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    Reliance Loan Against Property

    Overview

    Owning a property in India is the biggest asset one can have. The property prices keep increasing by the year. But, it most often does not come in handy when you are in a financial crisis. Reliance offers loan against property to its customers to avail finances during a crisis. With Reliance Commercial Finance you can unlock the true potential of your property and meet your financial needs. They understand your requirements and customise solutions to fulfil them. The loan is given to entrepreneurs who wish to unlock the value of their residential property, industrial property and land for financing their business requirements.

    Purpose of Reliance Loan against Property

    Reliance Commercial Finance offers loan against property to meet your business financial requirements and customises the solutions based on your needs. You can avail loan against residential, commercial, industrial property and land.

    Eligibility Criteria for Reliance Loan against Property

    Salaried individual, self-employed individual and self-employed non-professor can avail Reliance Commercial Finance loan against property. The criteria are as follows:

    Salaried individual

    Salaried individuals include individuals who are employed in multinational organisations, listed public corporations, government organisation, and private limited companies, closely held unlisted companies, an individual who is a partner or a sole proprietor. The other requirements are as follows:

    Minimum age at entry

    21 years

    Maximum age at entry

    58 or 60 years depending on the retirement age

    Minimum gross income

    Rs.5 lakh

    The type of property that are funded are those that are ready to sell, properties under construction of pre-approved builders. The minimum property area for loan in the case of residential property is 500 Sq. and in the case of commercial property it is 250 Sq. ft.

    Self-employed individual

    Self-employed individuals are those who have professional qualifications like practicing doctors, C.A’s, engineers, architects and company secretaries. The other requirements are as follows:

    Minimum age at entry

    21 years

    Maximum age at entry

    65 years

    Minimum gross income

    Rs.5 lakh

    The type of property that are funded are the ones that are ready for sale, properties under construction of pre-approved builders. The minimum property area for loan in the case of residential property is 500 Sq. and in the case of commercial property it is 250 Sq. ft.

    Self-employed non-professional individuals

    They are the businessmen who are engaged in business like dealers, wholesalers, distributors, traders across service, trading and manufacturing. The other requirements are as follows:

    Minimum age at entry

    21 years

    Maximum age at entry

    65 years

    Minimum gross income

    Rs.5 lakh

    The type of property that are funded are the ones that are ready for sale, properties under construction of pre-approved builders. The minimum property area for loan in the case of residential property is 500 Sq. and in the case of commercial property it is 250 Sq. ft.

    Documents required for Reliance Loan against Property

    The individuals will have to submit the following documents along with the application form:

    • Passport or PAN card or Ration card copy.
    • Passport sized photographs of the applicant and co-applicant, if any.
    • The applicant and co-applicants latest Form 16 and 3 months’ salary statement.
    • Latest 6 months bank statement of the applicant and co-applicant, if any.
    • Repayment track record like CIBIL score and credit report.
    • Copy of lease document for LRD.
    • You have to submit 6 months bank statement of the main operating account.
    • If you are a professional, then you will have to submit a qualification certificate.
    • Pro forma invoice of the equipment that you intend on purchasing.

    The sole proprietor or partner or the private limited company will have to submit the following along with the application form:

    • Copy of passport, PAN card or Ration card.
    • Office address proof document.
    • Passport sized photographs of the applicant or applicants.
    • You must submit the certified copies of MOA or AOA or partnership deed.
    • Credit history report.
    • 2 years audited financial document.
    • 2 years income tax return of directors or partners.
    • If you are a professional, then you need to submit the qualification certificate.
    • Copy of 6 months bank statement of the main operating account has to be submitted.
    • Copy of lease document for LRD.

    Features and Benefits of Reliance Loan against Property

    Reliance Commercial Finance loan against property is given:

    • Against residential, commercial, industrial property and land.
    • Financials are not required for loans up to Rs.3 crore.
    • You get higher LTV and tenure.
    • You are given the flexible repayment option.
    • Salaried individual, self-employed individual and self-employed non-professor can avail Reliance Commercial Finance loan against property.

    Fees and charges of Reliance Loan against Property

    The fees and charges are as follows:

    Interest rate

    18.25%

    Overdue interest

    3 percent per month

    Change of EMI cycle date

    Rs.500

    Rescheduling charges

    2 percent of the outstanding principal amount.

    Prepayment charges

    Applicable to individual applicants only.

    Prepayment charge is not applicable to:

    - Individual applicant with individual co-applicant

    - Proprietorship applicant with individual co-applicant

    Prepayment statement charge

    Rs.200

    Non-refundable fee

    For loans up to Rs.25 lakh it is Rs.3,000 plus service tax

    For loans above Rs.25 lakh it is Rs.6,500 plus service tax

    Charges on part disbursement

    Rs.750

    Loan cancellation charge

    1. Loan that is cancelled with own instrument within 7 days from the date of disbursement of the loan attracts 1 percent charge with the service tax and the interest from the date of disbursement of the loan till the date of its cancellation.

    2. Loan that is cancelled after 7 days from the date of the disbursement of the loan will not attract any prepayment charges and you will have to pay the interest from the date of disbursement till the date the loan was cancelled.

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