Dhanalakshmi Bank Commercial Property Loan

Overview of Dhanalakshmi Bank Commercial Property Loan:

Whether or not any small or medium scale establishment must possess or rent their own office space is a debate that has been running for years. Some enterprises, like numerous trading establishments, might not have much say in this as most prime spots are bound to be way out of their leagues. Though it is simpler to rent or lease a place, the financial loss would be huge compared to one’s own spot. The feasibility of short-term lease work just fine for some people. Nevertheless for most small scale business people, present market conditions as well as attractive loan offers from bank at affordable rate of interest have made it possible to invest in buying a commercial property without much trouble. And as real estate market never depreciates, you can easily dispose the property or rent/ lease it out when you no longer need it.

Purpose of the Dhanalakshmi Bank Commercial Property Loan:

Dhanalakshmi Bank has two variations under their Commercial Loan category, which are:

i. Finance to purchase a constructed commercial building space.

ii. Finance to buy an under-construction commercial plot.

Features and Benefits of Dhanalakshmi Bank Commercial Property Loan:

• This loan product is customized to facilitate business aspirants to buy their own commercial property.
• You can apply for a loan amount ranging from INR 15 lacs to a maximum of INR 10 Cr.
• The maximum tenure allowed to repay your loan is 15 years
• The bank will respond immediately after your application and they will send a representative to brief you about the product and procedure.
• This is in fact a shortcut to fulfill your dreams quickly.
• Paperwork can be completed quickly.

Eligibility Criteria:

• You need to be of at least age 21 and above with a stable source of income.
• The loan can be applied whether you are a salaried employee, entrepreneurial, independent practitioner, freelancer or self-employed non-professionals.
• Other factors too will be taken into consideration by the bank to gauge eligibility such as your educational background, number of dependents in the family, income of spouse (if applicable), other assets you own, existing loans, possible appreciation of the property value and possibly the viability of the business.

Documentation Procedure:

Paperwork needed for every commercial property loan applicant are listed below:

For Salaried Workers of Private/ Public Enterprise:

• A duly filled commercial property loan application form (either collected from any Dhanalakshmi Bank branch or downloaded).
• Passport sized photos of the applicant and co-applicant.
• Proof of Identity: Photocopy of Voters ID Card, Driving License, Pan Card, Passport, Aadhaar Card or Ration Card.
• Proof of Residence: Copy of rental/ lease agreement, Ration Card, Gas Connection Book, Voters ID Card, Driving License, Pan Card, Passport, Aadhaar Card or any most recent utility bill.
• Income Papers: Latest form 16, last 3 months salary slips, bank statements of the last six months, Xerox copy of property deeds.
• A cheque in the name of bank for processing fee.

Partnership or Sole Proprietorship or Private Limited Firm:

• A duly filled commercial property loan application form (either collected from any Dhanalakshmi Bank branch or downloaded).
• Passport sized photos of the applicant and co-applicant.
• Proof of Identity: Photocopy of Voters ID Card, Driving License, Pan Card, Passport, Aadhaar Card or Ration Card.
• Proof of Residence: Copy of rental/ lease agreement, Ration Card, Gas Connection Book, Voter's ID Card, Driving License, Pan Card, Passport, Aadhaar Card or any most recent utility bill.
• Income Papers: Latest form 16, last 3 months salary slips, bank statements of the last six months, Xerox copy of property deeds, ITR of board of directors or partner from the last 2 years, appraised financials, and attested copies of MOA/ AOA/ Partnership proof as required.
• The bank will also look into the applicant’s repayment records in case of a previous/ existing loan as well as need a professional qualification certificate if the business demands it.
• Property deed copy and a cheque for processing fee should also be given.

How is the commercial property loan processed by the bank?

• Contact the bank in person or online and submit the application form along with all the aforementioned documents.
• The application will go through a round of internal authentications and if passed, the applicant will be summoned for a face-to-face meeting with a Dhanalakshmi bank official.
• You will receive the loan Sanction Letter from the bank after title clearance and legal and technical assessment of property. The title clearance will be done by the bank’s own legal panel. Similar procedure is followed for property valuation too.
• After collecting all the pre-disbursement papers, the loan will be sanctioned.