Reliance Commercial Finance Home Loan

Reliance Commercial Finance, a member of the Reliance family, is one of the growing non-banking financial companies of India which offers various financing solutions such as vehicle loans, mortgage loans, loans against investments, SME loans, and microfinance lendings.

Interest Rates

Reliance provides home loans at the floating rate of 10.25%.

Charges

Charges^	Amount
Loan Processing Charges	0.75% of loan amount + Service Tax
Non-Refundable processing fees (included in processing fees)	Loan Amount Charges Up to Rs 25 lakh= Rs 3000 + Service Tax. Above Rs 25 lakh= Rs 6500 + Service Tax
Cheque bounce charges	Rs 450
Late Payment charges	3% p.m. on unpaid amount
Cheque swapping charges	Rs 500 per swap
Prepayment charges	Prepayment is allowed after 6 months of loan being fully disbursed. 5% of outstanding amount + service tax will be applicable on prepayment within 6-12 months from the date of final disbursement. 3% of outstanding amount + service tax will be applicable on prepayment within 12-24 months from the date of final disbursement. 2% of outstanding amount + service tax will be applicable on prepayment after 24 months from the date of final disbursement.
Loan cancellation charges	a) If disbursement cheque is not en-cashed within 7 days from the date of disbursement and your request for loan/cheque cancellation is received by us within the said period (7 days), cancellation charges amounting to 1% + Service tax of the loan amount will be applicable in addition to the interest charges calculated from the date of disbursement up to the date of cancellation. b) If your request for loan/ cheque cancellation is received by us after a period 7 days from the date of disbursement, foreclosure charges will be applicable in addition to the interest charges calculated from the date of disbursement up to the date of cancellation
Loan Reschedulement Charges	2% of principal outstanding
Loan statement charges (per statement)	Nil for 1 every half yearly, Rs 500 thereafter.
NOC issuance charges	First – 'Nil', Rs 500 thereafter
Document Retrieval Charges	Rs 500 per request
Changing floating rate to fixed rate (if offered)	0.5% on the outstanding loan amount
Service tax, legal and stamp duty	As per actual applicable
EMI cycle date change charges	Rs 500
Foreclosure statement charges	Rs 200 + service tax

^All charges are liable to change without notice at the discretion of the financing institution.

Flexibility

Eligibility:

Applicant should be minimum 21 years of age.
Should have a business/ service continuity and a stable income source.
Should have residency stability
Minimum Gross Annual Income should be Rs 2 lakh.
Salaried, Self-employed professional and Self-employed non-professional can apply for home loan in Reliance Commercial finance.

Loan Amount: The maximum amount that Reliance commercial finance may finance is up to 90% of the cost of the property. It will depend on the repayment capability of the individual.
Repayment options: Any tenure between 3 and 20 years can be selected by the individual.
Time taken for processing: According to the official website, a maximum of 2 working days will be required to process the loan.
Special options: In case, a customer does not have any proof of income, the loan will be sanctioned on basis of clean repayment track record, under the special scheme of document waiver.

Example

Criteria	Amount
Loan amount	Rs 40 lakh
Interest rate	10.25%
Tenure in months	240
EMI calculated	Rs 39,265
You end up paying	Rs 94,23,777
Total interest repaid	Rs 54,23,777

Other Details

Pre-Sales Information: Pre-sales information is adequately available on the website of the company. Additionally it is also available with the customer care and the sales staff.
Customer Support: The website consists of a grievance redressal policy and the details show the company’s inclination towards customer satisfaction.

Documents Required

Individual

Application form
Passport copy/ PAN card/ Ration card
Passport sized photographs of all applicants/ co-applicants
Latest Form 16 and 3 months’ salary statement
Latest 6 month bank statement
Repayment track record, if any

Sole Proprietor/ Partnership / Pvt. Ltd. Company

Application form
Passport copy/ PAN card/ Ration card
Passport sized photographs of all applicant/ co-applicants
Certified copies of MOA/ AOA /Partnership deed
Repayment track record
2 years’ audited financials
2 years’ ITR of directors/ partners
6 months bank statement of main operating account
Professional qualification certificate, in case of doctors/ CAs/ lawyers/ architects.

Ratings

Parameter	Rating out of 5
Speed of processing	3
Documentation	3
Customer service	3.5
Value for money	3
Overall	3

^@Customer service levels are adjudged through number and types of consumer complaints across consumer forums, user reviews, blogs and sample customer care calls.

No Comments

Recent Posts

Reliance Commercial Finance Home Loan

Leave a Reply