| Category | Self Employed |
|---|---|
| Proof Of Identity (Any One) |
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| Proof Of Residence (Any One) |
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| Proof Of Income |
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| Property Related Documents |
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| Other Documents |
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Commercial Property Loan
A commercial property loan is a mortgage secured by a lien on commercial property. We were deals for providing a range of loans for purchase/ construction/ extension and improvement of commercial property in approved areas. This includes loans for office space, shops, retail, hotels, clinic or outlet.
We were promised you for best service providing for loans to purchase of a new or existing clinic or office. Loans for the extension, improvement or construction of an office or clinic.
We were suggests you for transferring your current outstanding loan availed from another Bank / Financial Institution.
Features & Benefits of Loan Against Property
- The loan is available at very competitive rates of interest, currently available in the industry.
- Option for different EMI amounts for different periods during tenure of loan to suit customer’s repayment capacity
- Loan to NRIs as well as Persons of Indian Origin.
- Simplified application form/procedures for convenience of customers, and speedy approvals.
- Repayment upto 70 years also allowed to salaried employees having assured post retirement income.
- Lowest processing charges.
- Prepayment of Loan permitted. No prepayment charges under floating rate option.
- Interest is calculated on daily balance basis which is of great advantage to customer as it results in lower interest amount.
- Life Insurance Cover to borrowers for Loan Protection(optional).
- Highly flexible - maximum 15 yrs. Loan to be normally repaid before date of retirement in case of salaried persons and before attaining 70 years of age in case of others.
- Complete transparency in operations.
- No Hidden costs or administrative charges.
- We are promised you for providing the best LTV in the market.
Tax Benefits of Commercial Property Loan
It is important to note that you are not allowed any deduction for repayment of loan taken for commercial property under Section 80 C.you are allowed to claim depreciation also on the same commercial property along with the interest which you are paying on the loan taken to buy the property.
Taxation of Commercial Property Income
- The Income Tax Act allows deduction under two heads for income from commercial property (annual value) as per Union Budget for FY 18-19.
- The amount of rent received or expected to be received from such property is known as “annual value” and is taxable under this head after certain deductions.
Applicable Tax Deductions
- Standard deduction for repairs, insurance, electricity, water supply etc. is allowed at the rate of 30% of annual value. This deduction in available for both a let out (rented out) commercial.
- Deduction of Interest is the deduction available on the interest paid on loan taken for purchase/construction/repair/reconstruction of commercial property. The processing fees and prepayment fee paid for commercial property loans is treated as interest and is eligible for deduction under Section 24.
Home Loan Calculator
- Monthly Industrial Property Loan EMI is calculated based on loan amount, loan tenure and interest rate.
| Loan Amount | 10 Year Loan | 20 Year Loan | 30 Year Loan |
|---|---|---|---|
|
₹ 20 Lakh |
₹ 26,154/- |
₹ 23,614/- |
₹ 21,188/- |
|
₹ 30 Lakh |
₹ 39,231/- |
₹ 35,421/- |
₹ 31,781/- |
|
₹ 50 Lakh |
₹ 65,385/- |
₹ 59,034/- |
₹ 52,969/- |