinayak Associate. Contact us now for more details and for engaging with us.
