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Religare Finvest Mortgage Loan in Ludhiana

Interest Rate starts from 10.75%

Religare Finvest Mortgage Loan Interest rates in Ludhiana

Please Find the Detailed Religare Finvest Mortgage Loan Interest Rates

builderscorporatesindividuals
Commercial Properties11.50%11.50%11.00%
Residential Properties11.25%11.25%10.75%

Loan To Value (LTV) For Religare Finvest Mortgage Loan in Ludhiana

Please Find the Detailed Margin Money Details For Religare Finvest Mortgage Loan
builderscorporatesindividuals
Commercial Properties50.00%50.00%55.00%
Residential Properties65.00%65.00%70.00%

Features of Religare Finvest Mortgage Loan Ludhiana

Type Features
Processing FeeUpto 3.0%
Pre Closure Charges4.0%
Part Payment Charges2.0%
Min Tenure5 Years
Max Tenure10 Years
Min Age23 Years
Max Age60 Years
Min Loan AmountRs.15,00,000/-
Max Loan AmountRs.25,00,00,000/-

Religare Finvest Mortgage Loan Ludhiana Charges

Type Charges
Penal Interest2.5% Per Month
Duplicate Statement ChargesRs.500/-
Insurance CoverUpto Loan Amount
Inspection ChargesFree
Legal Opinion Valuation ChargesFree
Bounce Cheque ChargesRs.500/-
Switch Variable To Fixed2% on Pricnipal Outstanding
Switch Fixed To Variable2% on Pricnipal Outstanding
Photocopy DocumentsRs.1000/-
Charge For Exchanging E C S MandateRs. 500/-
Repayment Schedule ChargesFree
Loan Re Schedulement ChargesRs.10,000/-
N O C Issuance ChargesRs.500/-
C E R S A I ChargesMax of Rs. 100

Documentation For Mortgage Loan

  • Filled Application form
  • Identity Proof (PAN CARD)
  • Address Proof
  • Latest 3 months Payslips
  • Job Continuity Proof
  • 2 Passport Size colour Photographs
  • Co-Applicant identity proof, Address Proof
  • Co-Applicant relationship Proof and Photograph
  • 6 months Bank Statements
  • 3 Post Dated Cheques/ECS Mandate
  • Property Related documents
  • Filled Application form
  • Identity Proof
  • Address Proof
  • Last 2 years Income Tax Returns
  • Professional/Self employed existence proof for more than 3 years
  • 2 Passport Size colour Photographs
  • Co-Applicant identity proof, Address Proof
  • Co-Applicant relationship Proof and Photograph
  • 6 months Bank Statements
  • 3 Post Dated Cheques/ECS Mandate
  • Property Related documents
  • Passport
  • Driving License
  • PAN card
  • Photo credit card (with embossed Signature and last two months statement)
  • Banker's sign verification 
  • PAN Card
  • Passport
  • License
  • School leaving certificate
  • Voter card
  • Birth Certificate
  • LIC policy (only for age Proof)
  • Passport
  • Telephone bill (BSNL/MTNL)
  • Electricity bill
  • Title deed of property
  • Rental agreement
  • Driving license
  • Election ID card
  • Photo-credit card (with last two month statements) 
  • Latest salary slip
  • Current dated salary Certificate with latest form 16.
  • Latest year IT Returns with Tax Audit reports(For Self Employed applicants)
  • Form 16
  • Relieving letter
  • Appointment Letter (for last two months)
  • Last 6 months of VAT/Service Tax returns (For Self Employed Applicants)

Religare Finvest Mortgage Loan FAQ's

What is the loan repayment tenure?

The tenure is between 12 months to 120 months for different product categories.

How can I apply for a RFL Loan?

"Apply online through our website – www.apnaloanbazaar.com Email : Care@apnaloanbazaar.com Call : Customer Care Number 040 65555578 Visit : Any of our branch"

What is the documentation* required for availing loans ?

"Application Form KYC Financials Banking * Conditions Apply"

Who all can Apply for loans from RFL?

". Self Employed professionals 2. Proprietorship Firms 3. Partnership Firms 4. Private Limited Companies 5. Limited Companies"

What are the interest rate options available ?

