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Reliance Capital Loan Against Property Details

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 loan against property 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 requirement against the property you already own.

Apply for IDFC Loan Against Property

Eligibility for the Reliance Money Loan Against Property

  • 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. You can check the Eligibility for Loan Against Property Online.

Rate of interest and other charges for Reliance Loan Against Property

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

Other Charges

Type of chargeDetails
Processing chargeAt 0.50% of the loan amount
Cheque dishonour charges450/- per instance
Reschedule of EMI date500/- per instance
Penal interest for delay in payment of EMI3% p.m. on the overdue amount for the overdue period.
Issuance of duplicate NOC500/-
Cash handling charges1% along with applicable taxes for a cash deposit above 50000/-
Pre-payment charges

No pre-payment charges

  • If both the applicant and the co-applicant are individuals.
  • The applicant is a non-individual and the co-applicant is an individual.
  • A loan availed by an individual.

Other than the above, pre-payment charges are applicable as per the guidelines of the Company from time to time. Pre-payment will not be allowed within 6 months from the date of the last disbursement. The minimum pre-payment amount is 50000/-. Pre-payment is permitted only once in a financial year to the extent of 25% of the principal outstanding in the loan account.

For issuing copies of loan documents500/- per set
For issuing pre-payment statement200/-

Also Read - Best Loan Against Property Interest Rates in India

Processing Charges and Security for the Reliance Loan Against Property

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.

Types of the Reliance Loan Against Property

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

Features of Reliance Loan Against Property

Name of the productPurposeQuantumInterestSecurityRepaymentCharges
Loan against PropertyThe loan can be used for any business requirement or personal requirement

The quantum of the loan depends on the value of the property and the repayment capacity of the borrower.

A higher LTV will be provided depending on the profile of the customer.

A competitive rate of interest as per the guidelines of the company from time to time

Equitable mortgage of the residential/

Commercial/

Industrial property.

If the property is jointly owned, 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 the partners should be provided.

If the loan is availed by a Company, the personal guarantee of all the Directors should be provided

The minimum repayment period is 3 years and the maximum repayment period is 10 years

Processing charges

At 0.50% of the loan amount.

Pre-payment charges

Pre-payment is allowed only after 6 months from the date of the last disbursement.

No pre-payment charges for the following:

  • A loan availed by an individual with a co-applicant who is an individual.
  • A loan availed by a partnership firm or a Company with a co-applicant who is an individual.
  • A loan availed by only an individual.

Pre-payment charges will be collected as per the guidelines of the company from time to time for the others.

Part pre-payment is allowed after 6 months from the date of the last disbursement and the minimum part-payment amount should be 50000/- The maximum part pre-payment allowed is up to 25% of the principal outstanding in the loan account. Such pre-payment can be done only once in a financial year.

Advantages of the Reliance Loan Against Property

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.

Documents required for the Reliance Loan Against Property

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

Type of documentIndividualSelf-employed
KYC DocumentsCopy of passport, Pan Card and Ration Card
Income Proof
  • 3 months' salary slip
  • Form 16 and ITR for the last 2 years.
  • Bank account statement for the last 6 months.
  • Repayment track record if any
  • Audited balance sheet and P & L Account for the last 3 years.
  • ITR with income computation for the last 3 years.
  • Qualification certificate in the case of professionals like doctors, engineers, architects, Company Secretaries, etc.
  • Bank account statement for the last 6 months of the main accounts.
  • Repayment track record if any
  • Copy of invoice for the equipment to be purchased.
Business/Office address proofNot applicable
  • GST Registration Certificate.
  • Registration under Shop Act.
  • Partnership Deed
  • Memorandum of Association.
  • Articles of Association
PhotographsTwo passport size photographs of the applicant as well as the co-applicants.
ApplicationRelevant application form duly
Property documentsDocuments pertaining to the property mortgaged as per the list provided by the Company.

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Pre-Approved Loan Against Property @9% p.a 

Up to Rs. 15 Crore loan against property can be availed by Salaried and self-employed applicants online as well as offline. The LAP can be used for applying for business expansion, long term working capital, debt consolidation, equipment purchase, medical exigency, education/ marriage of children, holidays and much more. Higher loan amounts are available for select customers.

FAQs

✅Who is eligible for the Reliance Loan Against Property?

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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.

✅What is the repayment period stipulated for the Reliance Loan Against Property?

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

✅Is a guarantor required for the Reliance Loan Against Property?

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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.

✅What are the conditions stipulated for the part pre-payment and foreclosure of the Reliance Loan Against Property?

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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.

✅Describe the stages involved in the loan availing procedure?

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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.

✅What is the procedure to check the status of EMI clearance?

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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.

✅How to make the online payment of EMI or overdue amount?

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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.

✅How to obtain a duplicate No Objection/No due Certificate?

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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.

✅What is the procedure that has to be followed for pre-payment of the loan?

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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.