Reliance Capital Loan Against Property

Reliance Capital
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 Rs. 25 crores. With only a 1% processing fee, you can avail a loan with an easy documentation process.

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Reliance Capital

Reliance Capital LAP

  • Interest Rate

    Up to 18.25%

  • Loan Amount

    ₹3L - ₹25L

  • EMI Per Lakh

    ₹2,553

  • Processing Fees

    Up to 2%
  • Pre-Payment Charges

    • Prepayment charge is not applicable to Individual applicant with individual co-applicant.

Features & Benefits of Reliance Capital Loan Against Property

Apart from the benefit of carrying out the process of Reliance Capital Loan Against Property apply online, there are various features and benefits. The benefits and features enjoyed by a borrower when they apply for Reliance Capital Loan Against Property are given below:

  • Customers can apply for a home loan from the convenience of their own homes. 
  • Loans are approved promptly. 
  • Borrowers can benefit from low EMIs.
  • Simple documentation procedure 
  • A payback schedule of up to 30 years is available. 
  • Interest rates that are competitive and appealing
  • There are no penalties for making prepayments.

Reliance Capital Loan Against Property - An Overview

Reliance Capital Loan Against Property (LAP) offers an alternate way to get funds against residential and commercial assets for personal or business purposes. The Reliance Capital LAP is an excellent platform for professionals, self-employed persons, and businesses to diversify their assets and meet any short-term liquidity needs. Borrowers can apply for Reliance Capital Loan Against Property to get loans quickly and without putting up any collateral. The Reliance Capital Loan Against Property interest rate is attractive and has low documentation. Depending on their income and repayment capacity, borrowers are eligible for up to Rs. 5 Crores as Reliance Capital LAP loan amount.

Reliance Capital Loan Against Property Fees and Charges

There are fees charged to fulfil the Reliance Capital Loan Against Property requirements. The following fee structure ensures the smooth carrying out of the Reliance Capital Loan Against Property process.

Cheque Bounce Charges Rs. 450
Cheque Swapping Charges Rs. 500
Overdue Interest 3% p.m.
EMI Cycle Date Change Rs. 500
Reschedulement Charges 2% of the Principal Outstanding
Duplicate NOC Rs. 500
Cash Handling Charges 1% + applicable taxes for cash receipts more than Rs. 50,000 (Max cash limit Rs 1,99,999.)
Prepayment Charges Prepayment charges won't be applicable to the following:
  • Indvl App with Indvl Co-App
  • Proprietorship App with Indvl Co-App
Only Indvl App Prepayment charges will be applicable other than the above.
Loan cancellation charges Loan Cancellation with Own Instrument within 7 days from the date of disbursement
  • Charges - 1% + Service Tax of Loan amount
  • Interest from the date of disbursement till the date of cancellation.
Loan rescheduling charges EMI Cycle Date Change Rs.500
SPDC retrieval Charges for swap, matured, preclosure and customer-induced cancellations Rs. 300/- at the time of Preclosure/Swap/Matured/Customer Induced cancellations and Rs. 450/- up to 60 days
Mortgage loan rates 0.5% of Outstanding Principal
Non-Refundable Fee Loan up to Rs. 25 lacs - Rs. 3,000 + S.T Loan >Rs. 25 lacs - Rs. 6500/- + S.T
Conversion charges / Switch fee 0.5% of the POS for normal HL/LAP/LRD/CP. For the 9.95% scheme, it is 5% of POS within 3 years and no charges for the compulsory conversion after three years and normal conversion charges thereafter till the maturity of the loan
Copies of Loan Documents/ Agreement/Retrieval of Share Certificate Rs. 500/- per LAN
Charges on Part Disbursement Rs. 750/-
Prepayment statement charges Rs. 200/-

Reliance Capital Loan Against Property Interest Rates

Reliance Capital Loan Against Property interest rates are quite competitive and are affected by various reasons. An applicant must know the Reliance Capital LAP interest rate before applying for it. Even though the company has not disclosed the LAP interest rates, typically, they go up to 18.25% pa. However, the Reliance Capital Loan Against Property interest rate must be confirmed by a representative of the loan provider themselves.

Factors Affecting Reliance Capital Loan Against Property interest rates

As mentioned, Reliance Capital Loan Against Property interest rates are affected by various reasons. Every borrower receives a different Reliance Capital LAP interest rate as per their eligibility, CIBIL score, amount, etc. To get a better understanding of the factors affecting the Reliance Capital Loan Against Property interest rate, kindly read the below points.

