IDBI Bank Commercial Property Loan
IDBI Bank offers personalized financial and banking solutions to customers in the corporate and retail sector through its cutting edge banking platform. The bank is a new generation public sector universal entity that is spread across the country with its large network of branches and ATMs. The commercial property loan by IDBI Bank has been introduced to enable purchase of re-sold or readily constructed building or property for commercial purposes.
IDBI Commercial Property Loan Eligibility:
The following eligibility criteria need to be fulfilled in order to avail the IDBI Commercial Property Loan:
- If loan applicant is a resident or non-resident salaried individual, he or she should be minimum 22 years old while applying for the loan. The maximum age at the time of loan termination or retirement should be 65 years, whichever comes earlier.
- If loan applicant is a self-employed professional, he or she should be minimum 25 years at the time of application and not above 65 years at the time of loan termination.
- If loan applicant is a self-employed non-professional, he or she should be minimum 25 years of age at the time of application and not above 65 years at the time of loan termination. However, there can be flexibility in the maximum age for this category, provided there is a proper business succession plan furnished while applying for the loan.
IDBI Commercial Property Loan Features:
The following are the key features of the IDBI Commercial Property Loan:
- Loan Purpose: The commercial property loan at IDBI can be availed for the purpose of buying resale, already constructed or commercial property under construction.
- Maximum Funding: IDBI provides a maximum of 55% of the property’s market value or 65% of the registered price of the property including registration fee and stamp duty towards the property.
- Loan Amount: The bank provides a maximum of Rs.5 crore as commercial property loan, however an amount above Rs.5 crore can also be availed depending on individual cases.
- Loan Security: As primary security, IDBI Bank requires a loan applicant to submit the first charge on the mortgaged property by providing the equitable mortgage towards which the loan has been provided.
Liquid collateral in the form of hypothecation or pledge is also accepted by the bank.
Documents Required for IDBI Commercial Property:
The following documents are required while applying for the commercial property loan at IDBI Bank:
Employed Applicants:
- Duly filled application form with the applicant’s photograph.
- Identity proof and address proof in the form of documents as accepted by the bank.
- Most recent salary slips from last three months.
- ITR (Income Tax Return) or Form 16.
- Bank statement of the applicant’s account from last six months.
- A cheque towards processing fee.
Self-employed Professionals as Applicants:
- Fully filled application form with a photograph of the applicant.
- Residence and identity proof of the applicant.
- Proof of business existence and certificates of educational qualification.
- ITR filed in the last three years.
- Profit-loss and balance sheet from the last three years.
- Bank statements of the applicant’s account for a period of six months.
- A cheque towards processing fee for the loan.
Self-employed Non-professionals as Applicants:
- Duly filled loan application form with photograph.
- Identity and address proof of applicant as accepted by IDBI Bank.
- Documental proof of business existence.
- Applicant’s business profile.
- ITR filed for the last three years.
- Balance sheet with profit and loss calculation from the last three years.
- Applicant’s bank statements for a period of last six months.
- A cheque towards loan’s processing fee.
FAQs on IDBI Bank Commercial Property Loan in India
- I am 21 years old working in an IT company and I am looking to apply for a commercial property loan from IDBI Bank, am I eligible?
No, IDBI Bank grants commercial property loan to salaried applicants who are above 22 years only.
- I am business applying for the IDBI Bank Commercial Property Loan, what should be my maximum age when the loan matures?
The permissible maximum age at the time of loan termination is 65 years.
- What is the maximum amount of loan that IDBI can offer me under a commercial property loan?
IDBI can give a commercial property loan of up to Rs.5 crore. The bank may consider special cases for amounts above Rs.5 crore.
- What are the documents that are needed to be provided by a business as income proof while applying for the IDBI Commercial Property Loan?
A businessman can provide ITR filed as well as a balance sheet showing profit and loss made from the business, as income proof while applying for the loan.
- What is the maximum percentage of funding that can be availed from IDBI towards commercial property loan?
IDBI Bank provides maximum funding of up to 55% of the commercial property’s price in the market or 65% of the registered value, including stamp duty and registration fee.
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