Many people look to get a loan for an office space, but just don’t know how to go about it. Getting a home loan for a residential property is definitely more popular, easier to get and more widely provided by banks and financial institutions. On the other hand, getting a loan for commercial property is not that easy and the know-how of people in this regards is also quite limited.
Purchase of Commercial property can be classified into two broad types. They are office space and retail outlet. These two sections can be further divided into two categories like – ready to occupy and under construction. When it comes to financially funding a commercial property under construction, lenders are usually apprehensive. One of the reasons behind this scepticism is that most commercial property buyers are 'investors'. There are times when some people buy commercial property for establishing their own office and business. In that case the lender feels more certain about providing the loan.
Unfortunately, many banks or financial institutions (despite being well established) do not fund commercial properties, but there are banks which do fund commercial properties – primarily the ones which are ready over the ones under construction. It is advisable to run these checks with your loan advisor before you finalise a project.
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