ICICI Commercial Property Loan

Why bother with renting when you can be the proud owner of your own office space? Whether you are an experienced business owner or just starting, you have probably fantasised about building a successful business. And to do that, you need the perfect environment or workplace to make your dreams a reality. If you have been considering getting a loan for commercial or office space, let us help fulfil your lending requirements

ICICI Commercial Property Loan- Highlights

Here is a quick look at the key offerings of commercial property loans by ICICI Bank.

ICICI Commercial Property Loan Features

ICICI Bank offers commercial property loans to finance the purchase, construction, or renovation of commercial real estate properties for business purposes. Here are some of the key features of ICICI Commercial Property Loans:

• Minimal documentation
• Instant Provisional Sanction
• Flexible tenure of up to 15 years
• Attractive Interest Rates
• Purchase new office space or revamp the existing one
• Balance transfer your existing loan
  

ICICI Commercial Property Loan Interest Rates

ICICI’s loan for commercial property purchase allows self-employed individuals to get funds at reduced interest rates, with no hidden fees, making it an ideal choice for entrepreneurs looking to start their businesses.

ICICI Commercial Property Loan Eligibility Criteria

To qualify for the Commercial Property Purchase Loan offer, you must meet the following eligibility requirements:

• You must be a citizen of India.
• You must be employed, either as a salaried worker or as a self-employed professional/non-professional.
• Your business must have been established for a minimum of 3 years.

ICICI Commercial Property Loan Documents Required

Please provide the following documents when applying for an ICICI Commercial Property Loan:

• Proof of identity and residence: Aadhaar Card, PAN Card, passport or driving licence
• Proof of income: Income Tax Returns for the past 3 years, Balance Sheets and Profit & Loss Account statements for the past 3 years, Current Account statements for the past 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)

ICICI Commercial Property Loan Processing Fees and Other Charges

The processing fees and other charges for ICICI Commercial Property Loans can vary based on factors such as the loan amount, the type of commercial property, and the specific terms of the loan. 

ICICI Commercial Property Loan for Self-Employed

Getting a loan for an office space from ICICI Commercial Property Loan is a straightforward process. Their eligibility requirements are easy to meet and they only ask for a few essential documents. Even if you don’t have formal income proof like ITR, their local experts are skilled at evaluating your income and assisting you in determining a loan amount that you can easily pay back. To improve your eligibility, you can also include a co-applicant, such as your spouse or a close family member.

Eligibility – Commercial Property for Self-Employed

• Nationality: Indian
• Age Limit: 28-70 Years
• When there are multiple owners of a property, all of them need to be co-applicants to ensure the property’s security and the shared benefits of the investment.

Documents Required for Self-Employed Individuals

• Complete the application which you have signed
• Identity and residence proof (KYC), such as PAN card, Voter ID card, Aadhaar, etc.
• Income proof, such as the latest 2 income returns, the latest two years’ P&L accounts and B/S (with schedules), six-month bank statement, etc.
• Property documents (unless you have not finalised a property)

ICICI Commercial Property Loan for Salaried Person

ICICI Bank offers loans for professionals and non-professionals to purchase, construct, or expand their office premises, providing opportunities for business growth.

Eligibility – Commercial Property for Salaried

• Nationality: Indian
• Age Limit: 23-60 Years
• When there are multiple owners of a property, all of them need to be co-applicants to ensure the property’s security and the shared benefits of the investment.

Documents Required for Salaried Individuals

• The filled application which you have signed.
• Identity and residence proof (KYC), such as Aadhaar, PAN card, Voter ID card, Job card issued by NREGA, etc.
• Income proof, such as the last 2 months’ salary slip, the latest Form 16, and a three-month bank statement.
• Property documents (unless you have not finalised a property).

ICICI Commercial Property Loan -T&C

ICICI Bank offers secured loans for commercial properties. These loans are approved by using the property as collateral. If the borrower cannot repay the loan, the bank has the right to use the property to recoup their losses. Once the loan is completely paid off, the property is returned to the borrower.