Urban Money

Reliance Bank Home Loan

Reliance Bank
4.5

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.

OTP Send

Enter 6 Digit OTP

We have just sent a verificaton code to
Mobile XXXXX

Check Reliance Bank Home Loan Eligibility

+91
Choose City
bt svg
Urban Money

Home Loan Banks

Interest Rate

Processing Fee

Loan Amount/Tenure

Reliance Bank Home Loan Interest Rate

9.75% - 13%

0.5% - 2%

₹7.5L

Tenure(Up to 20 Years)

Details

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:

Category Charges
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:
  1. Between 6-12 months from disb.: 5% on Principal outstanding
  2. Between 13-24 months from disb.: 3% on Principal outstanding
  3. After 24 months from disb.: 2% on Principal outstanding
No Prepayment is permitted till the failure of Lock-in-period of six months after the date of disbursal. For Part Prepayment any time after the Lock-in Period, Prepayment Charges shall be 5% or 4% or 3% or 2% of the Prepayment amount In any scenario, if the customer wants to make any Part/Full Prepayment prior to the completion of the Lock-in Period, an interest for the broken Lock-in Period will also be levied along with prepayment charges  For floating rate of interest, the charges of foreclosure for individual co-borrowers and borrowers would be NIL. They can terminate without any full/part prepayment charges. In case of combo Rate of Interest: For individual borrowers, the Foreclosure Charges on/during the fixed rate of interest tenure would be the same as specified above for fixed rate of interest and during floating rate of interest tenure, FC charges would be NIL. For co-borrowers/non-individual borrowers, the same foreclosure charges will be levied as mentioned above for the fixed rate of interest. 
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%
Note: The rates mentioned above are subject to change without prior information as per the home loan schemes provided by Reliance Home Finance or RBI.

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

Passport Driving licence
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

Signature Proof

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 customercare@reliancehomefinance.com

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

FAQs

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.

Get your latest Credit Score, FREE

Related Articles

Get in-depth knowledge about all things related to loans and your finances

PMAY (Pradhan Mantri Awas Yojana)
Satish PrajapatiOct 06, 2022

PMAY (Pradhan Mantri Awas Yojana)

The main aim of the introduction of Pradhan Mantri Awas Yojana was the unprecedented endeavor of the “Housing For All” scheme to refurbish urban areas with affordable housing by 31st March 2022. The implementation of

Read More
Home Loan Insurance
Satish PrajapatiOct 06, 2022

Home Loan Insurance

Picture your child running to you with a landscape drawing of your home amidst the mountains where the sun shines high and bright. You smile as a home loan allows the dream of owning a house to come true, and the home

Read More
Personal Loan Types and Interest Rates
Satish PrajapatiOct 04, 2022

Personal Loan Types and Interest Rates

The Indian banking sector boasts different Personal Loan types to cater to the diverse set of financial requirements of the customer base. The bank offers its funds to borrowers without any security, making it a popul

Read More