Reliance Bank Home Loan
Reliance Home Finance offers immediate solutions for your home loan needs. You can apply for Reliance home loan online and receive quick and efficient services anytime, anywhere through its digital engagement policies. Avail attractive interest rates starting from 9.75%, a loan disbursal amount of up to 80% of the property'ss value, and a maximum loan tenure of 20 years.
Features and Benefits of Reliance Home Loan
The benefits mentioned below will help you in making an informed decision if you are looking to apply for Reliance home loan.
- Simplified Documentation - You just need to provide all the relevant documents at the time of the application which will be followed by a quick decision on your home loan application.
- Attractive Disbursal Amount - Reliance sanctions up to 80% of the property value as a home loan so that you are not faced with a financial crunch.
- Efficient Services - Doorstep services are offered by Reliance which means that all the documents and other information are collected from your home or workplace according to your convenience.
- Other Benefits - The loan tenure can be extended up to 20 years with a facility of Home Loan Transfer and Top-up for all the existing customers. Reliance also provides multiple options for loan repayment based on the needs of the customers.
Reliance Home Finance offers immediate solutions for your home loan needs. You can apply for Reliance home loan online and receive quick and efficient services anytime, anywhere through its digital engagement policies. Avail attractive interest rates starting from 9.75%, a loan disbursal amount of up to 80% of the property’s value, and a maximum loan tenure of 20 years.
- Balance loan transfer facility at Reliance Home Finance.
- Doorstep services for all your financial needs.
- Meagre charges and fees on home loans.
Factors Affecting Reliance Home Loan Eligibility
A number of factors determine whether you qualify for availing a home loan or not. Banks and financial institutions verify these factors before approving your loan. Let’s have a look at the characteristics that affect the Reliance home loan eligibility.
|Monthly Income||The higher your income will be, the higher will the loan amount sanctioned to you. A higher loan amount will help you acquire your dream home without hassle.|
|Age||If you are applying for a home loan at the age of 30-35 years, there are chances that your loan application will be approved with a higher loan amount than when you are applying at the age of 40-45 years.|
|Property Value||The properties which are of good quality and at an approved location are preferred by the banks while approving loans since quality affects the applicant’s credibility.|
|Credit History||A good CIBIL score is your key in getting a home loan application approved with ease. A good credit history means that you can be considered reliable to pay back the loan.|
|Employment Status||A salaried individual must have a work experience of at least 3 years to clear the eligibility criteria for a home loan.|
|Lender Relationship||A good relationship with the bank or your lender can aid you in getting a home loan in no time with lower interest rates.|
|Employer Category||Working in a reputed company can help you in getting a home loan easily, as a well-regarded company adds a feather to your reputation.|
Reliance Home Loan Fees and Charges
The Reliance home loan requirements include charges other than the interest rate. These are:
|Processing Fees||Up to 2% (which includes a non-refundable fee of ₹3500 for loans up to ₹35 lakh and a fee of ₹4500 for loans more than ₹45 lakh)|
|Documentation Charges||Loan up to ₹35 Lakh: Rs. 2,500/- Loan more than ₹35 Lakh: Rs. 5,000/-|
|Franking/Stamping Charges||According to the State’s Stamp Act|
|CERSAI Charges||₹500/- per property|
|Charges for Change in Asset/Property/ Collateral||0.5% of the principal outstanding amount|
|Dishonor Charges||₹750/- per instance (inclusive of Taxes)|
|Overdue Interest||3% per month on the unpaid amount|
|Loan cancellation Charges||₹10,000 + applicable rate of interest from the disbursement date till the cancellation date|
|Full/Part Prepayment Charges||Cases where the customer has chosen fixed ROI or CoBorrower or borrower/s or is/are Non-Individual:
|Charges for Change in EMI Cycle||₹500/- + Broken period interest|
|Rate Reduction Charges/ Switch Fees||Upto 2% of the Principal Outstanding amount|
|Foreclosure/Prepayment Statement Charges||₹500 per request|
Reliance Home Loan Interest Rates
Reliance home loan interest rates are directly connected to the Prime Lending Rate (PLR) which at present is 19.35% p.a. The interest rate starts at 9.75% and varies according to the different schemes.
