Religare Finvest Mortgage Loan Interest rates in Surat
| 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 Surat
| 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 Surat
| 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 Surat 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
Bajaj Finserv
ICICI Bank
Axis Bank
HDFC Bank
Magma Fincorp
DHFL
Citi Bank
Dcb Bank
IDBI Bank
IndusInd Bank
Kotak Mahindra Bank
RBL Bank
State Bank of India
Standard Chartered Bank
Avanse
LIC Housing Finance
Fullerton
TATA Capital
Credila
HDFC Limited
Aditya Birla Housing Finance
Capital First
Edelweiss
Indiabulls Housing Finance
Yes Bank
Canara Bank
Bank of Baroda
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 Surat
Surat, is a port city previously known as Suryapur. It is the economical capital and former princely state in the Indian state of Gujarat. It is the eighth largest city and ninth largest urban agglomeration (after Pune) in India. Surat is the 3rd "cleanest city of India", and 4th fastest growing city of the world. Surat is famous for its food.
Surat is one of the most important places in the state of Gujarat. A major industrial hub, it is a city with a high standard of living. The importance of the city grows with the fact that the flourishing diamond cutting and polishing industry in Surat is the best in the world.
The history of Surat takes us back to the epic age of Mahabharata and Ramayana. According to mythological beliefs, Lord Krishna stopped in the city while his journey from Mathura to Dwarka. The Surat Port was considered important by the European traders. The British and the Portuguese waged battles against each other to gain supreme control over the trading route. The French and the Dutch also arrived in the city with merchandising objectives. The great Maratha warrior Shivaji attacked the city several times to usurp its wealth. In the beginning of the nineteenth century, the British gained overall control over the city. Since then, the city witnessed plenty of movements and agitations against the English atrocities. It has contributed a lot to the freedom movement of the country. Surat reorganized itself after the independence and soon emerged as one of the significant cities in India.
Other Cities Loan Offers
Places To Be Visited In Surat
The Old Fort
The Old Fort is one of the popular tourist attractions in Surat. This fort of Surat has close association with the history of India. In the 14th century, the Old Fort has been constructed. Muhammed Tughlak, the then ruler took the initiative to build this fort in Surat.The Old Fort in Surat had been built by Tughlak as a fortification against the attack of Bhils. Bhils, were local tribal people of this region who rose against the Mughal ruler of India.The Old Fort is not merely a tourist spot in Surat but it has a historical importance. Surat has been always a witness to many incidents that are historically important.
SMC Building
Surat Municipal Corporation Moguls Emperor Shahjahan has constructed this historical monument in the year 1644. Initially it was utilized as residence of Officer and Foreign tourists. The freedom fighters of 1857 were jailed over here. In the year 1867 the offices of Municipal Corporation was shitted there and since then it is used as an office of Surat Municipal Corporation.
Narmad Library
It has been built up in the memory of famous Gujarati poet Narmad in the year 1991 at Ghod dod road one of the posh localities of modern Surat city. It has a wealthy collection of 1,50,000 books. The library has different sections like reading room, reference room, adult section and children section. The library is surrounding by beautiful garden.
Dumas Beach
Dumas beach is a very popular destination situated at a distance of 18 km from Surat city. Due to high iron concentration, the sand takes an almost eerie black color, which is a probable reason why there are haunted stories of Dumas Beach.
Ambika Niketan Temple
Ambika Niketan Temple, situated on the banks of River Tapti, was built in the year 1969. The temple is dedicated to Mother Goddess, who is in the form of Goddess Ashtabhuja Ambika.
Chintamani Jain Temple
Chintanamani Jain Temple is an ancient temple situated near Rani Talab in Surat. This 400 year-old Jain temple is famous for its vegetable dye paintings of Jain preacher Acharya Hemchandra, Solanki King and King Kumarpala.
Sardar Patel Museum
The Sardar Patel Museum was established in the city of Surat in the year 1890 and has since then has been highly recommended by the people, maintaining a popular position.