Loan for Purchase of Commercial Property

Why rent when you can own your office space? As an established business owner or a budding entrepreneur, you must have dreamt of building a profitable business. This is only possible when you have the right environment or workplace to achieve your aspirations. If you have been thinking about raising funds for commercial or office premises then let us be a part of your lending needs.

Eligibility, Interest Rates and Documents Required

Eligibility Criteria for Commercial Property Loan

To be eligible for the Commercial Property Purchase Loan offer, you need to meet the following eligibility criteria:

  • You should be a Resident Indian
  • You should be a salaried individual, self-employed professional/ non-professional
  • Your business should have been in operation for a maximum of 3 years.

Commercial Property Purchase Loan Interest Rate

With our Commercial Property Purchase Loan, you get access to funds at lower interest rates. As a self-employed individual who wants to start a business, you can borrow the loan without incurring any hidden charges.

Commercial Property Loan Documentation Checklist

Below are the Commercial Property Purchase Loan documents you need to submit at the time of application:

Proof of identity & residence:

  • Aadhaar Card, PAN Card, passport or driving licence

Proof of income:

  • Income Tax Returns for the last 3 years
  • Balance Sheets and Profit & Loss Account statements for the last 3 years
  • Current Account statements of the last 6 months

Proof of business ownership:

  • Copy of the Builder Buyer Agreement
  • Copy of the Title Deed (including the previous chain of papers, if purchased by the earlier owner)
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Commercial Property Purchase Loan FAQs

What is Commercial Property Purchase Loan?

Commercial Property Purchase Loan also known as a Non-Residential Property Loan, is a loan facility offered by ICICI Bank to the self-employed professionals and non-professionals who want to construct, expand, renovate, or buy an office space, to achieve their business goals. Apply for an ICICI Bank Commercial Property Purchase Loan, online or offline.

Who is eligible for Commercial Property Purchase Loan?

Any salaried, self-employed professional and self-employed non-professional is eligible for an Commercial Property Purchase Loan.

What are the documents required for Commercial Property Purchase Loan?

To be eligible for the loan, here are the essential documents that you should produce, along with a duly signed application form:

  • Proof of Identity & Residence: You can produce either your Aadhaar Card, PAN Card, Passport, or Driving Licence
  • Proof of Income: You need to submit the last 3 years ITR, with computation of Income, last 3 years’ Balance Sheet and Profit & Loss Account Statements attested by a CA and last 6 months’ Current Account Statements
  • Property Documents: You need to submit a Copy of Allotment or the Buyer Agreement and Title Deeds.

How can we apply for Commercial Property Purchase Loan?

You can apply for Commercial Property Purchase Loan through either the online or offline mode. In the online mode, customers can apply through an app or website, while in the offline mode, customers can reach out to any nearest ICICI Bank Branch or any ICICI Bank representative.