Religare Finvest Mortgage Loan Interest rates in Nagpur
| builders | corporates | individuals | |
|---|---|---|---|
| Commercial Properties | 11.50% | 11.50% | 11.00% |
| Residential Properties | 11.25% | 11.25% | 10.75% |
Loan To Value (LTV) For Religare Finvest Mortgage Loan in Nagpur
| builders | corporates | individuals | |
|---|---|---|---|
| Commercial Properties | 50.00% | 50.00% | 55.00% |
| Residential Properties | 65.00% | 65.00% | 70.00% |
Features of Religare Finvest Mortgage Loan Nagpur
| Type | Features |
|---|---|
| Processing Fee | Upto 3.0% |
| Pre Closure Charges | 4.0% |
| Part Payment Charges | 2.0% |
| Min Tenure | 5 Years |
| Max Tenure | 10 Years |
| Min Age | 23 Years |
| Max Age | 60 Years |
| Min Loan Amount | Rs.15,00,000/- |
| Max Loan Amount | Rs.25,00,00,000/- |
Religare Finvest Mortgage Loan Nagpur Charges
| Type | Charges |
|---|---|
| Penal Interest | 2.5% Per Month |
| Duplicate Statement Charges | Rs.500/- |
| Insurance Cover | Upto Loan Amount |
| Inspection Charges | Free |
| Legal Opinion Valuation Charges | Free |
| Bounce Cheque Charges | Rs.500/- |
| Switch Variable To Fixed | 2% on Pricnipal Outstanding |
| Switch Fixed To Variable | 2% on Pricnipal Outstanding |
| Photocopy Documents | Rs.1000/- |
| Charge For Exchanging E C S Mandate | Rs. 500/- |
| Repayment Schedule Charges | Free |
| Loan Re Schedulement Charges | Rs.10,000/- |
| N O C Issuance Charges | Rs.500/- |
| C E R S A I Charges | Max of Rs. 100 |
Documentation For Mortgage Loan
For Salaried Persons
- 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
For Self Employed/Professionals
- 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
Identity Proof For Mortgage Loan
- Passport
- Driving License
- PAN card
- Photo credit card (with embossed Signature and last two months statement)
- Banker's sign verification
Age Proof For Mortgage Loan
- PAN Card
- Passport
- License
- School leaving certificate
- Voter card
- Birth Certificate
- LIC policy (only for age Proof)
Address Proof For Mortgage Loan
- 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)
Income Proof For Mortgage Loan
- Latest salary slip
- Current dated salary Certificate with latest form 16.
- Latest year IT Returns with Tax Audit reports(For Self Employed applicants)
Job Continuity Proof
- 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 Highlights
About Other Banks
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DHFL
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IDBI Bank
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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
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
Expert Advice
Best Practices for Mortgage Loan
Things not to do for Mortgage Loan
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 Nagpur
Nagpur is the winter capital and the third largest city of the Indian state of Maharashtra and largest city of central India. It has one of the highest literacy rate of 91.92% among all the urban agglomerations in India, and one of the proposed Smart Cities from Maharashtra. The main languages spoken here are Hindi and Marathi.
The present city was founded in the early 18th century by Bhakt Buland, a Gond prince of the kingdom of Deogad in the Chhindwara district. Seeing the advantage of civilized life in Delhi, he started to build Nagpur as his new capital. His successor Chand Sultan continued the work. On Chand Sultan's death in 1739, disputes regarding succession arose and Raghuji Bhonsle, the Maratha governor of Berar, helped to restore the elder son to the throne. As the dissentions continued, Raghuji Bhonsle again intervened in 1743, and the control of Nagpur slowly passed on from the Gonds to the Marathas. It became the capital of the Bhonsles.
Other Cities Loan Offers
Places To Be Visited In Nagpur
Ramtek Fort Temple
Away from the city crowd, situated inside a fort on a hilltop, this temple is a source of rich mythological history. It is believed that Lord Rama took rest in this temple before leaving to conquer Lanka therefore making Lord Rama the main deity to be worshipped here.
The Seminary Hill
Seminary Hill is in Nagpur, and it is 6km away from the city. The hill is named after St. Charles’s seminary. The Japanese garden at the foothills and the Satpura Botanical garden
Maharajbagh Zoo
Maharajbagh Zoo is situated in the city’s center. Built on the gardens of the rulers of the 18th century. The zoo houses rare wild animals that are hardly found in other parts of the country. The botanical garden here is equally impressive. So is the herbal garden that gives you an insight into the curative powers of herbs.
Lonar Lake
Lonar Lake is the third largest natural salt-water lake in the world. The lake has also a dam of 1800 m. It comes after Bosmatvi Lake in Ghana, which has a diameter of 10000 m and New Cubec in Canada with a Dai of 3500 m.
Dragon palace Buddhist Temple
Dragon palace Buddhist Temple, which is also called as the ‘Lotus Temple of Nagpur’, would be a great source of inspiration for those who have a keen eye for architecture. Covering a sprawling 10 acre of land, the temple attracts you on your first sight.
Ambazari lake
The largest one of the 11 lakes in Nagpur, the Ambazari lake is situated near the southwest border of the city. This lake is the point from where the Nag river originates. The lake is surrounded by mango trees.