Reliance Capital Loan Against Property

If you comply with the following criteria you will be eligible for the Reliance Loan Against Property:

• A salaried individual within the age group of 21 to 58 years or 21 to 60 years depending on the retirement age.
• Self-employed professional/individual and businessman belonging to the age group of 21 years to 65 years.
• Having a minimum annual income of 5.00 lakhs.
• Owning a residential/commercial/industrial property either singly or jointly.
• Partnership Firms and Private Limited Companies are also eligible for the loan.

The minimum repayment period is 3 years and the maximum repayment period is 15 years.

If the property has joint owners, then the personal guarantee of all the joint owners has to be provided. If the loan is availed by a partnership firm, the personal guarantee of all the partners must be provided. If the loan is availed by a Private Limited Company, the personal guarantee of all the Directors has to be provided.

Part Pre-payment and Foreclosure is permitted only after 6 months from the date of the last disbursement date of the loan.

Part Pre-payment and foreclosure charges are applicable as per the guidelines of the bank from time to time.

There are no part pre-payment charges for a loan where the applicant and the joint applicant are individuals, where the applicant is a business entity and the co-applicant is an individual and where the loan is availed singly by an individual. For all others, part prepayment charges are applicable as per the guidelines of the Company from time to time.

The minimum part pre-payment amount stipulated is 50,000/-. Part pre-payment is allowed only once in a financial year up to 25% of the principal outstanding in the loan account on the day of part pre-payment.

The loan procedure begins with the filling up of the application and submission of the relevant documents. The processing of the loan is done base on the documents submitted. If all the parameters are acceptable and the proposal is feasible the same will be approved and the sanction communicated. The disbursement is done after the execution of the stipulated loan documents.

The EMI clearance can be checked on the online portal https://www.selfreliant.in or by calling the customer care department of the number 022-39484900 or 044-30787400. EMI will be cleared within 3 days from the EMI due date.

The online payment of EMI or overdue amount can be made through the online portal https://www.selfreliant.com or by creating the account mentioned below as the beneficiary in net banking.

Account Number: RMONEY followed by your account number

Beneficiary Name: Reliance Commercial Finance Limited

Bank Name: HDFC Bank

Branch Name: Kanjurmarg branch, Mumbai

IFSC Code: HDFC0004989

After creating the beneficiary, you can make the payment through your bank account.

To obtain a No Objection/No Due Certificate you should place a request by paying a fee of 500/- either online or by visiting the nearest branch. The NOC/NDC will be dispatched to your address registered with the Company. If there is a change in address, the same can be communicated with an address proof vide email to enable dispatch of the NOC/NDC to your current address.

To initiate the pre-payment procedure, you will have to make a request either online or by calling the customer care number for a pre-payment statement by paying a fee of 200/- On receipt of the pre-payment statement you will have to visit the nearest branch along with the following documents.

Address Proof and ID Proof of the main borrower.

Bank statement showing clearance of the previous month's EMI

A cancelled cheque for a refund of insurance premium through RTGS.

The pre-payment can be done only after 6 months from the date of the last disbursement of the loan. The pre-payment can be made either through a cheque or a draft drawn in favour of Reliance Commercial Finance Limited. Pre-payment charges as stipulated by the Company has to be paid.

On the closure of the loan account, original property documents, No Objection Certificate and indemnity letter for the unused cheque leaves will be sent to the branch office. The officials of the branch office will contact on receipt of the documents and you can collect them. It will take 10-12 working days for you to receive the documents.