Reliance Capital Ltd

Reliance Capital Loan Against Property

Apply Reliance Capital Ltd Loan Against Property

About Reliance Capital 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.

Eligibility for the Reliance Money Loan Against Property

  • Salaried individuals employed in Government Organisations, 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.

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 charge Details

Processing charge

At 0.50% of the loan amount

Cheque dishonour charges

450/- per instance

Reschedule of EMI date

500/- per instance

Penal interest for delay in payment of EMI

3% p.m. on the overdue amount for the overdue period.

Issuance of duplicate NOC

500/-

Cash handling charges

1% 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 documents

500/- per set

For issuing pre-payment statement

200/-

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 product Purpose Quantum Interest Security Repayment Charges

Loan against Property

The 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 15 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 document Individual Self-employed

KYC Documents

Copy 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 proof

Not applicable

  • GST Registration Certificate.
  • Registration under Shop Act.
  • Partnership Deed
  • Memorandum of Association.
  • Articles of Association

Photographs

Two passport size photographs of the applicant as well as the co-applicants.

Application

Relevant application form duly

Property documents

Documents pertaining to the property mortgaged as per the list provided by the Company.

Why apply for the Reliance Loan Against Property through MyMoneyMantra?

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.

How to use the MyMoneyMantra EMI Calculator?

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.

Why use Loan Against Property EMI Calculator?

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.

FAQs

Who is eligible for the Reliance 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.

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

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?

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?

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?

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?

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?

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?

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?

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.

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