"All our loans are priced to risk assessment. Floating Rates Products : SME- Mortgages, SME - EDI and SME Equipment Finance Fixed Rates Products : SME-Unsecured WC, SME- Commercial Assets and SME-Loan against Marketable Securities"

What is an amortization schedule?

An amortization schedule provides EMI repayment and detailed break up of principal outstanding and interest payable every month throughout the loan tenure.

What are the various stages involved in availing the loan?

"There are three main stages - Loan Application Loan Sanction Loan Disbursement All our customers are informed about these stages through a dedicated SMS facility. "

Can I pre-pay my loan?

Yes, you can pre-pay the loan subject to pre-payment conditions.

What are the next steps post my loan tenure is complete?

At the time of expiry of the loan tenor and repayment of all the dues, your loan gets closed and the property collateral along with NOC is provided by you is returned back free of all charges. Once the loan tenure is complete and there are no dues to RFL, your loan account gets closed and a No Objection Certificate( NOC) is issued to you along with the original property documents which were submitted with RFL as collateral at the time of disbursal of loan, within 15 working days.

About Religare Finvest

Religare Finvest Limited (RFL) a subsidiary of Religare Enterprises Limited (REL), is a Small and Medium Enterprise (SME) financing focused NBFC. The diversified suite of lending solutions include, SME Mortgage Loans, SME Working Capital Loans, Short Term Trade Finance to meeting financial requirements of Small and Medium Enterprises (SMEs), self-employed businessmen, exporters/ importers and professionals

Religare Finvest Highlights

‘ERM Leadership Awards 2016’ under the category ‘The Most Innovative Risk Management Strategy
‘CIBIL Data Quality Award 2016’ under the category ‘Fast and Upcoming’ – outstanding data quality score improvement during the year 2015
Finnoviti 2012 Award for the ‘Innovation in Process’ category
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Mortgage Loan Can Be Used For Many Purposes Like Below

For Business Expansion

Accelerate the Business Growth

For Acquiring New Technology

For Construct a New Block

for setting up a new Factory

Setting up a new branch

To Pay off the other Loans

To Procure the More Stock

Things Keep In Mind While Avail a Mortgage Loan

A mortgage is actually made up of several parts – the collateral you used to secure the loan, your principal and interest payments and insurance.

Since most mortgages last 10 to 15 years of monthly payments, you should understand the how exactly it will works for you.

Type of Collateral You Are Offering

1) Residential Properties:
Properties are used for the residence purpose usually called as residential properties. Independent houses, flats, villas are commonly considered as residential properties. Financial institutions like these properties and offer more LTV (loan to value) offer to the borrower. Since at the time of loan default, residential properties are easy to liquidate in the market and recover the loan amount.
2) Commercial Properties
Properties using for commercial purpose called as commercial properties. Shopping malls, Market area properties and other properties which is located in commercial area is considered as commercial properties. After residential properties, banks will give preference to the commercial properties for loansanction to a borrower. Compare to residential properties, commercial properties are little difficult to liquidate in the market. Hence the LTV of the commercial properties are will in the range of 50%-60% of the property value.
3) Industrial Properties
Properties are located in the govt declared industrial area like SEZ, Industrial zone etc., and a property is having huge infrastructure setup like machinery, which can be used for the business trading, manufacturing or storage of goods considered as industrial properties. Industrial properties liquidity in the market is low, hence the banks provide LTV to these properties are 40%-50% based on the property amenities.

Principal And Interest

The principal is simply the sum of money you borrowed on mortgage.

Interest is what the lender charges you to use the money you borrowed, usually expressed as a percentage called the interest rate.

Principal and interest comprise your monthly payments in a process called amortization, which reduces your debt over a fixed period of time. With amortization, your monthly payments largely go toward paying off the interest in the early years, and gradually reduce the principal later on.

Factors That Affect your Loan Interest Rates

1) Type of Property offered as Mortgage:

Your property will decide the interest rate on your loan. A residential property will attract lesser rate of Interest compare to the Commercial and Industrial properties. Industrial properties will have comparatively higher rate of interest. This is due to the liquidity of the property, when default occurs.

2) Property Legal and Technical Clearance:

Banks will not finance all properties. Banks look into various aspects like locality, usage etc. Property must satisfied by the lender internal policies criteria. For example, sometimes commercial properties built by the borrower basis on the residential approvals from the govt authorities, however actual usage is for commercial purpose. This is a deviation from the lender perspective. These factors will have impact on your loan approvals.

