The moment you think of buying a house, the first thought that comes to your mind is your budget. If you can afford to buy it with your own money, amazing. But, just in case there is a shortage of money, Reliance Home Finance can help you with funds. The housing loan offered by the housing finance company has helped people make a home of their own or buy one.

Just like any other loan, home loan applications are also accepted by those who are eligible for it. Reliance, through its housing finance company – Reliance Home Finance provides funds to those who are eligible for it. In this article, we have talked about the features of the home loan. Once you read these and find it suitable for yourself, you can apply for it. You also have to understand that you have to match the eligibility criteria and also make sure you have all the documents as per the requirement.

Reliance Home Finance Home Loan Features

  • Attractive rate of interest
  • Loan sanction within 2 days
  • Higher loan eligibility for an unidentified property.
  • Easy documentation
  • Door Step Service
  • Balance Transfer and Top up facility available at attractive Rate of Interest.
  • Processing Loans eligible for Credit Linked Subsidy as per under Pradhan Mantri Awas Yojana (PMAY).

Reliance Home Finance Home Loan Eligibility

The eligibility criteria are very basic to get a home loan from Reliance Home loan. You have to be above the age of 21 years but not more than 65 years. Your income should be good enough to repay the loan.

Home Loan Eligibility Calculator

Here, the bank would take into account your monthly saving of ₹60,000 which can be used to repay the EMIs of your home loan. Now, if you can calculate your amount, tenure and rate of interest, you can easily know the EMIs that you will have to pay every month.

Amount- ₹1 Lakh

Loan Tenure- 30 years

A rate of Interest- 9%

Your monthly EMI will be- ₹805

So, your calculation for the housing loan would be-

₹1 Lakh x 60,000/805=₹74,53,416 lakhs (approx.)

Home Loan Documents

The list of documents is a little variable for a salaried and self-employed professional.

Salaried:

  • KYC Documents
  • 3 Months Salary Slip for Salaried or Salary Certificate
  • Copy of last 2 years Forms 16 or IT Return.
  • Bank Statement for the last 6 months of the salary account.
  • Appointment /Confirmation letter if current job tenure is less than 1 yr.

Self-employed:

  • KYC Documents
  • Partnership Deed in Case of Partnership Firm; MOA/AOA in case of Company.
  • Copy of IT Return, Computation of Income, CA certified Balance Sheet and Profit & Loss Account, all for the last 2 years.
  • Bank Statement for the last 6 months of the Business accounts
  • Office Address proof.
  • Tax audit report of individual partnership & company
  • Latest Share Holding Pattern Attested by CA/CS in Case of Company.
  • VAT/ Sales Tax Returns
  • List of directors attested by CA/CS in case of Company.
  • Sanction letter for working capital Limits & term loans with SOA.
  • Copy of Degree Certificate in case of Professional.
  • Other General Documents for Salaried and Self Employed
  • Repayment Track Record for 1 year for existing loan.
  • NOC of loan closed within 1 year.
  • Bank debits for all current loans appearing in CIBIL report but not appearing in Bank statements submitted.
  • Duly filled up and signed Application Form and MID.
  • Processing Fee cheque.

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