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Commercial Property Loan Interest Rate in India
Commercial property loan is a financing product designed for commercial property purchases of plots and ready to move building. However, the loan is mainly offered to office space self-employed professionals and non-professionals. Commercial property loan interest rate begins from 7.50% onwards per annum.
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Key Features:
- Purchase of a built-up office space
- Construction, renovation, and extension of office space
- You can balance transfer your loan to lower interest rates & EMIs
- You can avail loan individually or jointly
- The maximum tenure periods go up to 15 years
Comparison of Commercial Property Loan Interest Rates
Bank Name Interest Rate
Axis Bank
7.50%
Bank of Baroda
8.00%
Bank of India
8.35%
Federal Bank
9.50%
Punjab National Bank
8.70%
Tata Capital
10.00%
South Indian Bank
10.70%
United Bank of India
10.75%
Aavas Financiers
13.00%
Canara Bank
11.70%
Central Bank of India
10.10%
Edelweiss Finance
10.00%
Hero Fincorp
9.00%
Standard Chartered
7.50%
Eligibility Criteria for Commercial Property Loan
Usually, there are several factors considered by lenders to determine applicant eligibility on commercial property loan. The eligibility criteria shall differ by bank to bank. However, some of the common requirements are listed below:
- Applicant age must be fall between 22 to 65 years old
- Resident of applicant must be Indian
- Credit score of 750 or above considered to be good
- Self-employed professionals (doctors, lawyers, chartered accountants, architects..etc...)
- Self-employed non-professionals (agents, shop owners, traders,contractors..etc..)