What is Industrial Property Loan?
Industrial property loan allows you to get fund for developing manufacturing units & expand business growth. Industrial Property Loan is provided by various banks, NBFCs and financial institutions at affordable rates & flexible tenure facility.
For Loan Against Industrial Property Banks and NBFC needs borrowers to industrial property as collateral security. The minimum amount you can expect is 20 lakh and maximum amount can go up to 2 Crore on industrial property loan.
If you want to take an industrial property loan your age should be above 22 years old Salaried or Self- employed. Part of the house which has an annual income that’s greater than 3 lakhs
Also Read:-Kotak Personal Loan
Industrial Property loan Features & benefits
Before geting an Industrial property loan you should have knowledge about features and benefits.
Loan Amount: The loan amount is totally depended on income stability & valuation of property, like this there are similar factor which are considered.
Pre-Payment Charges: A prepayment charges you have to pay to the bank and NBFCs. if you decided to repay the loan before the end.
Loan Tenure: You can pay industrial property loan up to 15 years depending on your loan.
Foreclosure Charges: The foreclosure charge is the full repayment of your remaining loan amount in a single payment instead of through monthly instalment
Collateral: for industrial property loan banks and NBFC needs to take industrial property as collateral security.
No-Preclosure charges: industrial property loans given to individuals and it doesn’t attract pre-payment or closure charges.
Overdraft Loan: This type of overdraft loan allows their bank holders to withdraw cash to an agreed limit even when their balance reaches zero.
Loan Amount to Valuation Ratio: Industrial Property Loan ratio up to 60 percent of the current market value of the property.
Processing Fees: 0.75 percent to 1.5 percent of the Lndustrial Property Loan amount.
Pre-payment: when we payment of loan in advance of its official due date.
Document Require for Industrial Property Loan
For getting an Industrial Property Loan. You need to summit the following documents:-
- Proof of identity
- Address Proof
- Proof of income
- Property related documents
- Other documents
Get compared from multiple banks rates & terms at one place, Financeseva help you to get best deal for your loan requirement. Industrial Property Purchase Loan We assure full transparency to be maintained starting from application to disbursement. To know more about our products & services just give a miss call to 9863-02-02-02, our representative will get in touch with you shortly.
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