Reliance Home Finance Loans
Home Loan Bank Information
Table of Contents
- Reliance Home Finance Interest Rates
- Eligibility Criteria for Reliance Home Finance Loan
- Reliance Home Finance Loan Schemes
- Reliance Home Finance Loan Types
- Reliance Home Finance Scheme for NRI or HNI
- How to Apply for Reliance Home Finance Loan
- Document Checklist for Reliance Home Finance Loan
Introduction
In the home loan sector Reliance Home Finance is establishing itself with a lead role presently in about 125 locations spread across the country. They have diverse home loan schemes in their bouquet to play the role it intends. The redeeming features with home loan solution at Reliance are:
- Innovative Digital lending platform for the new generation.
- Speedy loan processing in 48 hours.
- Almost paperless application process.
- Slim documentation.
- Liberal loan amount linked to repayment capacity amounting to 80 % of the value of the property.
- Doorstep services at the place of your convenience for documentation and the signature process.
Reliance Home Finance Interest Rates
Interest Rates are as of 2019
The new benchmark PLR at Reliance is 19.35 % pa which is effective from 19th May 2019. In the home loan segment, the rates vary according to the scheme. The processing fees have a bearing on the cost of capital you intend to borrow.
| Rates of interest applied to Home Loans by Reliance Finance wef 19 May 2019 | |||
|---|---|---|---|
| Scheme | Type | Interest | Processing Fee |
| Home Loan | Floating | 9.75% to 11.00 % | 0.50 % to 1.50 % subject to non-refundable amount of Rs.3500 for loans up to Rs.345L and Rs.4500 for loans over Rs.35L |
| Loan for Self-Construction | Floating | 9.75% to 13.00 % | |
| Plot + Construction Loan | Floating | 9.75% to 13.00 % | |
| Home Extension Loan | Floating | 9.75% to 13.00 % | |
| Home Improvement Loan | Floating | 9.75% to 13.00 % | |
| Home Loan Balance Transfer | Floating | 9.75% to 13.00 % | |
| Home Loan Top Up | Floating | 11.00% to 13.00 % | |
| Affordable Home Loan | Floating | 9.75% to 13.00 % | |
| Home Loan for NRI | Floating | 9.75% to 13.00 % | |
Eligibility Criteria for Reliance Home Finance Loan
Reliance follows meticulous eligibility criteria. It is prudent to be familiar with all the factors that impact the eligibility for a home loan with them.
Your Income: Higher the income, higher is the eligible home loan amount.
Starting Age: The early you begin the better it is as you become eligible for a higher loan amount.
Quality of the Property: The value of the quality of your property directly impacts the approval of your proposal.
Credit History: A good CIBIL score works in your favor in multiple ways.
Financial Stability: Irrespective of the nature of your vocation, your verifiable income is important.
- Salaried: Minimum of 3 years work experience is a must.
- Others: Profession status record and bank statements as an indication of your antecedents.
Employer Status: If you are employed in a reputed organization, it goes in your favor.
| Eligibility norms for Reliance Home Loan across specific schemes. | ||
|---|---|---|
| Scheme | Type | Details |
| Home Loan | Eligibility | Salaried and Self Employed professionals and businessmen. |
| Quantum | Starting fromRs.35L | |
| Tenure | Maximum 20 years | |
| Self – Construction | Eligibility | Salaried and Self Employed professionals and businessmen. |
| Quantum | Rs. 7.5 L | |
| Tenure | Maximum 20 years | |
| Plot + Construction | Eligibility | Salaried and Self Employed professionals and businessmen. |
| Quantum | Rs. 7.5 L minimum | |
| Tenure | Maximum 20 years | |
| Home Extension | Eligibility | Salaried and Self Employed professionals and businessmen. |
| Quantum | Rs. 7.5 L minimum | |
| Tenure | Maximum 20 years | |
| Home Improvement | Eligibility | Salaried and Self Employed professionals and businessmen. |
| Quantum | Rs. 7.5 L minimum | |
| Tenure | Maximum 20 years | |
| Loan Balance Transfer | Eligibility | Salaried and Self Employed professionals and businessmen. |
| Quantum | Rs. 7.5 L minimum | |
| Tenure | Maximum 20 years | |
| Top Up | Eligibility | Salaried and Self Employed professionals and businessmen. |
| Quantum | Rs. 5 L minimum | |
| Tenure | Maximum 20 years | |
| Home Loan for NRI | Eligibility | Salaried |
| Quantum | Rs. 7.5 L minimum | |
| Tenure | Maximum 15 years | |
| Affordable Home Loan | Eligibility | Salaried and Self Employed professionals and businessmen. |
| Quantum | Rs. 35 L maximum | |
| Tenure | Maximum 20 years | |
All applicants must be over 21 years in age at the commencement of loan and under 65 years of age on liquidation of the loan, irrespective of the loan tenure.
