Is it permissible to take out a bank loan to purchase commercial land if the bank buys a commodity and sells it to me through a legitimate agency from it, with an interest rate of 4.7%?

The transaction mentioned is Tawarruq (monetization). A condition for its validity is that the commodity must enter into the bank's possession before it is sold to the purchasing orderer. It is permissible for you to sell it to anyone you wish, other than its original seller, after taking possession of it. There is no objection to the bank profiting and selling the commodity for more than its original price.

However, if the bank undertakes to sell it on your behalf, this is what is called organized Tawarruq, and it is forbidden because it is a stratagem to conceal usury (riba). The Islamic Fiqh Academy has issued a resolution prohibiting it.