What documentation is needed to apply for a Commercial Property Purchase Loan?

The following are the typical documentation required when applying for a Commercial Property Purchase Loan in India:

• Loan Application Form: A duly filled form that includes personal, financial, and business details of the applicant.
• Proof of Identity: PAN Card, Aadhaar Card, or Passport
• Proof of Residence: Voter ID, Utility Bills (electricity, water, etc.), and Rental Agreement
• Legal Registration Documents: Documentation proving the legal ownership and registration of the property being purchased.
• Purchase Agreement: A signed agreement between the buyer and seller outlining the terms of the sale.
• Architectural Plans and Approvals: Approved architectural designs and necessary permits for the property.
• Financial Statements: Past 3 years of financial statements for the applicant's business, including Profit and Loss Statements and Balance Sheets
• Income Tax Returns (ITRs): Copies of the last three years' ITRs and corresponding Assessment Orders.
• Bank Account Statements: Bank statements for the last six months showing transactions related to the business.
• Business Projections: Cash flow projections, profit/loss forecasts, and balance sheet estimates for the upcoming years.
• Project Profile: A detailed description of the proposed project for which the property is being purchased, including objectives and expected outcomes.
• CIBIL or Credit Bureau Report: A current credit report reflecting the applicant's credit history and score.
• Guarantor KYC Documents: Know Your Customer (KYC) documents for the guarantor, including:
  • Identity proof (e.g., PAN Card, Aadhaar Card)
  • Proof of address (e.g., utility bill)
  • Other verification documents as required by regulations
• Income Proof and Net Worth Statement: Documentation demonstrating the guarantor's income and a statement detailing their net worth.
• Additional Documents: Other documents may be requested on a case-by-case basis depending on the lender's requirements.