FAQs on Loan Against Property
Who can avail of Loans Against Property from Reliance Commercial Finance?
Salaried individuals in the age group of 21 to 58/60 depending upon retirement age
Self-employed individuals in the age group of 21 to 65 years(at the end of the loan tenure)
Partnership Firms and Private Ltd.Companies
Which Products can be Financed?
Loan against Property-Residential&Commercial
Lease Rent Discounting
Balance Transfer cum Top Up
Existing Customer Top Up
How much finance can I avail of?
Loans against your existing property are provided upto 60%of the property value
What are the tenure options?
Loans against Property range from a minimum of 3 years upto a maximum of 15 years
How long will it take to process the loan?
Loans are processed within 2 working days of completing the documentation.
Do I need a guarantor?
All property owners to be co-borrowers
For sole property owner/applicant-one adult family member to be co-applicant
Partners and Promoter Directors will be taken as co-applicant in case of Partnership and Pvt ltd co.respectively
Do I have the option of pre-paying the entire loan amount?
Yes.One can pre-pay the loan at any time after 6 months from the date of final disbursement of the loan.Foreclosure charges applicable.
Can I make part pre-payment?
You can make part pre-payments of a minimum amount of Rs 50,000 after 6 months from the loan date.This payment can be made only once in a financial year subject to a maximum of 25%of the balance outstanding against your loan amount at the time of request.
How do I repay the loan?
Electronic Clearing System(ECS)OR
Post dated cheques(PDCs)
What are the stages involved in availing a loan?
The stages involved are:
Sanctioning of the loan