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What Is NRP Or Commercial Loan
Date : 2019-10-02
What\r\nIs NRP Or Commercial Loan
Commercial loan means the loan taken\r\nto purchase a commercial property, premises, office, gala, factory, etc used\r\nonly for commercial purposes. It is referred as Non Residential Premises i.e.\r\nNRP Loan in banking language/ terminology.
Who can apply for the commercial\r\nloan?
Any individual irrespective of being\r\nSalaried or self- employed can apply for commercial loan. However some banks\r\nhave guidelines, where commercial loan given is restricted only to\r\nself-employed people.
Type of commercial loan
A commercial property can be\r\npurchased in resale or directly from the builder which can either be\r\nunder-construction or ready to move. Hence the commercial loan is either a\r\nresale commercial loan or a builder transaction.
Tenure for commercial loan
A commercial loan is provided for a\r\nmaximum tenure of 15 years and sometimes till 20 years.
Commercial loan Rate of interest
Banks offer commercial loan at\r\nslightly high rate of interest in comparison to home loan. Interest rates may\r\nvary from bank to banks / NBFCs.
There is no difference in the\r\ninterest rates offered to salaried and self employed loan\r\nborrowers.
Charge for commercial loan
The borrower has to pay a charge\r\ncalled Processing Fees (PF) to avail the commercial loan. PF charges are\r\ndifferent for different banks, but in general banks charge 1% of the loan\r\namount which is to be paid upfront by the borrower unlike in personal loan\r\nwhere the PF cost is adjusted within the loan amount.
Tax benefits for commercial loan
There are no tax benefits for the\r\nborrower of commercial loan.
Commercial loan list of documents
For commercial loan list of\r\ndocuments for salaried and self -employed click www.loanfasttrack.com
Commercial loan closure charges
As per the RBI\'s guidelines there\r\nare no charges for the pre-payment and part-payment of the commercial loan\r\nunless the borrower has taken the loan in fixed interest rates. The closure\r\ncharges under fixed rates may vary depending on the banks and is charged @ 1% -\r\n2% of the loan amount.
Is commercial loan transferable?
Balance transfer of commercial loan\r\nis possible only
1) If the borrower has received the possession\r\nof the commercial property. Builder under- construction property whose\r\npossession is not yet received cannot be transferred.
2) Subject to the income eligibility\r\nof the borrower.
3) Subject to clear repayment track\r\nrecords.
Top-Up on commercial loan
A borrower\r\ncan easily avail a top-up on commercial loan but subject to the income\r\neligibility and LTV (Loan TO Value) i.e. market valuation of the property. Top-up\r\nrate is equivalent to the commercial loan rate and requires minimum\r\ndocumentation to process.
How To Get A Festive Loan?
Date : 2021-02-17
India is culturally rich and is known or the various festive Celebrations. Indians are very attached to their culture and they welcome every festival with great honor and celebrate with full colors and lights of enjoyment. People of all caste, creed, status, rich & poor are no exception to the festive celebrations. What remains common among their joys, celebrations, & festive preparations are the money. The money expenses that need to be incurred and how to fund those expenses. The onus for arranging the money is still mainly the responsibility for the Karta of the family.
Funds for the festivals are required for the following reasons.
1) Lighting & decorations.
2) New purchases of clothing and accessories.
3) Food & Sweets.
4) Gifts.
5) Crackers.
6) Gold purchasing.
7) Others – include making investments in assets.
Indians generally prefers to make investments in the assets on the auspicious day of, such as purchasing a property, gold coins/bonds/bars/jewelry, new car, equipment, furniture, etc.
How to arrange for the festive money?
The money for the festive celebrations can be arranged either from:
1) The savings.
2) Through salary advances.
3) Through salary Arrears.
4) Through yearly bonus.
5) Availing short-term or long-term loans from the lender Banks/NBFCs/HFCs.
A) For those looking for investments in property can opt for a home loan or a mortgage loan with banks.
B) Small-scale businessmen or farmers looking for equipment or vehicle loan may go for equipment loans / commercial (vehicle) loan with the bank.
C) For those purchasing a new car may go for car loan.
D) Those looking for small expenses may choose to apply for instant personal loans.
Under whatever circumstances, we Indian will always find a way to arrange for our festive expenses, either through our own funds or through funding in the form of bank loans, but whatever way it is, the festivals will always be celebrated with a great enthusiasm.
Allow us to help you meet your monetary requirement. Visit us on www.loanfasttrack.com to get instant Personal Loan, Home Loan, Mortgage Loan, Business Loan and for loan transfers.