Reliance Capital Limited
Loan Against Property

Reliance Money which is a part of Reliance Capital of the Reliance Group came into being 9 years ago with an endeavour to make the country self-reliant.  They offer financial solutions to mainly the SME sector to make them realise their potential and head towards becoming self-reliant entities. The company believes in encouraging and motivating entrepreneurship by funding the SME sector to realise their business dreams and also create employment opportunities for the youth of the country. So, this endeavour of the company is not only helping the self-reliance aspect but is also helping in creating employment opportunities for many.

The company enables you to encash your investment in the property by providing a loan against property which can be used for any kind of business requirement. Whatever the requirement may be the Company has a financial solution to suit the requirement. The loan is given under various categories of properties including under-construction property. It is a versatile loan product available at a very competitive interest with flexible repayment options. If you have a property and a business proposal, you have no reason to wait. Approach Reliance Money and get customized loans as per your individual requirement against the property you already own.

• Salaried individuals employed in Government Organizations, MNCs, closely held unlisted Company, Proprietorship Firms, Partnership Firms, PSUS, Listed Public Limited Company, and Private Limited Company are eligible for the loan.
• Self-employed professionals like practicing Doctors, Engineers, Chartered Accountants, Company Secretaries, Architects, etc., are eligible for the loan.
• Businessmen who are wholesalers, dealers, distributors, and dealing with Trading and Manufacturing are also eligible for the loan.
• The entry age of the applicant should be 21 years and above.
• The upper age limit is 58 years to 60 years for salaried individuals depending on the retirement age, 65 years for the self-employed professionals and businessmen.
• The minimum annual gross income required is 5.00 lakhs for applicants of all categories.
• Property with land and building, property purchased from the secondary market, properties of pre-approved builders that are under construction are all accepted as security for the loan against property.
• The minimum area required for residential property is 500 sq. ft and for a commercial property it is 250 sq. ft
• A loan is provided against commercial, residential and industrial properties.

Also Read - 7 Factors That Affect Loan Against Property Eligibility

Competitive rate of interest as per the periodical guidelines of the Company.

Other Charges

Also Read - Best Loan Against Property Interest Rates in India

Processing charges:

Processing charges will be collected at 0.50% of the loan amount.

Security:

Equitable mortgage of the property against which the loan is granted. A personal guarantee of all the joint owners if the property is held in joint names. If the loan is availed by a Partnership Firm, the personal guarantee of the partners should be provided and if the loan is availed by a Company, the personal guarantee of the Directors should be available.

Also Read - 7 Reasons a Loan Against Property May be Declined

There are no variants under the Reliance Mortgage Loan. The loan is provided as Loan Against Property against residential. Commercial or industrial properties.

Also Read - Use Loan Against Property to Start Your Business

The following are the benefits of the Reliance Loan Against Property:

• Highest LTV is provided depending on the repayment capacity of the borrower.
• The rate of interest is competitive and as per market standards.
• Quick approval and simple documentation.
• No hidden charges.
• Pre-payment and processing charges are nominal.
• The loan is provided against ready and resale properties, the under-construction property of pre-approved builders.
• No financials required for a loan up to 3.00 Crores.
• Flexible repayment option with a minimum tenure of 3 years and a maximum tenure of 15 years.

The following are the list of documents required for the Reliance Loan Against Property

Also Read - Documents Required for Applying a ‘Loan Against Property’ in Mumbai

If you are an entrepreneur, you will have no time to go through a lengthy procedure for applying for a loan though you are in dire need of funds. You cannot afford to lose any time as time lost is business lost in any kind of entrepreneurship. The loan aggregators like MyMoneyMantra are working hard to help individuals who lack the time and patience to go through the loan process. With the immense experience of 30 years and liaison with over 100 leading financial institutions, MyMoneyMantra has a good choice of products for you to choose from.

Applying for a loan involves looking for the best deal available in the market. Being an entrepreneur, you will want to derive the best bargain in every deal. By applying for a loan through MyMoneyMantra you will have the advantage of viewing the best quotes on a single screen on the website. You will also get constant guidance from the team of MyMoneyMantra from the initial step, i.e., comparing the various quotes and choosing the best one.

If you are a salaried individual you will have to look for an EMI which suits your monthly budget i.e., the monthly income should be able to accommodate the new commitment. But if you are an entrepreneur, you will have a fluctuating income and your EMI should be based on the average cash flow. All these calculations and comparisons will be made by the team of MyMoneyMantra and they will help you choose the best deal as per your income and the requirements. The EMI calculator on the website is yet another advantage. You can not only calculate the EMI multiple times within no time but can also check the behaviour of the EMI on part pre-payments with the part pre-payment EMI calculator and the saving on the interest cost with the Full payment EMI calculator. If you are contemplating the transfer of a loan balance to a financial institution with a lower interest, you can also calculate the saving made on such a transfer using the Balance Transfer Calculator.

Once the EMI part is done you can proceed to fill up the loan application. You will be assisted even at this stage. The team will also collect the document kit from your doorstep, hand it over to the loan provider and will liaison with them for a quick approval and disbursement of the loan.

The entire loan process can be completed with any loss of time and without any stress. All this is made available by MyMoneyMantra without any charges.

Calculating the EMI before applying for a loan is crucial in order to plan your monthly budgets so that mishaps during the loan tenure do not occur. You should always remember that if you are availing a secured loan, the property mortgaged can be sold and the proceeds used to clear the outstanding balance if there is consistent default in paying the EMIs. The EMI should be fit in such a way that you should be able to manage regular payment despite additional commitments during the tenure of the loan. If you have to do this then a calculation is a must before applying for the loan.

A loan against property is a long-term loan with a repayment period up to 15 years. In order to sustain the EMI payment for such a long term, you should be able to make meticulous planning of your monthly budget. For the calculation of EMI, the MyMoneyMantra EMI Calculator is the best. Along with the EMI calculator, you will have the pre-payment EMI calculator and the Full payment EMI Calculator. If your present income is not able to accommodate an EMI that is arrived out of shorter tenure, you can opt for longer tenure with a lower EMI and plan to make periodical pre-payments. The pre-payment EMI calculator will exactly give you an idea as to how the pre-payment will work on the cost of the loan. The full payment EMI calculator will give an idea as to the saving on the interest cost by making full payment. It will also give you an idea as to when the full payment will result in maximum benefit.

To use the MyMoneyMantra EMI calculator you will have to log in to the website and follow the steps given below:

• Choose the EMI calculator from the list under the financial tools tab.
• Enter the loan amount, loan tenure and the rate of interest
• The EMI will be calculated immediately.
• A list of quotes will appear for you to compare.
• Calculate EMI with different combinations as per the data displayed in the list of quotes.
• Select the best option that suits your budget.
• Thereafter you can apply for the loan through MyMoneyMantra.

Also Read - 5 Steps to Choose the Ideal Lender for Loan Against Property

Planning your monthly budget by calculating the EMI for the proposed loan is highly essential. There should be an easy way of calculating the EMI. Manual calculations can be quite tiring and confusing, and the value arrived may not be accurate enough. Keeping these things in mind a simple and user-friendly tool has been devised to calculate the EMI and the tool is the EMI calculator.

The EMI calculator can be easily accessed through the official website of the loan provider or the website of loan aggregators like MyMoneyMantra at any time and from anywhere. You can do the calculations any number of times within seconds. You will be saving a lot of time by calculating the EMI with the EMI calculator. If you have to get a 100% accurate result within the shortest time, you will have to use the EMI calculator for the calculation.

Also Read - Loan Against Property Vs. Gold Loan: What’s Better for Urgent Needs?