|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 1st August 2022
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|
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.
- 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.