Urban Money

Reliance Bank Loan Against Property

Reliance Bank
4.5

Make use of the true potential of your property and apply for a Reliance Loan Against Property which provides you with an attractive rate of interest. Receive flexible loan tenures of up to 15 years and a loan amount of up to �25 crores. With only a 1% processing fee, you can avail a loan with an easy documentation process.

  • Reliance Bank
  • Loan Against Property
Loan Amount:₹3L - ₹25L
Interest Rate:Up to 18.25%
Processing Fee: 0.5% - 2%
Tenure:15 Years
Details
BanksInterest RateProcessing FeeLoan Amount/Tenure
Reliance Bank

Up to 18.25%

0.5% - 2%

₹3L - ₹25L

Tenure(5 - 15 Years)

Details

Features & Benefits of Reliance Loan Against Property

  • The Loan Against Property by Reliance is a multi-purpose product that can be utilised for both professional and personal purposes. 
  • Reliance provides loans against residential, land, commercial and industrial property.
  • The repayment options are flexible according to the requirements of the applicant.
  • Applicants are offered a higher loan to value.

Reliance Bank Loan Against Property Overview

Make use of the true potential of your property and apply for a Reliance Loan Against Property which provides you with an attractive rate of interest. Receive flexible loan tenures of up to 15 years and a loan amount of up to ₹25 crores. With only a 1% processing fee, you can avail a loan with an easy documentation process. 

  • Financials are not required for loans up to ₹3 crores.
  • Flexible tenures and higher LTV.
  • Quick and efficient doorstep services for your needs.

Eligibility Criteria for Reliance Loan Against Property

Reliance Loan Against Property eligibility criteria for salaried, self-employed individuals and self-employed non-professionals has been described below. 

Salaried Individuals

Salaried category includes individuals who are employed in listed public corporations, private limited companies, government organisations, and multinational organisations, an individual who is a sole proprietor or a partner and closely held unlisted companies. 

  • The minimum age at entry must be 21.
  • The maximum age at entry should be 58 or 60, depending on the age of retirement.
  • The minimum gross income must amount to ₹5 lakhs.
  • Ready and resale properties, and under construction properties of pre-approved builders are the types of property funded.
  • A minimum property area of 500 sq. ft. is required for residential property and 250 sq. ft. is required for commercial properties. 

Self-employed Individuals

Individuals who possess professional qualifications like Chartered Accountant, Architect, Practising doctor, Company Secretary and Engineers are termed as self-employed. 

  • The minimum age at entry must be 21.
  • The maximum age at entry should be 65 years.
  • The minimum gross income must amount to ₹5 lakhs.
  • Ready and resale properties and under construction projects of pre-approved builders are the types of property funded.
  • A minimum property area of 500 sq. ft. is required for residential property and 250 sq. ft. is required for commercial properties.

Self-employed Non-Professionals

Includes businessmen who are engaged in different business activities like distributors, dealers, traders across service, trading & manufacturing, and wholesalers. 

  • The minimum age at entry must be 21.
  • The maximum age at entry should be 65 years.
  • The minimum gross income must amount to ₹5 lakh.
  • Ready and resale properties and under construction properties of pre-approved builders are the types of property funded.
  • A minimum property area of 500 sq. ft. is required for residential property and 250 sq. ft. is required for commercial properties.

Reliance Loan Against Property Fees and charges

Category Charges
Cheque Bounce Charges ₹450
Cheque Swapping Charges ₹500
Overdue Interest 3% p.m.
EMI Cycle Date Change ₹500
Reschedulement Charges 2% of Principal Outstanding
Duplicate NOC ₹500
LPG Kit NOC charges NA
Cash Handling Charges 1% + taxes applicable for cash receipts which are more than ₹50,000 (Maximum cash limit - Rs 1,99,999.)
Outstation Cheque Charges NA
Cheque revalidation charges NA
Prepayment Charges Prepayment charges are not applicable on: 1. Individual Applicant with Individual Co-Applicant 2. Proprietorship Applicant with Individual Co-Applicant Only Individual Applicant Prepayment charges are applicable on others apart from mentioned above.
Loan cancellation charges i) Loan Cancellation with Own Instrument within 7 days from date of disbursement a) Charges - 1% + Service Tax of the Loan amount b) Interest accumulated from the date of disbursement until the date of cancellation. ii) Loan cancellation after 7 days from the disbursement date. a) Prepayment charges are not applicable on the loan amount. b) Interest accumulated from the date of disbursement till the cancellation date.
Loan rescheduling charges EMI Cycle Date Change ₹500
SPDC retrieval charges for matured, swap, preclosure and customer induced cancellations i) ₹300/- at the time of Swap/Preclosure/Matured/Customer Induced cancellations. ii) ₹450/- upto 60 days from the day of Swap/Pre closure/Matured/Customer Induced cancellations.
Mortgage loan rates 0.5% of the Outstanding Principal
Non Refundable Fee Loan up to ₹25 lacs - ₹3,000 + S.T Loan > ₹25 lacs - ₹6500/- + S.T
Conversion charges / Switch fee 0.5% of the Point of Sale for normal HL/LAP/LRD/CP. In case of the 9.95% scheme it is 5% of Point of Sale within a period of 3 years. There are no charges in case of compulsory conversion after a period of 3 years. Normal charges of conversion are applicable thereafter upto the maturity date of the loan.
Copies of Loan Documents/ Agreement/Retrieval of Share Certificate ₹500/- per LAN
Charges on Part Disbursement ₹750/-
Prepayment statement charges ₹200/-