|Reliance Schemes||Reliance Floating Interest Rates|
|Home Loan||9.75% – 11.00%|
|Affordable Home Loan||9.75% – 13.00%|
|Loans for Self Construction||9.75% – 13.00%|
|Plot + Construction Loan||9.75% – 13.00%|
|Home Extension Loan||9.75% – 13.00%|
|Home Improvement Loan||9.75% – 13.00%|
|Home Loan Balance Transfer||9.75% – 13.00%|
|Home Loan Top Up||11.00% – 13.00%|
|Home Loans for NRIs||9.75% – 13.00%|
How Does Reliance Compare With Other Lenders?
Have a look at the table below to understand the comparison of Reliance home loan interest rates with the other lenders.
|Bank/NBFCs||Interest Rate (per annum)|
|Allahabad Bank||7.00% - 7.50%|
|Axis Bank||6.75% - 7.20%|
|ICICI Bank||6.70% - 7.55%|
|HDFC Limited||6.70% - 8.00%|
|IDFC First Bank||7%-11.00%|
|Reliance Home Finance||8.75% - 14.00%|
|State Bank of India (SBI)||6.70%-6.90%|
|Tata Capital||6.90 - 8.75%|
|Kotak Mahindra Bank||6.55% - 7.10%|
Documents Required for Reliance Home Loan
Proof of Identity
|PAN card||Aadhar card|
|Voter's Identity Card|
Proof of Address
|Passport||Latest Utility Bill (electricity, postpaid mobile phone, telephone, water bill, and piped gas)|
|PAN card||Property Tax Receipt|
|Voter's Identity Card||Bank or Post Office Savings bank account statement|
|Driving licence||Letter of Allotment of Accommodation issued OR Leave and Licence agreements issued by Government to the employee|
|Driving licence||Bankers' verification|
|Passport||Registered sale deed|
|PAN card||Government employee ID card|
For Salaried Employees
|Salary certificate or 3 months of salary slip||6 months of bank statement of the concerned salary account|
|IT returns or copy of Form 16 for the last 2 years||Confirmation letter/appointment if the current employment is less than 1 year|
Balance Transfer Reliance Home Loan
Reliance, the largest HFC in India provides a provision where you can transfer your home loans from the existing private, foreign, and commercial banks and housing finance companies to the Reliance capital and you will be offered the lowest interest rates. To transfer your loan amount you must have been regular with your EMI payments for a period of 6-12 months. You also have to fulfill the Reliance home loan eligibility criteria.
Reliance Home Loan Customer Care Number
For any queries on how to apply for Reliance home loan, the customers can reach out to the Reliance helpline number via call or SMS, mail ID, or by writing to them at their official address.
|Reliance customer care number for home loan||1800 300 90909 (toll-free)|
|Service queries||022-3967 1600|
|Reliance home loan SMS service||SMS HOME to 561616|
|Customer care email ID for Reliance home loan||[email protected]|
Reliance Home Finance registered office postal address:
Reliance Home Finance Limited, The Ruby, 11th Floor, North West Wing, Plot No. 29, JK Sawant Marg, Dadar (West), Mumbai – 400 028
From refinancing to reducing your interest, we have the answers right here.
What is the minimum salary to apply for a Reliance home loan?
The minimum salary to apply for Reliance home loan is ₹25,000.
Can I take more than one home loan at a time?
You can take as many home loans as you need as there is no prevalent law that forbids you to take more than one home loan.
When do home loan EMIs start?
The home loan EMIs start when the registration for the property is completed and the borrower has taken possession of the house.
Does Reliance check for CIBIL score for a home loan?
Yes, every bank checks your CIBIL score before approving your home loan application.
What is the maximum and minimum home loan amount I can get from Reliance?
You can apply for a Reliance home loan for a minimum amount of ₹7.5 lakh and a maximum amount of ₹75 lakh.
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