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Owned Office & House Loan: A Smart Financial Move

Introduction

 

To the companies and people, having a place or an area for business or living is one good investment. But buying a house for instance characteristic needs large sums of money, which may at times be hard to come by. This is where an owned office and house loan makes a lot of sense.

 

 Benefits of an Owned Office Loan:

 

Long-Term Savings: Office ownership means you no longer have to pay rent for the space and acquire an asset that appreciates.

 

Asset Creation: The office becomes a valuable asset a value that increases worth, and provides your business with capital security.

 

Customization: Unliked Shared offices on the other hand make you work in tight spaces since everything has already been arranged in a certain manner.

 

Tax Benefits: Most of the loan schemes come with tax benefits and this means that owning them is more financially rewarding.

 

Why Consider a Home Loan?

  • Affordable EMIs: Home loans are designed with flexibility of repayment options making them ideal for managing finances effective
  • Investment in the Future: A home is one of the major assets that is appreciated in the market to provide security if one decides to make it a lifetime investment.
  • Tax Benefits: The charges such as the interest on the home loan can be claimed as tax deductions which makes the home loans cheaper in the long run.
  • Fixed Monthly Payments: While the costs continue to increase, especially the rent, the repayment of loans is constant and therefore easy to plan for.

 

Options for Loans / Banks / NBFCs

 

Banks / Nbfc Interest rate Loan amount  Tenure  CIBIL Score Processing Fees
Axis Bank Health Care Equipment Loan 9% – 14% (Reducing Per Annum) 10.00 Lacs – 50.00 cr 12 Months – 84 Months 700 or above 0.5% – 2%
Bajaj Finserv Health Care Equipment Loan 11% – 14% (Reducing Per Annum) 10.00 Lacs – 6.00 cr 12 Months – 84 Months 720 or above 1% – 2%
Cholamandalam Health Care Equipment Loan 12% – 16% (Reducing Per Annum) 10.00 Lacs – 5.00 cr 12 Months – 84 Months 650 or above 1.5% – 2%
Tata Capital Health Care Equipment Loan 9% – 14% (Reducing Per Annum) 10.00 Lacs – 25.00 cr 12 Months – 84 Months 650 or above 0.5% – 2%
Ugro Capital Health Care Equipment Loan 12% – 16% (Reducing Per Annum) 10.00 Lacs – 5.00 cr 12 Months – 60 Months 650 or above 1.5% – 2%
Clix Capital Health Care Equipment Loan 11% – 16% (Reducing Per Annum) 10.00 Lacs – 5.00 cr 12 Months – 84 Months 700 or above 1% – 2%
Profetectus Capital Health Care Equipment Loan 12% – 16% (Reducing Per Annum) 10.00 Lacs – 3.00 cr 12 Months – 84 Months 700 or above 1% – 2%

 

The General eligibility and documentation required for this loan type.

 

Office Loan

  • Eligibility Criteria:
  • Business Vintage: Minimum 1 year.
  • Income Proof: Audited balance sheet and profit & loss accounts.
  • KYC Documents: PAN card, Aadhaar card, and address proof.
  • Business Proof: GST registration, trade license, etc.

  • Documents Required:
  • KYC of Proprietor/Directors: Passport size photo, Aadhaar card, PAN card.
  • Business Vintage Proof: GST registration, ITR, etc.
  • Office Address Proof: Latest utility bill or rent agreement.

 

House Loan

  • Eligibility Criteria:

Income: Minimum salary of ₹25,000/month for salaried individuals.

  • Employment Continuity: Minimum 3 years for self-employed.
  • Property Value: Financing up to 75%-90% of the property value.
  • Age: 21-65 years for self-employed, 21-60 years for salaried individuals.
  • CIBIL Score: Minimum 700.

  • Documents Required:
  • KYC Documents: PAN card, Aadhaar card, and address proof.
  • Income Proof: Latest ITR, salary slips, etc.
  • Property Documents: Sale deed, agreement to sell, etc.

 

How Referloan Can Help

Regarding, financing of equipment for your healthcare facility, ReferLoan provides options. ReferLoan has connections to multiple lenders and multiple financing possibilities With ReferLoan’s assistance, you can find the best loan offer for medical equipment.

 

This is how ReferLoan can help!

  1. Loan Solutions: New controllers integrated and personalized loan offers for ReferLoan depending upon one’s needs, whether it is for the purchase of an office space or a home. They assist you in identifying the right loan products from the lending companies with the most favorable conditions.

 

  1. Competitive Interest Rates: Through direct comparison of various lenders, ReferLoan can achieve low interest rates while at the same time seeing to it that monthly payment plans remain sustainable.

 

  1. Easy Application Process: ReferLoan makes loan application much easier and faster since it assists applicants in completing forms and providing other requirements as required by the lender.

 

  1. Flexible Repayment Options: Whether you need a small loan for several weeks or a large long-term loan, ReferLoan assists you in selecting a repayment term that you are comfortable with in terms of monetary ability.

 

  1. Expert Guidance: ReferLoan’s team of professionals gives recommendations on the available loan products the number of tax deductions one is allowed to make, and ways of optimizing the tax benefits of occupying your office or home.

 

Frequently Asked Questions

  • What is an Own Office & House Loan?

An Owned Office & House Loan is a loan plan that enables one or even a company to finish the obtaining of an office or home. Such loans are usually provided with favorable payment structures and reasonable interest rates to enable people to acquire property.

  • What are the requirements that can be met when applying for this loan?

Eligibility criteria may vary by lender but generally include factors such as Eligibility criteria may vary by lender but generally include factors such as:

  • A good credit score
  • Stable income or business revenue
  • Proof of property value and purchase agreement
  • Personal or business financial documents
  • What are the interest rates for Office and House loans?

Interest charged differs according to the loan amount, tenor, number provided to the borrower, creditworthiness, and the terms of service of the lender. Thus, to take the best deal, it would be wise to compare the offered rates from different lenders.

  • What are the interest rates for office and house loans?

Interest rates depend on factors like the loan amount, repayment tenure, your credit score, and the lender’s terms. It is advisable to compare rates from different lenders to find the best offer.

  • How much can I borrow with this type of loan?

The loan amount depends on the value of the property and your financial profile. Lenders often provide loans covering 70% to 90% of the property’s value.

  • What is the repayment period for these loans?

Repayment periods typically range from 5 to 30 years, depending on the loan type and terms agreed upon with the lender.

 

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