FAQ on Commercial Property Purchase Loans

Who can avail of Commercial Property Purchase Loans from Reliance Consumer Finance?
individuals in the age group of 21 to 58 or 60 years 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 & Private Ltd. Companies

Which Products can be Financed?
Commercial Property Purchase
Balance Transfer cum Top Up
Existing Customer Top Up

How much finance can I avail of?
Commercial property purchase loans are provided upto 75% of the registered property value

What are the tenure options?
Commercial Property Purchase Loans 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 date of first disbursement of the loan. 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:
Application
Processing
Documentation
Sanctioning of the loan
Disbursement