Reliance Home Finance Loan Schemes
Having been familiar with the projected features of the different schemes that make up the bouquet of Home Loans with Reliance, the applicable interest rate in each of the schemes are floating in nature.
| Rates of interest applied to Home Loans by Reliance Finance as of 19 May 2019 | |
|---|---|
| Scheme | Interest |
| Home Loan | 9.75% to 11.00 % |
| Loan for Self Construction | 9.75% to 13.00 % |
| Plot + Construction Loan | 9.75% to 13.00 % |
| Home Extension Loan | 9.75% to 13.00 % |
| Home Improvement Loan | 9.75% to 13.00 % |
| Home Loan Balance Transfer | 9.75% to 13.00 % |
| Home Loan Top Up | 11.00% to 13.00 % |
| Affordable Home Loan | 9.75% to 13.00 % |
| Home Loan for NRI | 9.75% to 13.00 % |
Reliance Home Finance Loan Types
You have learnt that the types of loan cover a whole lot of purposes to suit the requirements of a broad cross-section of prospective borrowers. In fact, the loans are so designed that they cover for all the possibilities related to residence ownership, including that of the NRI.
Main Home Loan by Reliance Housing Finance
Interestingly the primary scheme to cover for a wide range of activities in home ownership is suggestively named Home Loan. The different schemes are:
Home Loan
The terms for this loan are generous with the loan starting at Rs. 35 L. With this loan you can build your new house or flat and also acquire a ready to occupy residence to suit your needs.
You can also seek finance for an under-construction residence of your choice.
Loan for Self Construction
It is meant for construction finance for a house on a pre-owned plot of land.
Plot + Construction Loan
Many times you need to start from scratch. You first need to buy a suitable plot and then construct your dream house on it.
The scheme is eminently suited for such a situation.
Home Extension Loan
As the name suggests, this loan is for adding accommodation space in your house or flat.
Home Improvement Loan
Any house needs maintenance over a period of time. This loan is specifically designed for you when you need funds to restore, renovate, furnish or beautify your home.
Home Loan Balance Transfer
You can transfer your existing home loan for a better deal with Reliance, subject to their policies.
Home Loan Top Up
This is typically applicable to existing borrowers, when you are in need of additional funds. Even after a balance transfer, you are eligible for this loan.
Affordable Home Loan
This loan is in alignment with the PMAY and the CLSS associated with it. The target audience is defined in the subsidy scheme itself.
Reliance Home Finance Scheme for NRI or HNI
Reliance has a tailor-made scheme for the NRI who are interested in home ownership in the country. However, they have limited this to only the salaried NRIs.
NRI is an acronym for Non-Resident Indian, signifying that he stays outside the country for employment, business, etc..
The following criteria are applied to an NRI:
- Must be an Indian citizen holding an Indian Passport.
- One resides abroad for reasons of:
- Employment.
- Business.
- On deputation with International agencies.
- Mariners who stay out of the country for a prolonged period.
- The stay abroad is for an uncertain period.