3) Bank-Customer relationship:

If you approach the bank where you already have a bank account and you are a valued customer then banks may give you certain leeway. This mean you can negotiate with the bank for a cheaper interest rate. Most banks agree to give a concession of 0.5-1% on the interest rate.

4) Credit/CIBIL History:

If you have good credit/CIBIL record then banks will definitely award you with a better rate of interest. This means that if you have taken a loan previously and managed to pay it off without defaulting then you will have a high credit/CIBIL score. Apart from the loan the banks also take into account payment of your credit card bill record.

Expert Advice

Best Practices for Mortgage Loan

Try to get a mortgage first, if there are going to be multiple financial obligations popping up in the near future. If you are going to be applying for new credit cards, the inquiry alone can affect your credit score. This will affect your loan processing.
Search in the Market:Before applying the mortgage loan, search for the best lender as per your requirement such as low interest rate, maximum loan tenure and higher LTV etc., this can help you to avoid crucial time and money for the mortgage loan processing.
Get Clarified:Get Clarified on the all the mortgage terms and conditions before put up the application, few of the lender will provide additional option like “Nil Charges” for Pre/Part payments and few Lenders provide the top up on your existing loan based on the good loan track. Get this information clarified from your lender.
Make Timely Payments: Make timely payment on all current debt obligations, including any current mortgage, car, credit card and other bills on time, particularly around the months leading up to the time you get ready to apply for a mortgage. This will ensure that your credit score is at the best mark, scoring you an ideal loan!

Tell the Truth: It may seem unnecessary to be reminded of this, but be as thorough as possible on the loan application. An in-depth analysis of your history will take place during the loan process. Failing to report a debt or misrepresenting your income will raise red flags.
Maintain Your Credit Score: Make on-time payments and make sure your credit score is above average. For mortgage loan the optimum credit score is 720. If you doubt on your credit score, get it online and get rectified before applying for Mortgage Loan.
Be Prepare with the Property Documents: Make sure all the original documents and related link documents of the property to be available to you, this can help the loan processing faster. If anything is missing try to arrange the same before applying the loan. Since Mortgage loan process will happen only after the initial fee prescribed.

Continue to make your mortgage or rent payments on time.

Things not to do for Mortgage Loan

Don’t accept any mortgage documents until you are given a breakdown on costs associated with your mortgage and understand the terms of your loan.
Don’t assume that all mortgage products are the same.
Don’t borrow more than you can afford even if you qualify for more.
Don’t- Close or open any asset accounts or transfer funds between accounts without receiving the correct documentation required for your loan.
Don’t - Change your legal name if you are a self employed.
Don’t - Alter any documents in any way.
Don’t change the bank accounts or banks unless advised

Mortgage Loans Vs Lease Rental Discounting

Lease Rental Discounting Mortgage Loan
Lease Rental Discounting (LRD) will be based on the actual rental you are receiving on the property. Mortgage loans will be provided based on already owned property.
There is no restriction on LRD loan usage. It can be used for any purpose. There is no restriction on mortgage loan usage. It can be used for any purpose.
Lease Rental Discounting (LRD) will be provided for max of 10 years, However it depends on the rental agreement Tenure. Mortgage loans will be restricted to max of 10 years of term, which will be varying from bank to bank in India.
Interest rate will be very from 11.00% to max of 15.00% based on the bank to bank. Generally Lease Rental Discounting (LRD) will be fixed interest loans. Interest rate will be very from 10.5 % to max of 15% based on the bank to bank. Generally mortgage loans will be fixed interest loans.
The money received from the LRD will be used for any purpose. There is no end use restriction on the amount. If the money received from a mortgage loan is used for business purposes, the interest can be claimed as an expense on the balance sheet of the business.
Loan can be availed up to max of Rs. 20.0 Cr under Lease Rental Discounting (LRD). Mortgage Loans can be avail up to Rs. 30.0 Cr based on the type of property and its usage and value of property and eligibility of applicants as per banks norms.
There will be pre payment changes will be applicable for Lease Rental Discounting (LRD). This will be vary from 1% to 4% as per bank internal guidelines. There will be pre payment changes will be applicable for mortgage loans. This will be vary from 1% to 3% as per bank internal guidelines.
Part/Pre Payments will be allowed based on the internal policies of the banks for Lease Rental Discounting (LRD). Part/Prepayment will be allowed as per bank internal policies for Mortgage loans.
Lease Rental Discounting (LRD) eligibility depends on the type of tenant and credibility of tenant. Mortgage loans also avail with the joint eligibility as company and director or blood relatives.
Banks can consider 90% of the Lease Rental value as repayment for loan under the Lease Rental Discounting (LRD) . In Mortgage Loan max of 65% property value can avail as a Loan based on the type of property.
You can avail a top loan facility on your Lease Rental Discounting (LRD). Top up facility will be varying from bank to bank internal guidelines.

