Reliance Loan Against Property
Last Updated : Nov. 19, 2016, 4:17 a.m.
Reliance commercial finance is one of the leading loan providers of India for the young entrepreneurs who want to unleash their property. The rate of interest with longer tenure period and higher loan amount makes this multipurpose loan facility a good opportunity for the new businessmen of India. You can take the loan against commercial, residential, industrial property or land for business requirements, Reliance loan against property becomes a good choice.
Reliance Loan Against Property Details
| Particulars | Details |
|---|---|
| Interest Rate | 13.50% |
| Loan Amount | Rs. 25,00,000/- onwards |
| Tenure | 5 years to 15 years |
| Processing Fee | 1% of the loan amount + applicable tax |
| Prepayment Charges | 4% the outstanding loan amount + applicable tax |
| Repayment Mode | Monthly EMI through cheque, ECS |
How to Apply
To get a loan against property from Reliance Commercial Finance Co., you need to submit the above-mentioned documents as per the eligibility at the nearest branch.
Loan Against Property EMI Calculator
The detailed information on the EMIs, total interest outgo and total amount, refer to the table given below:
Table for EMI per month, Total Interest Outgo and Total Amount
| Amount (in Rs.) | Interest Rate (p.a) | Loan Tenure (in years) | EMI (in Rs.) | Total Interest Outgo (in Rs.) | Total Amount (Principal + Interest)(in Rs.) |
|---|---|---|---|---|---|
| 25,00,000 | 13.50% | 1 | 2,23,880 | 1,86,561 | 26,86,561 |
| 25,00,000 | 13.50% | 2 | 1,19,443 | 3,66,621 | 28,66,621 |
| 25,00,000 | 13.50% | 3 | 84838 | 5,54,176 | 30,54,176 |
| 25,00,000 | 13.50% | 4 | 67691 | 7,49,159 | 32,49,159 |
| 25,00,000 | 13.50% | 5 | 57525 | 9,51,477 | 34,51,477 |
| 25,00,000 | 13.50% | 6 | 50847 | 11,61,013 | 36,61,013 |
| 25,00,000 | 13.50% | 7 | 46162 | 13,77,627 | 38,77,627 |
| 25,00,000 | 13.50% | 8 | 42720 | 16,01,158 | 41,01,158 |
| 25,00,000 | 13.50% | 9 | 40106 | 18,31,425 | 43,31,425 |
| 25,00,000 | 13.50% | 10 | 38069 | 20,68,229 | 45,68,229 |
| 25,00,000 | 13.50% | 11 | 36450 | 23,11,356 | 48,11,356 |
| 25,00,000 | 13.50% | 12 | 35143 | 25,60,582 | 50,60,582 |
| 25,00,000 | 13.50% | 13 | 34075 | 28,15,668 | 53,15,668 |
| 25,00,000 | 13.50% | 14 | 33193 | 30,76,369 | 55,76,369 |
| 25,00,000 | 13.50% | 15 | 32458 | 33,42,433 | 58,42,433 |
Amortization Table
| Year | Principal (in Rs.) | Interest (in Rs.) | Balance Amount (in Rs.) |
|---|---|---|---|
| 1 | 55337 | 3,34,159 | 24,44,663 |
| 2 | 63288 | 3,26,208 | 23,81,375 |
| 3 | 72381 | 3,17,115 | 23,08,994 |
| 4 | 82780 | 3,06,716 | 22,26,214 |
| 5 | 94673 | 2,94,823 | 21,31,541 |
| 6 | 1,08,276 | 2,81,220 | 20,23,265 |
| 7 | 1,23,830 | 2,65,666 | 18,99,435 |
| 8 | 1,41,623 | 2,47,873 | 17,57,812 |
| 9 | 1,61,970 | 2,27,526 | 15,95,842 |
| 10 | 1,85,242 | 2,04,254 | 14,10,600 |
| 11 | 2,11,855 | 1,77,641 | 11,98,745 |
| 12 | 2,42,295 | 1,47,201 | 9,56,450 |
| 13 | 2,77,104 | 1,12,392 | 6,79,346 |
| 14 | 3,16,919 | 72577 | 3,62,427 |
| 15 | 3,62,788 | 27044 | 0 |
Eligibility Criteria
| Criteria | Salaried | Self-employed | Self-employed Non-Professionals |
|---|---|---|---|
| Type of customers funded | Salaried includes individuals employed in Multinational Organizations, listed Public Ltd. Co., Government Organization, Pvt. Ltd. Co., Closely held Unlisted Company, Partnerships or Sole Proprietorship | Individuals with professional qualifications like Practicing Doctors, Chartered Accountants, Engineers, Architect, Company secretaries | Businessmen engaged in various business like Dealers, Wholesalers, Distributors, Traders across Service, Trading & Manufacturing |
| Minimum age | 21 years | 21 years | 21 years |
| Maximum age | 58/60 years | 65 years | 65 years |
| Minimum gross annual income | Rs. 5,00,000/- | Rs. 5,00,000/- | Rs. 5,00,000/- |
| Type of property funded | Ready & Resale Properties, Under construction properties of pre-approved builders | Ready & Resale Properties, Under construction properties of pre-approved builders | Ready & Resale Properties, Under construction properties of pre-approved builders |
| Minimum property area | Residential Property 500 Sq.ft Commercial Property 250 Sq.ft | Residential Property 500 Sq.ft Commercial Property 250 Sq.ft | Residential Property 500 Sq.ft Commercial Property 250 Sq.ft |
Documents Required
| Individual | Sole Proprietry/Partnership/Pvt/ Ltd/ Company |
|---|---|
| Application form PAN Card/Passport Copy/Ration Card Form 16 Last 3 months salary slip Last 6 months bank statement Repayment track record, if any Copy of Lease deed (For LRD) Professional qualification certificates in case of Doctors Proforma invoice of the equipment to be purchased | Application form PAN Card/Ration Card/Passport Copy Office Address Proof Passport sized photographs of applicant/s Certified copies of MOA/AOA/Partnership deed Repayment track record, if any Last 2 years audited financials Last 2 years ITR of directors/partners Professional qualification certificates in case of Doctors/CA/Lawyers/Architects Last 6 months bank statement Copy of lease deed (For LRD) |
Features & Benefits
- Loan for entrepreneurs
- Loan against residential, commercial, industrial property & land
- No financial documents required for loan amount up to Rs. 3 Crore
- Longer tenure period
- No upper limit for loan amount
- Flexible repayment options
- Loan approval within 2 working days
Reliance Loan Against Property Interest Rate
For loan against property at Reliance Commercial Finance Co., the applicable rate of interest is 13.50% per annum.
Reliance Commercial Loan Customer Care
To know more about loans, you can contact on the toll-free number: 1800 210 3030