Loan Against Property
Your property is more than just an address, it's a financial asset that can unlock significant opportunities when you need substantial funding. Whether you're planning a major business expansion, managing large-scale expenses, funding your child's higher education abroad, or consolidating high-interest debts, a Loan Against Property transforms your real estate into immediate liquidity without giving up ownership.
At Reliance NBFC Finance Limited, we offer secured loans against residential and commercial properties at attractive interest rates with flexible repayment tenures of up to 15 years. By pledging your property as collateral, you gain access to higher loan amounts, up to 70-80% of your property's market value, while enjoying significantly lower interest rates compared to unsecured loans. The best part? You retain complete ownership and can continue to use or rent your property even while the loan is active.
So whether you own a residential flat, commercial office space, or industrial property, leverage its value to meet your financial goals. Talk to us at Reliance Spectra India and turn your property into a powerful financial tool that works for you when you need it most.
Interest Rate
Standard Rates
| Loan Slab | Interest Rates (% p.a.) |
|---|---|
| Self Occupied Residential Property | 8.95 – 9.95% |
| Non – Self Occupied Residential Property | 9.25 – 10.25% |
Retail Prime Lending Rate (Non Housing): 12.20%
| Loan Slab | Interest Rates (% p.a.) |
|---|---|
| Commercial Property | 9.25 – 10.25% |
Documents
You are required to provide the following documents for all applicants and co-applicants, in addition to the duly completed and signed Application Form, to facilitate the loan approval process.
Mandatory Documents
| Sr.No. | Mandatory Documents |
|---|---|
| 1. | PAN Card or Form 60 (If the customer does not have a PAN Card) |
Description of Officially Valid Documents (OVD) for Identity & Address Proof
| Sr.No. | Description of Officially Valid Documents (OVD) that can be accepted for establishing the legal name & current address of Individuals | Identity Proof | Address Proof |
|---|---|---|---|
| 1. | Passport, the validity of which has not expired. | ✓ | ✓ |
| 2. | Driving license which has not expired. | ✓ | ✓ |
| 3. | Election /Voters identification card | ✓ | ✓ |
| 4. | Job card issued by NREGA duly signed by the officer of the State Government | ✓ | ✓ |
| 5. | Letter issued by the National Population Register containing details of name, address. | ✓ | ✓ |
| 6. | Proof of possession of Aadhaar Number (to be obtained voluntarily) | ✓ | ✓ |
Income Documents
| Document | Salaried | Self Employed Professional | Self Employed Non Professional |
|---|---|---|---|
| Last 3 months' Salary Slips | ✓ | ||
| Last 6 months' Bank Statements, showing salary credits | ✓ | ||
| Latest Form-16 and IT returns | ✓ | ||
| Income Tax Returns along with computation of income for the last 3 Assessment Years (of both the individual and the business entity and attested by a CA) | ✓ | ✓ | |
| Last 3 years' Balance Sheet and Profit & Loss A/c Statements, with Annexures / Schedules (of both the individual and the business entity and attested by a CA) | ✓ | ✓ | |
| Last 6 months' Current A/c Statements of the business entity and Savings Account Statements of the individual | ✓ | ✓ |
Property Related Document
| Document | Salaried | Self Employed Professional | Self Employed Non Professional |
|---|---|---|---|
| Title Deeds including the previous chain of the property documents | ✓ | ✓ | ✓ |
| Proof of no encumbrances on the property | ✓ | ✓ | ✓ |
| Approved plan if applicable | ✓ | ✓ | ✓ |
Fees & Charges
Processing Fees & Charges
Processing Fees
For both salaried and self-employed individuals, the processing fees are calculated at up to 1.50% of the loan amount or a minimum of ₹4,500, whichever is higher. This amount is subject to applicable taxes. A minimum retention amount of 50% of the applicable fees or ₹4,500, plus applicable taxes, whichever is higher, is required.
Fees for External Opinion
Fees associated with external opinions from advocates or technical valuers are based on the specific case and are paid directly to the respective advocate or valuer for their services.
Property Insurance
Customers are responsible for paying the insurance premiums directly to the insurance provider to maintain the policy throughout the loan's duration.
Charges for Delayed Payments
Late payment of interest or EMIs will result in additional interest charges of up to 24% per annum being imposed on the customer.
Incidental Charges
Incidental charges and expenses are applied to cover various costs and expenses related to recovering dues from customers who default on their payments. Customers can request a copy of the policy from the branch for more information.
Statutory and Regulatory Charges
Any applicable charges related to Stamp Duty, MOD, MOE, Central Registry of Securitisation Asset Reconstruction, and Security Interest of India (CERSAI), or other statutory and regulatory bodies, along with applicable taxes, are the sole responsibility of the customer. You can find more details about these charges on the CERSAI website at www.cersai.org.in.
Prepayment Charges
Housing Loans
| A. Adjustable Rate Loans (ARHL) and Combination Rate Home Loan ("CRHL") during the period when the Variable Rate of interest is in effect. | B. Fixed Rate Loans ("FRHL" ) and Combination Rate Home Loan ("CRHL") during the period when the Fixed Rate of interest applies. |
|---|---|
| For loans approved for individual borrowers, with or without co-obligants, there will be no prepayment charges for partial or complete prepayments made from any funding sources, except when the loan is granted for business purposes. | For all loans, whether they have co-obligants or not, a prepayment charge will be applied at a rate of 2%, in addition to any applicable taxes or statutory levies, on the amounts being prepaid partially or in full, except when such prepayment is made using the borrower's own resources. |
Non Housing Loans and loans classified as business loans**
| A. Adjustable Rate Loans (ARHL) and Combination Rate Home Loan ("CRHL") when the Variable Rate of interest is applicable. | B. Fixed Rate Loans ("FRHL") and Combination Rate Home Loan ("CRHL") during the period when the Fixed Rate of interest is in effect. |
|---|---|
| For all loans, whether they are approved with or without co-obligants, a prepayment charge will be imposed at a rate of 2%, plus any applicable taxes or statutory levies, on the amounts being prepaid partially or in full due to prepayment. | For all loans, whether they are approved with or without co-obligants, a prepayment charge will be imposed at a rate of 2%, plus any applicable taxes or statutory levies, on the amounts being prepaid partially or in full due to prepayment. |
No prepayment charges are required for Loans against Property or Home Equity Loans granted to individuals for purposes other than business use.
Eligibility Criteria
| Important Factor | Criteria |
|---|---|
| Age | 21-65 years |
| Profession | Salaried / Self Employed |
| Nationality | Resident Indian |
| Tenure | Up to 15 years |
Classification of Self Employed
| Self-Employed Professional | Self Employed Non-Professional (senp) |
|---|---|
| Doctor, Lawyer, Chartered Accountant, Architect, Consultant, Engineer, Company Secretary etc. | Trader, Commission Agent, Contractor, etc. |
How does adding a co-applicant benefit? *
Higher loan eligibility with an earning co-applicant.
Lower interest rate on adding a female co-owner as co-applicant.
GST, as notified by the Government of India, is applicable on all fees, interest and other charges and is subject to change as per relevant regulations of the Government of India.
Terms and conditions apply.