Loan for Commercial Property

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Andhra bank

AB PROFESSIONAL LOAN

Professionals occupy a premier place in service sector which is contributing a major share in GDP. To faintroduces a special scheme named AB PROFESSIONAL LOAN from 30.01.2012.The salient features of the scheme are as under:

ELIGIBLE BORROWERS

Practising Chartered Accountants, Architects, Engineers, Valuers, Management/ Financial Consultants, Ca. Constitution: Individuals, Firms, Limited Liability firms, Companies or Societies engaged in rendeb. Should be an assessee under Income Tax atleast for the last two years.c. Should be a registered member with their respective professional Association/ Board/ Body.

PURPOSE OF LOAN

To establish/ renovate the office premises, Furnishing of office premises, Purchase of Tools, Equipment professionals, working capital for carrying out day to day operations.

NATURE OF FACILITY

Term Loan, Overdraft or a combination of both depending upon the purpose of credit.

AMOUNT OF LOAN

Maximum amount of finance under the scheme is Rs.10 lac.

SECURITY

Personal security of the borrower and Hypothecation of the article purchased with Bank finance

Collateral security

a. Hypothecation of existing movable assets and asset/s purchased out of loan and other current asb. To be covered under CGTMSE compulsorilyc. Post dated cheques for initial 18 months.

ASSESSMENT OF LOAN AMOUNT

a. Term Loan: 75% of the cost of asset purchased.b. Working Capital limit: 75% of the revenue expenditure of the previous year as per Profit and Losc. Total exposure within 2 times of average annual income of preceding two years.

RATE OF INTEREST

Base Rate + 3.25%=14% presently

PROCESSING/UPFRONT CHARGES


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CORP BANK

Purpose

v To finance acquisition of office premises for self-occupation by the Registered MedicalPractitioners, practicing Advocates, Chartered Accountants, Company Secretaries,consulting Engineers and Architects.

v For purchase of ready built office premises/ premises under construction incommercial complexes/ independent building, construction of office premises in theland already owned. OR purchase of site and construction of office premises thereon.

v Where loan is for purchase of site and construction of office premises, value of theland not to exceed 50% of the project cost.

v Loan for purchase of office furniture & fixture, solar water/ electricity systems alsoconsidered for use at the office premises acquired under the Scheme.

v Maximum age of the ready built property - 20 years.

2. Eligibility

v Professionals, individually/ jointly or as a Partnership firm/ Company, having an

established practice with a minimum experience of three years, in the age group of 25to 65 years.

v The applicant should be an Income Tax assessee with Minimum NET annual income of Rs. 1,50,000/-

v The applicant not having any outstanding statutory dues.

v Spouse having regular/independent income also can join as co applicant tosupplement repayment capacity.

v Businessmen not eligible for finance under this Scheme.

3. Nature of facility

Loan in the form of Term Loan.

4. Quantum of Loan

Upto Rs. 100 lakh in Metro & Port-town, Rs. 50 lakh in Urban, Rs. 25 lakh in Semi-urbanand Rs. 5 lakh in Rural places.Loan amount as above is based on the location of the property and not category of theBranch.


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5. Margin

v Uniform margin of 35% on cost of construction/purchase consideration [theagreement value inclusive of stamp duty/ registration, etc..]

v 40 % for furniture and fixtures etc..

v Where loan is for purchase of site and construction of office premises, value of theland not to exceed 50% of the project cost.

. Rate of Interest:

12.00% p.a. with effect from 04.05.2009.

Security

Fully secured by Equitable Mortgage of Office Premises. Also, hypothecation of furniture& fixtures financed.

8. Guarantee

Third party guarantee not mandatory.

9. Repayment

v The loan is repayable in EMI , in maximum period of 10 years, including initialmoratorium of upto 12 months.

v Repayment capacity is based on DSCR, irrespective of loan amount.


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HDFC BANK HDFC offers loans exclusively for professionals such as doctors, charteredaccountants, lawyers and other self-employed professionals forconstruction, purchase, extension or renovation of their office or clinic.

FeaturesPurpose Purchase, Construction, Improvement of Office, Clinic

Eligible DoctorsChartered AccountantsLawyersOther self-employed professional

Maximum loan 80% of the cost of the property. This is however subject to valuation of theproperty as assessed by HDFC.Maximum Term For non residential premises, maximum term is 15 years and NRPimprovement remains 5 years.Adjustable and Fixed Rate Home Loans

Applicant and Co - Applicant to the loan Loans can be applied for either individually or jointly. Proposed owners of the property will have to be co-applicants. However, the co-applicantsneed not be co-owners.

Adjustable Rate Home Loan Loan under Adjustable Rate is linked to HDFC's Retail Prime Lending Rate(RPLR). The rate on your loan will be revised every three months from thedate of first disbursement, if there is a change in RPLR, the interest rate onyour loan may change. However, the EMI on the loan disbursed will not change*. If the interest rate increases, the interest component in an EMIwill increase and the principal component will reduce resulting in an

extension of term of the loan, and vice versa when the interest ratedecreases.* Conditions Apply

Fixed Rate

Interest Rate

Wef : 1st Aug 2011 RPLR: 16.50%

Applicable Rates(Monthly Rest Basis) Fixed Rates% Variable rate% Basis%
http://www.hdfc.com/loans/home-loan.asphttp://www.hdfc.com/loans/home-loan.asp


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Upto Rs. 1 cr 14.00 13.25 RPLR - 3.25%

Rs. 1.01 cr and above 14.00 13.00 RPLR - 3.50%The above rates are subject to change without notice.

Loan for Commercial Property

Documents

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