Reliance Loan Against Property Interest Rates

Interest Rate As per terms and conditions (based on external benchmark by RBI) 
Loan Amount  Up to ₹25 crores
Loan Tenure Up to 15 years
Processing Fees 1% of the loan amount + applicable tax

Factors Affecting Reliance Loan Against Property Interest Rates

Banks and NBFCs do not offer the same rate of interest to every applicant and this decision is guided by many factors. The parameters affecting the Reliance Loan Against Property interest rate are as follows: 

Net Monthly Income

The higher your net monthly income, the higher will be your credibility in paying back the loan. Thus, you will be offered a lower interest rate for your Loan Against Property.

Type of Loan

Different sets of loans are provided under the same category by Reliance. So, the interest rate is offered based on the fixed and floating rate schemes and the type of loan you are opting for.

Type of Property

Loans availed for prime residential properties are easier to get and at a lower rate of interest in comparison to the industry or commercial properties. 

Your Profession

A higher rate of interest might be charged from a salaried individual than a businessman or self-employed professional for availing a mortgage loan.

Documents Required for Reliance Loan Against Property

For individuals

  • Application form.
  • PAN Card / Passport copy / Ration card
  • Passport-sized photographs of all applicants / co-applicants.
  • 3 months salary statement and Latest Form 16.
  • Bank statement of the preceding 6 months.
  • Repayment track record, if any.
  • Copy of Lease deed (For LRD)
  • 6 months bank statement of the main operating account.
  • Professional qualification certificate in case of doctors.
  • Proforma invoice of the equipment to be purchased.

For Partnership/Proprietary/Pvt Ltd Company

  • Application form.
  • PAN Card / Passport copy / Ration card
  • Office address proof
  • Passport-sized photographs of all applicants / co-applicants
  • Certified copies of AOA/MOA/Partnership deed
  • Repayment track record, if any.
  • 2 years audited financials
  • 2 yrs ITR of directors/partners
  • Professional qualification certificate in case of Doctors/CA/Lawyers/Architects
  • 6 months bank statement of the main operating account.
  • Copy of Lease deed (For LRD)

How Does the EMI Calculation Work for Reliance Loan Against Property?

Reliance EMI calculator will help you calculate your monthly loan EMIs so that you can modify the different parameters according to your preferences and requirements. This user-friendly and efficient platform can be used to achieve the results by inserting only 3 values. You only need to fill the loan amount, the percentage of interest rate, and the tenure in years. The result in your monthly EMI will be displayed on the screen. 

How Does Reliance Compare with Other Lenders?

Have a glance at the table below to understand the comparison of Reliance Loan Against Property interest rate with the other prominent lenders in the market. 

Lenders Rate of Interest (per annum)
HDFC 8.50% to 9.00%
Ing vysya N.A
SBI 8.45% - 9.50%
ICICI Bank 8.35% - 9.25%
Axis Bank 10.50% - 11.25%
PNB HFL 9.50% - 10.15%
IDBI Bank 8.75% - 9.35%
Central Bank 10.80%
HSBC 8.35%
LIC HFL 11.00%
Reliance 13.50%
Bank of India 8.85% - 9.35%
Tata capital 10.10%
HDBFS NA
Uco bank 9.70% - 10.70%
Canara Bank 9.95% - 12.00%

Reliance Loan Against Property Customer Care Number

For any query, assistance, or information related to Reliance Loan Against Property requirements, you can contact the customer care number at 022-47415800. 

You can also send a mail at [email protected] 

FAQs

From refinancing to reducing your interest, we have the answers right here.

What is the maximum tenure for which I can avail a Loan Against Property (LAP)?

The maximum tenure for which you can avail of a Loan Against Property from Reliance is 15 years.

Are Reliance Loan Against Property interest rates fixed?

No, the Reliance Loan Against Property interest rates are flexible depending on the fixed or floating interest rate.

Does Reliance check the CIBIL score for Reliance Loan Against Property eligibility?

Yes, Reliance checks the CIBIL score of the applicants before approving their loan applications. A 750 CIBIL score is considered ideal by the banks. 

What are the KYC documents I will have to submit to apply for a Loan Against Property from Reliance?

Reliance Loan Against Property requirements include the KYC documents like identity proof, residence proof, and age proof for your application. 

Do I have to pay a processing fee to apply for Reliance Loan Against Property?

Yes, Reliance levies a processing fee of up to 2% of the loan amount.

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