While home loan offers abound in the market, applying for a loan to purchase a commercial property works in a different manner. Depending on which kind of commercial property you wish to buy, the process unfolds accordingly.
Here are some factors to keep in mind when applying for a loan to buy commercial property.
The type of commercial property will be either office space or retail outlet. Ready-to-occupy properties (as opposed to the ones under construction) are easier to get a loan against.
Unlike with residential property loans, commercial property loan amounts are restricted to 55% of the property value.
The processing fee for commercial property loans are higher than that of residential properties—usually around 1% of the loan value.
Make sure to invest with a trusted and reputed builder in order to secure a good loan against the commercial property.
You will have to ensure that the builder has all the requisite clearances and statutory approvals for the construction of the property.
The property must address all the technical concerns with provisions like fire extinguishers, emergency exits, elevators, etc.
Unless you are looking for a small enterprise like setting up an ATM machine in a commercial space, you will have to apply for a loan against a minimum square foot area of the property.
The loan tenure in the case of a commercial property is restricted to 10 years, which translates into a higher EMI.
The newer and more modern the commercial property, the higher the odds of securing a loan against its purchase.
The investment in a commercial property may be higher as compared with residential properties, and the loan policies are more stringent. However, the ROI is far greater, making the investment totally worth it.
It has been a wonderful experience in owning a commercial space at Gera's latest offering in Goa GERA GRAND.
How has your experience been of owning a commercial space with Gera?
My experience has been excellent. I have purchased an office in Gera’s Imperium 2 and a s..
Having a commercial space in and around Panjim was our long desire and this could be possible with Gera’s.
Patto Plaza has ..
First of all I would like to thank you and the Gera team for organizing different workshops at our doorstep.
The best thing I have done to my kids is that I took a right decision to buy a flat in Gera.
Because of this decision , Vishnu could attend the development workshops that were conducted.
Vishnu was a shy child who didn't like to participate in any of the programmes.
As far as Dale Carnegie workshops is concerned it has given him a lot of confidence and was presenting things in a much better way and I can see a lot of improvement in him.In simple words u made a person(..
My son Tattva had been enrolled in the intermediate level and has been coached by the Vishwanathan Anand Chess Academy coach . Tattva has made remarkable strides and will be on his way to get his FIDE rating in November. A lot of credit goes to the mentor for his unique way of handling his students. He has been very patient while working with Tattva on his areas of improvement. In addition before the tournament the coach had voluntarily added additional classes and doubled his efforts to get a better performance out of Tattva. He has shown complete ownership which is commendable. I hope he continues to develop more and more chess players in the coming days...