Business Property Loans
Property Business Development Project Loan –
This kind of loans are designed to facilitate the business personnel to finance their project, expansion or reconstruction and so on. This type of loans are the most ideal for both the existing business houses for expanding their business as well as for those who are just enter the arena. For the new entrants this loan can work as their seed capital to startup their venture. This loan can be used for various purposes to do business in a more convenient way. These kinds of loans are sanctioned based on the projects and its viability and future prospect.
These types of loans are available for both long and midterm periods but most of the banks preferred to give it for a shorter term. The loan tenor can go up to 10 years. The rate of interest is more competitive in case of longer term here. Construction & Infrastructure, Automobile, Power, Engineering, Gas & Petrochemical industries are some of the sectors which generally use this kind of loan to facilitate their business operation. Here in this loan unlike home loan or LAP, along with the property papers and income statement, the project reports have greater significance for approval of these loans.
