|Reliance Home Finance Loan Against Property Highlights|
|Interest rates||11% to 13% p.a.|
|Loan amount||Rs 10 Lakhs onwards|
|Loan tenure||Up to 12 years|
|Processing fee||Up to 2%|
|LTV Ratio||70% of property value|
Note: Interest rates as of 10th January 2023
Reliance Home Finance Loan Against Property Interest rates
Reliance Home Finance offers Loan Against Property at floating interest rates between 11% to 13% p.a.
LTV Ratio for Loan Against Property
The maximum amount that borrowers can avail of as a LAP is 60% of the market value of their property.
Lease Rental Discounting
Reliance Home Finance offers lease rental discounting @ 12% to 13% p.a. for loan amounts of Rs 10 Lakh onwards for tenures of up to 10 years. It offers lease rental discounting only to the self-employed individuals.
Reliance Home Finance Loan Against Property Fees and Charges
Processing fee and prepayment charges
|Processing fee||Up to 2% (including non-refundable fee of Rs 3,500 for loan up to Rs 35 Lakh and Rs 4,500 for loan more than Rs 35 Lakh)|
|Part/full prepayment charges||For fixed rate of interest:|
● No prepayment charges (if loan is closed by own source of funds)
● 4% of principal outstanding (if loan is closed by other sources)
● 5%, 4%, 3% or 2% or as applicable of the prepayment amount (for part-prepayment after the lock-in period)
For floating rate of interest:
● No prepayment charges (part/full) are applicable for loans sanctioned for purposes other than business to individual borrowers, with or without co-borrowers.
● Prepayment charges are applicable for all loans where the applicant is non-individual as per the norms of prepayment charges for fixed rate of interest loans.
● Prepayment charges (part/full) are applicable for all loans sanctioned for the purpose of business as per norms of prepayment charges for fixed rate of interest loans.
For combo rate of interest:
part/prepayment charges will be applicable based on the nature of rate of interest of the loan.
Other fees and charges
|CERSAI Charges||Rs 500 per property|
|Charges for change in property or asset||Rs 0.5 of principal outstanding|
|Dishonor charges||Rs 750 per instance (inclusive of taxes)|
|Loan cancellation charges||Rs 10,000 along with applicable interest amount from the date of disbursement till the date of cancellation will be charged|
|Switch fees/rate reduction charges||tenure/EMI: up to 2% of principal outstanding|
Eligibility Criteria for Reliance Home Finance LAP
Reliance Home Finance factors in the monthly income, age, credit history, employment status, professional status and property value of the borrower while determining the eligibility of its LAP applicants.
Reliance Home Finance LAP Documents Required
- Identity proof: Passport/ PAN card/ Voter’s Identity Card/ Driving License/ Identity Card with applicant’s photograph issued by Government, Aadhar Card.
- Passport/ PAN card/ Voter’s Identity Card/ Driving License/ Latest Utility Bill (electricity, telephone, postpaid mobile phone, piped gas and water bill)/ Property Tax Receipt/ Bank or Post Office Savings Bank Account Statement/ Letter of Allotment of Accommodation issued OR Leave and License agreements issued by Government to the employee
- Driving License/ Passport/ PAN Card/ Bankers’ Verification/ Registered Sale Deed/ Government Employee ID Card.