Property Type

Surveyors hired by the lenders assess the property to determine its kind, age, location, and market value. The surveyors' reports are used to calculate the Reliance Capital LAP loan amount, repayment period, and interest rate that can be charged to the borrower. Commercial and residential properties have different loan amounts and interest rates.

Loan Tenure

The Reliance Capital Loan Against Property interest rate is also determined by how long it will be outstanding. The Reliance Capital LAP interest rate on these loans is lower due to the longer repayment terms. The borrower can choose a shorter repayment period to pay off the loan faster. However, in these cases, the lender often charges a higher interest rate on real estate-backed loans.

Credit Score

The credit score of the borrower is important for setting the Reliance Capital LAP interest rate. A credit score of 650 or higher is regarded as adequate for obtaining competitive rates on real estate-backed loans. Customers with low credit ratings are considered high-risk by lenders; thus, they are granted loans at higher interest rates. A low credit score may also cause Reliance Capital Loan Against Property to be denied.

External Factors

The Reliance Capital Loan Against Property interest rate may be influenced by external factors such as the Reserve Bank of India's (RBI) monetary policy, inflation, and the rate of economic expansion. If inflation rises, the RBI's monetary policy is altered. It raises the repo rate as well as the Cash Reserve Ratio (CRR), increasing borrowing rates. The RBI does this to regulate prices by restricting the movement of currency through the economy.

Relationship With the Lender

The borrower's relationship with Reliance Capital determines the Reliance Capital LAP interest rate. The lender's understanding and trust develop as the relationship grows longer. If you possess credit with the lender and make regular payments on your loans, you may be eligible for a lower interest rate. The lender, on the other hand, may have a strict credit evaluation system that raises the rate of interest for new clients.

Documents required for Reliance Capital Loan Against Property

The documents required for Reliance Capital Loan Against Property are given below. These documents must be gathered by the borrower to ensure smooth processing of the loan.

Individual

  • Application form.
  • Passport copy / PAN Card / Ration card
  • Passport-sized photographs of all applicants / co-applicants.
  • Latest Form 16 and 3 months salary statement
  • Latest 6-month bank statement
  • 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.

Sole Proprietary/Partnership/Pvt Ltd Company

  • Application form.
  • Passport copy / PAN Card / Ration card
  • Office Address Proof
  • Passport-sized photographs of all applicants / co-applicants
  • Certified copies of MOA / AOA /Partnership deed
  • Repayment track record, if any
  • 2 years of 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 Capital Loan Against Property?

Applicants can use the Reliance Capital Loan Against Property calculator to calculate their Equated Monthly Instalments (EMIs). The following formula is used to calculate EMIs.

EMI = {P x R x (1 + R) ^ N} whole divided by { (1 + R) ^ N (N - 1) }

Here,

  • ‘P’ represents the Principal amount
  • ‘R’ represents the interest rate
  • ‘N’ means the loan tenure

Reliance Capital Loan Against Property Customer Care Number

If borrowers find themselves entangled in Reliance Capital Loan Against Property requirements or any other step, they can contact Reliance Capital. The customer care details for the Reliance Capital LAP are given below:

Phone Number: 022-47415800 Between 10:00 am - 6:30 pm (Except 2nd & 3rd Saturdays, Sundays and Public Holidays)

FAQs

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

What are the benefits Reliance Capital Provides on loan against property?

The benefits of Reliance Capital LAP consist of minimal documentation, online application, low EMI, and competitive interest rates, among others.

Does Reliance Capital have a fixed rate of interest on a loan against property?

Reliance Capital has a floating rate of interest on a loan against property. 

How to check loan against property Status in Reliance Capital?

One can check the status of their Reliance Capital LAP by logging in to their account.

Does Reliance Capital Check for CIBIL Score for loan against property?

Yes, Reliance Capital checks for CIBIL score for loan against property.

What is the maximum and minimum loan against property amount I can get from Reliance Capital?

You can avail of an amount of up to Rs. 3 cores from Reliance Capital loan against property.

What are the KYC documents I will have to submit to apply for a loan against property from Reliance Capital?

The KYC documents that will have to be submitted to apply for a loan against property from Reliance Capital are an Aadhaar card, PAN card, passport-size photos etc. Kindly read our guide to know about the complete list of documents required for the Reliance Capital loan against property.

What is the processing fee on Reliance Capital loan against property?

The processing fee on a Reliance Capital loan against property ranges between 0.5% - 2% of the loan amount.

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