Home loan or commercial loan

[ercse.ankitjain]

I want to apply for loan for a property which is registered as residential or home however construction done on the property is commercial. I discuss this one agent and he said i will get combo of home and commercial loan and ROI would be around 9.5 to 10. I want to know whether such kind of loan exists or not? My understanding is that i should get either home or commercial loan and not the combo of both. Experts please comment.

 

[BHAVESHKESWANI]

No. it cannot be as combo. Because Property Number is different in municipal corporation.

 

[ercse.ankitjain]

Yes that's what i was expecting. Can someone let me know the difference between home commercial construction and mortgage loan.

 

[BHAVESHKESWANI]

Yes that's what i was expecting. Can someone let me know the difference between home commercial construction and mortgage loan.

Home loan = a property which is already constructed and you want to buy through Finance option is called home loan.

Commercial loan = a premises which you want to buy for only Commercial activity purpose through Finance option is called Commercial loan.

Construction loan/ housing loan = a property which is in process of being built and you want a loan for buying material for construction purpose.. Here, completion certificate is needed for full disbursement amount from bank.

Mortgage loan = an owner of house/Commercial property want to have Finance option for liquidity for their any purpose, they opt for Mortgage loans..

 

[Kalyan]

I want to apply for loan for a property which is registered as residential or home however construction done on the property is commercial. I discuss this one agent and he said i will get combo of home and commercial loan and ROI would be around 9.5 to 10. I want to know whether such kind of loan exists or not? My understanding is that i should get either home or commercial loan and not the combo of both. Experts please comment.

There is nothing like combo loan,it will be a commercial loan and the funding will be 60% of market value or 90% of agreement value whichever is lower.