Why load factor of hashmap in redis is as large as 5

The load factor to start rehashing is ~1. The dict_force_resize_ratio value is a safety measure such that even if rehashing is disabled, once it gets to that load factor it will force it.

You can see this in _dictExpandIfNeeded(dict *d) in dict.c

/* If we reached the 1:1 ratio, and we are allowed to resize the hash
 * table (global setting) or we should avoid it but the ratio between
 * elements/buckets is over the "safe" threshold, we resize doubling
 * the number of buckets. */
if (d->ht[0].used >= d->ht[0].size &&
    (dict_can_resize ||
     d->ht[0].used/d->ht[0].size > dict_force_resize_ratio))
{
    return dictExpand(d, d->ht[0].used*2);
}

Redis allows ~1 to start rehashing since the rehashing is not done all at once. It is progressively done by maintaining two hash tables.

See dict.h:

/* This is our hash table structure. Every dictionary has two of this as we
 * implement incremental rehashing, for the old to the new table. */
typedef struct dictht {
    dictEntry **table;
    unsigned long size;
    unsigned long sizemask;
    unsigned long used;
} dictht;

typedef struct dict {
    dictType *type;
    void *privdata;
    dictht ht[2];
    long rehashidx; /* rehashing not in progress if rehashidx == -1 */
    unsigned long iterators; /* number of iterators currently running */
} dict;

And in dict.c:

/* Performs N steps of incremental rehashing. Returns 1 if there are still
 * keys to move from the old to the new hash table, otherwise 0 is returned.
 *
 * Note that a rehashing step consists in moving a bucket (that may have more
 * than one key as we use chaining) from the old to the new hash table, however
 * since part of the hash table may be composed of empty spaces, it is not
 * guaranteed that this function will rehash even a single bucket, since it
 * will visit at max N*10 empty buckets in total, otherwise the amount of
 * work it does would be unbound and the function may block for a long time. */
int dictRehash(dict *d, int n) {...

And there is some additional insight in redis.conf, for the activerehashing setting.

# Active rehashing uses 1 millisecond every 100 milliseconds of CPU time in
# order to help rehashing the main Redis hash table (the one mapping top-level
# keys to values). The hash table implementation Redis uses (see dict.c)
# performs a lazy rehashing: the more operation you run into a hash table
# that is rehashing, the more rehashing "steps" are performed, so if the
# server is idle the rehashing is never complete and some more memory is used
# by the hash table.
#
# The default is to use this millisecond 10 times every second in order to
# actively rehash the main dictionaries, freeing memory when possible.
#
# If unsure:
# use "activerehashing no" if you have hard latency requirements and it is
# not a good thing in your environment that Redis can reply from time to time
# to queries with 2 milliseconds delay.
#
# use "activerehashing yes" if you don't have such hard requirements but
# want to free memory asap when possible.
activerehashing yes