Housing Loan for High-net-worth Individuals
A high-net-worth individual is one who is flushed with liquid assets. The quantum of the worth is not specific as it varies with the country of residence. In the Indian parlance, there is a vast population who can be considered to belong to this class under a conservative estimate. In any case, one would a valued customer with Reliance for the Home Loan without worrying about default in repayment.
Notwithstanding this, Reliance does not offer any specific home loan solution for such customers.
Amount eligibility in this loan scheme:
As you have seen, the Home Loan amount eligibility is maximum Rs.35L. In the case of high-net-worth-individual the upper limit could be any amount limited to 80% of the project cost as per Reliance lending policies in Home Loan.
Reliance Housing Finance Home Loan For NRI
The eligibility criterion for this loan with Reliance is that it is restricted only to salaried NRIs.
In any case NRIs come under the rules of RBI and have to conform to FERA regulations.
Most NRIs see ownership of a residence as an investment opportunity. As per rules, an NRI is eligible to own an investment in houses, both commercial and residential. However, there is a bar on the purchase of agricultural land.
The key features of Home Loan for NRI is very similar in terms and conditions with loans for resident Indians, other than the fact that the maximum tenure allowed for this loan is 15 years.
Let us now recapitulate the important bullet points of the loan:
| Home Loan for NRI | |
|---|---|
| Eligibility | Salaried over 21 years and below 65 years |
| Quantum | Rs. 7.5 L minimum |
| Tenure | Maximum 15 years |
| Interest | 9.75% to 13.00% |
| Margin | 20%, effectively they provide 80% of the project cost. |
| Processing Charges | 0.50% to 1.50% of the loan amount |
Apart from this, the, documentation for approval of the loan is a bit elaborate. It is only indicative and the actual scenario will decide on the specifics.
KYC documents
Proof of Employment: Copy of employment contract or offer letter attested by the employer and the Indian Embassy in the country of residence in English.
Personal Details: A CV and self-profile with employer details.
Income Proof:
- Salary Certificate or slip endorsed by the employer.
- Bank Statement for the specified period.
- Bank details like NRE / NRO accounts.
Other Documents:
- Copy of Visa stamped passport.
- Copy of Employers ID card.
- Assets and Liability statement.
Legal Documents:
- Property documents.
- General Power of Attorney in favor of a close blood relative.
How to Apply for Reliance Home Finance Loan
The application process with Reliance is radically simplified for your benefit. They offer a unique Digital Lending Platform (DLP) for the ease of new-age borrowers like you who are comfortable with the online environment. Subsequently, they assist in the collection of documents and signature from your doorstep at the place convenient to you. The steps of the application process comprise the following:
Initiation: The first step is to arrive at an informed decision; you need to submit the application along with the requisite documents.
Evaluation: Reliance scrutinizes the application, checks for your eligibility based on the documents furnished, the value of the property etc, and then accordingly sanction the loan in terms with their policy.
Disbursement: The disbursement pattern is decided on the type of loan and the purpose. The basic fact to remember is that the margin money has to be spent upfront and receipts must be submitted as proof.
| Based on the above steps, the application process can be summarized as under: | |
|---|---|
| Online application | The process starts with the authentication of your identity with your cell number, location of your residence, Aadhaar card and PAN card. |
| Upload Documents | You can upload the copies related to your income in the digital format. |
| Online Sanction | Once your eligibility matches with Reliance requirements, in principle sanction is accorded and confirmation is mailed to your registered mail id. |
| Property Verification | The property must be legally and technically free from all encumbrances. |
| Disbursement | This is the last phase of the process, but only when you have proved that your contribution has been made upfront |
| Loan Agreement | The final formality is your signature on the dotted line to seal the deal. |
Housing.com can be of great assistance to you in your home loan project.
Document Checklist for Reliance Home Finance Loan
| Type | Particulars |
|---|---|
| Identity Proof | Any valid photo ID issued by the government including Aadhaar Card. |
| Address Proof | Any valid proof acceptable as per norms |
| Signature Proof | Any government – endorsed ID card containing your signature. |
| Salaried |
|