As children growing up, many of us long to live in a house of our own. The urge to own and live in a home that is entirely our own only intensifies as we grow older and begin to work, with buying a house often the topmost priority on our lists. While a few can achieve this on their steam, many of us find it difficult to afford a home due to the rising cost of living as well as the skyrocketing realty prices. To help realise this ambition, housing loans are offered by banks and credit institutions. These loans are payable in monthly instalments, so the applicants are not burdened with paying a lump sum amount at the end of the loan tenure.
Religare Enterprises is a business conglomerate that provides financial services and allied products. It is one of the leading providers in the sector and has a wide network base and presence. Home loans are among the many products that Religare offers. It has a wide range of loans at low rates of interest to appeal to prospective home buyers and provides the best in customer service, making it one of the top choices for those looking at home finance.
Religare is one of the most established and trusted names in finance, and this makes them the first choice for those looking to secure a home loan. The company is known for its impeccable customer service as well as its transparency in dealings. The features of its home loans are:
As mentioned above, Religare offers its customers a range of home finance products to choose from, depending on their needs. A more detailed summary of their products is given below.
Religare Home Loan: Religare offers home buyers a finance option to build or purchase a new home. This loan can also be used for the purchase of a plot of land for the purpose of construction of a residential property. Applicants can avail loans up to 80% of the property value, and the loan can be repaid over a period of 15 years. Loan amounts disbursed under this scheme range from Rs. 20 lakhs to Rs. 5 crores, with the disbursed amount determined by the loan tenure, property value as well as liabilities and borrower’s repayment capacity. The margin is up to 20% of the cost of house/land purchase or construction.
Home Improvement Loan: This loan can be availed by applicants looking at renovating or repairing their existing homes. It can also be used to furnish an existing home or for the purchase of furniture and/or fixtures. The maximum amount that can be availed as loan is up to 80% of the property’s documented cost, with the amount not exceeding Rs. 1 crore. The loan can be repaid over a 15 year period, with the actual loan amount disbursed dependant on the applicant’s liabilities, saving habits, loan tenure etc. The margin is 20% of the project cost.
Home Extension Loan: This loan is offered for the purpose of extending or expanding a current home through the addition of an additional floor, bedroom, or any such construction. The maximum loan amount that can be availed by an applicant is up to Rs. 1 crore, with this amount not exceeding 80% of the cost of the property. The margin is 25% of the project cost. The loan can be paid back over a maximum tenure of 15 years.
Self-Construction Loan: This loan is offered to those who wish to build a new home on a plot of land they already own. The loan will be sanctioned if the plot of land falls within the limits of the local development or municipal authority. The maximum loan amount that can be availed is Rs. 1 crore but not more than 80% of the construction and the cost of the plot of land.
Religare Home Loan Eligibility:
Religare provides home loans to meet the prospective home owner’s every need. When applying for a loan, the applicant has to first satisfy the eligibility criteria before his application is processed. The eligibility criteria for Religare Home Loans is as mentioned below:
Home loan applicants who have met the eligibility criteria will have to submit a list of documents as stipulated by the company. The company verifies the loan eligibility of an applicant based on his credit worthiness, which is measured through his credit score and past financial history, including his saving habits and present liabilities. The verification is also done to ensure the applicant is capable of repaying the loan. The following are the documents that are required to be submitted:
Proof of age documents
Any one of the following documents can be submitted towards proof of age:
Proof of identity documents:
Any one of the following documents can be submitted by an individual towards proof of identity:
Any one of the following documents can be submitted by non-individuals towards proof of identity:
Proof of address:
Any one of the below mentioned documents can be submitted towards proof of address:
The rate of interest offered by Religare is one of the best in the market. The current rate of interest offered to customers is between 12% to 20%, depending on the loan amount, repayment period etc.
Home loan applicants are expected to pay their loans in equated monthly instalments. This method of payment helps reduce the burden on applicants, so they do not have to pay the full amount at one go. The EMI’s spread out the repayment over a period of time. However applicants have to budget for this expense every month. To enable them to plan for this additional expense, Religare has provided its customers with a home loan calculator. The loan amount, loan tenure and rate of interest have to be entered, and the calculator will compute the amount to be paid out each month. However it should be noted that the figure is only representative, and the applicants should always contact the company for the actual amount payable.
Individuals above the ages of 21 (for self-employed) and 25 (for salaried) years of age can apply for a home loan. However, the tenure of the loan will not extend beyond the age of 65 (for self employed) and 60 (for salaried) years of age.
The security or collateral to be provided is the charge on the property to be financed. The company will hold the original title deeds and any other security as mandated.
No, a personal guarantor is not necessary. It would depend on a case to case basis, as counselled by your loan advisor.
The EMI payments will begin the month following the full loan amount being disbursed to the applicant.