Reliance Home Finance offers up to 80% of the property value as a loan at floating interest rates that range from 9.75% to 13.00%. The processing fee ranges from 0.5% to 1.5% of the loan amount with repayment tenures going up to 20 years.
Reliance Home Finance is an NBFC that offers you loans for property purchase and construction, in-principle loan approval before identifying a property, as well as loans against property. Given below is a quick summary of Reliance Home Finance (RHF) loans:
|Interest Rate||9.75% p.a onwards|
|Loan Amount||Minimum: Rs.7.5 lakh, Maximum: 80% of property cost|
|Processing Fees||Up to 2%|
|Penal Interest Rate||3% per month|
|Prepayment/Foreclosure Charges||Nil for floating-rate packages, 2% to 5% for fixed-rate packages|
|Max Tenure||20 Years|
|Rate Packages Available||Floating/Fixed|
There are many more fees involved in the sanction, use, and closure of a home loan, such as CERSAI charges, documentation and stamping charges, loan cancellation fees, and EMI cycle change fees. It’s better that you know all home loan fees and charges before you apply for one.
RHF home loans are based on their Prime Lending Rate (PLR). Though the PLR looks high, the interest rates you will be charged is quite affordable and competitive. The prevalent interest rates are listed in the table below:
|Home Finance Schemes||Interest Rate (p.a.)|
|Reliance Home Loan||9.75% to 11%|
|Reliance Affordable Home Loans||9.75% to 13%|
|Reliance Home Loans for NRI||9.75% to 13%|
|Reliance Home Loan for Self Construction||9.75% to 13%|
|Reliance Plot + Construction Loans||9.75% to 13%|
|Reliance Home Extension Loans||9.75% to 13%|
|Reliance Home Improvement Loans||9.75% to 13%|
|Reliance Home Loan Transfer||9.75% to 13%|
|Reliance Home Loan Top Up||11% to 13%|
Compare: Home Loan Interest Rate all BanksReliance Home Finance Offers
Reliance offers innovatively designed home loan schemes tailor-made to suit the needs of varied customers. Reliance housing loans also provide a doorstep service, instant self-approval, document checklist service, quick disbursal of loan and customer assistance. This makes the entire process of getting a loan smooth and hassle-free experience.
For Individual (Salaried/ Entrepreneurial) Home Finance:
For Sole Proprietorship/ Partnership/ Private Limited Firm:
Applying for Reliance home finance from BankBazaar.com is quite simple and exceedingly interactive. The steps involved in the application process are given below:
Salaried employees from age 21 to 58 (or 60 if that is the retirement age). Entrepreneurial individuals in the age group of 21 to 65 years (as loan term ends) can also apply for Reliance Home Finance Loan. Partnership companies and private limited firms.
It can be availed for the following purposes.
You may borrow up to 80 percent of the property cost towards purchase of your dream house. The home loan is available for up to INR 75 lacs and 75 percent of property value for housing loans above INR 75 lacs.
Reliance home loans tenure vary from a minimum of three years to a maximum of 20 years. This flexible term is beneficial to people of all financial backgrounds as they can comfortably pay off the loan.
Home loans from Reliance Home Finance are processed within two working days of finishing the whole documentation. You also have the option to pay off in advance. You can make partial pre-payments of a minimum sum of INR 50,000 any time after the day of your initial EMI. You can repay using Electronic Clearing System (ECS) or Post-dated cheques (PDCs).
The stages involved in getting the loan are:
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