A "low interest" loan shouldn't mean you have very little interest in paying it back!
  • Religare Home Loan

    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.

    Overview of Religare Home Loans:

    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.

    Features of Religare Home Loans:

    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:

    • Doorstep service, where representatives come to you for loan related work.
    • Attractive and competitive rates of interest.
    • Avail insurance options at very good premiums.
    • No hidden charges.

    Religare Home Loans:

    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:

    • Individuals above the age of 21 (for self-employed applicants) and above the age of 25 (in the case of salaried applicants)
    • Applicants should have worked for more than 3 years.
    • Applicants should have a steady source of income.

    Documents Required for Religare Housing Loan:

    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:

    • Application form filled up and signed by all applicants, guarantors as well as co-applicants (if any)
    • Proof of age (refer below for document list)
    • Verification of signature (valid passport, valid PAN card, valid driving license, banker’s verification of signature)
    • Proof of identity (refer below for document list)
    • Proof of address (refer below for document list)
    • Proof of ownership (either sale deed/utility bills/property tax receipt with copy of title deed)

    Proof of age documents

    Any one of the following documents can be submitted towards proof of age:

    • Valid passport
    • Valid PAN card
    • Valid driver’s license
    • Voter’s ID card
    • Municipal issued birth certificate

    Proof of identity documents:

    Any one of the following documents can be submitted by an individual towards proof of identity:

    • Valid passport
    • Valid driver’s license
    • PAN card
    • Aadhaar card
    • Ration card (with photograph)
    • Bank pass book
    • Government issued ID card

    Any one of the following documents can be submitted by non-individuals towards proof of identity:

    • Shops and Establishment certificate
    • Trade license copy
    • GST registration copy
    • PAN card
    • Factory registration certificate
    • Partnership deed/memorandum of Association

    Proof of address:

    Any one of the below mentioned documents can be submitted towards proof of address:

    For individuals:

    • Passport
    • Voter’s ID card
    • Rent agreement
    • Bank passbook
    • Latest life insurance premium
    • Valid driving licence

    For non-individuals:

    • Bank statement
    • Property sale deed
    • Title document (shop or business premises)
    • GST certificate
    • MCA-issued Certificate of Incorporation

    Religare Home Loan Interest Rate:

    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.

    Religare Home Loan EMI Calculator:

    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.

    Religare Home Loan FAQ’s:

    1. What is the age limit for applying for a home loan?

      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.

    2. What is the collateral I have to provide for the loan?

      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.

    3. Is it necessary to have a personal guarantor for my loan?

      No, a personal guarantor is not necessary. It would depend on a case to case basis, as counselled by your loan advisor.

    4. When do I have to start paying my EMI’s?

      The EMI payments will begin the month following the full loan amount being disbursed to the applicant.

    Home Loan - Sitemap

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    Religare Home Loan Reviews

      "Not satisfied"
      0.5 1.0/5 "Really Bad"
      I have taken a home loan with Reliance Capital and my experience was not good, the loan amount was for Rs 15 lacs with very high interest rate of 11%. Customer service was not up to the mark and the tenure period for this loan is for 20 years.
      Was this review helpful? 3
      , ahmedabad
      Reviewed on Oct 02, 2018
      "Looking for better offer"
      0.5 2.0/5 "Expected more"
      I purchased residential house from the builder, my property belong gram panchayat, Religare housing finance only providing loan for this approval. They have fulfilled my needs, whatever amount I have applied it got sanctioned but interest rate was high and they have taken nearly two months to complete the process.
      Was this review helpful? 7
      , pune
      Reviewed on Sep 15, 2017
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