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:
|Benchmark Prime Lending Rate||19.35% p.a|
|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:
|RHF Home Loan Schemes||Applicable Interest Rate (p.a.)|
|Home Loan||9.75% to 11%|
|Affordable Home Loans||9.75% to 13%|
|Home Loans for Non Residential Indians||9.75% to 13%|
|Loans for Self Construction||9.75% to 13%|
|Plot + Construction Loans||9.75% to 13%|
|Home Extension Loans||9.75% to 13%|
|Home Improvement Loans||9.75% to 13%|
|Home Loan Balance Transfer||9.75% to 13%|
|Home Loan Top Up||11% to 13%|
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 housing finance from BankBazaar.com is quite simple and exceedingly interactive. The steps involved in the application process are given below:
1. Who can avail of Home Loans from Reliance Home Finance?
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 Housing Loan. Partnership companies and private limited firms.
2. What do Reliance Home Loan cover?
It can be availed for the following purposes.
3. How much loan can I apply for?
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.
4. What are the loan term options?
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.
5. Can you tell me about the loan procedure and repayment option?
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).
6. What are the stages involved in getting a home loan?
The stages involved in getting the loan are:
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