About Ludhiana

Ludhiana is namely the Lodhi Dynasty,Ludhiana is a city and a municipal corporation in Ludhiana district in the Indian state of Punjab, and is the largest city north of Delhi. It is situated on the banks of the Sutlej River.

Ludhiana city is a well known Industrial hub in Northern India, especially for manufacturing bicyles, cycle parts, sewing machine, hosiery, etc. The city is well connected by direct rail service with all parts of India.

Ludhiana city is believed to be founded way back in the year 1480 by the Lodhi dynasty. Two of Lodhi Chiefs Nihang Khan and Yusuf Khan, had come to the region on the orders of Sikandar Lodhi with a purpose to reinstate order in the area. They stayed in a village called Mir Hota which was situated at the present site of Ludhiana. While Yusuf Khan had gone across Sutlej River, Nihang Khan stayed back and founded the city at the spot of the village. The new town, thus, came to be known as ‘Lodhiana’, meaning ‘the town of Lodhis’. Subsequently, the name was amended to Ludhiana.

Other Cities Loan Offers

Places To Be Visited In Ludhiana

Phillaur Fort

    During the reign of Sher Shah Suri, a Sarai (inn) was constructed at Phillaur near Ludhiana. During the reign of Shah Jahan the inn was converted to a military fort and a post office. The fort was later used by the British as a part of the military cantonment. The fort now houses a police training academy and a finger print bureau.

Lodhi Fort

    Lodhi Fort was built by the Muslim monarch Sikandar Lodhi around 500 years ago. The fort is located at the banks of the Sutlej River and also came under the British in 1809. The fort was once a majestic residence of the great Muslim king and displayed his military power. However, in the wake of neglect the fort stands in ruins and has badly suffered by nature’s elements.

Punjab Agricultural University Museum

    Also known as Ajaib Ghar, Punjab Agricultural University Museum is a definitive visit if you like to learn about the people’s life in Ludhiana in the 18th and the 19th centuries. The museum becomes a stage to the colorful festival of the Kisan Mela held annually. The museum houses various rural and farming tools and objects and several other artifacts from the 18th and 19th century.

Tiger Zoo

    Located at the GT road, the Tiger Zoo is spread across a massive 25 acres of land. The zoo was established in 1993 and has been a favorite tourist spot in Ludhiana ever since. The safaris are conducted inside safety vans and one can watch the tigers in the open from inside the vans.

Maharaja Ranjit Singh Museum

    The Museum is located at GT road and is named after Maharaja Ranjit Singh whose statue depicting him sitting on a throne is located at the entrance. The museum has 12 galleries in total with sections like ancient history and post independence.

Nehru Rose Garden

    This beautiful rose garden was established in 1967, over an area of 30 acres with more than 17,000 plants and 1,600 varieties of roses. It is one of the largest rose gardens in Asia, which serves open for the visitors from morning till evening. The blooming surroundings of this park are worth viewing, especially for people who love roses and really like to check its varieties that are spread here across a vast expanse of land. The garden organizes a Rose festival every year to offer a priceless display of flowers to the flower lovers all across the city.

Shivala Sangliwala Temple

    This magnificent temple is believed to be around 400 years old and is located in the Old Ludhiana, attracting tourists from all over the world. It is dedicated to Lord Shiva and every year during Shivratri, pilgrims from distant areas visit this temple to offer holy water of River Ganges to the idol of Lord Shiva. During Shivratri, the temple witnesses long queues, waiting to catch a glimpse of Lord Shiva. A lot of people take a difficult journey of Kanwar from Haridwar to Ludhiana to offer holy water of River Ganges to Shivalingams.

Total Number Of Branches In Ludhiana (897)

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