Commercial Property Loan Wizard
Property DetailsUPDATED with the latest 2014 government guidelines
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Commercial loan packages differ for different buyer profiles and purchase intentions.
Owner occupation means your company will be utilizing the commercial space. Investment means you will be renting out the space to someone else's company.
Commercial loan packages differ for different commercial property types. Some banks do not cater to certain types or may give a lower loan %.
Some banks restrict the loan percentage granted for certain types of commercial property. The higher your loan percentage, the less options you might have. We recommend you start with 70%.
If you know your current interest rate and years left, we'll be able to show you exactly how much you stand to save compared to the home loan offered currently. If you are unsure, enter approximate values.
If you are currently locked in, please check with your bank if there are any penalties for full redemption.
Fixed rates mean that the interest rates are predetermined and fixed for a duration of 1-5 years (depending on the package). Floating rates fluctuate every other month.
Fixed rates are available only to completed properties and offer stability when it comes to monthly payments. They however start off higher than floating rates.
Floating rates are pegged either to the SIBOR or SOR reference rates and a "spread" is added on to the reference rates. The sum of the reference rate and the spread gives you the total interest rate.
Lock-in periods tie you down contractually to prevent you from switching banks or redeeming your loan. Lock-in periods typically vary from 1-3 years. The longer your lock-in period, the lower the interest rates.
If you are fine with a lock-in period, you will see both lock-in and no-lock in packages, giving you more options to choose from.
For completed properties, banks require anywhere from 20-30 years to be remaining on the lease upon completion of the full loan tenure. Your loan tenure may have to be adjusted to cater to this.
Few banks offer tenures of more than 30 years, so to view more options we recommend you select 25 years or less.
If you have already paid the option fee or are about to, you can expect a faster turnaround time after selecting your loan packages.
The rates you will see next are current rates and are not affected by your answer to this question. You should note however, that banks usually revise their rates monthly.