A person who is either an employee or running his own business can easily apply for a home loan at Reliance Home Finance. The lender approves a loan application after checking property location, value and your income. With all of this matching as per its requirement along with good payment record, interest rates are offered.

To know what is Reliance home loan interest rate at present, you may read this article. Also, by checking your EMIs on the basis of the expected rate of interest, you can negotiate with the lender as per your repayment capacity. Since home loans may continue up to 30 years, it is always suggested to choose interest rate and loan amount as per your repayment capacity.

Reliance Home Loan Interest Rate

The lowest interest rate for home loans is 9.50% per annum. With Pradhan Mantri Awas Yojana (PMAY), rates reduce even more and you also get interest subsidy up to Rs. 2.67 lakhs. Those eligible under PMAY CLSS scheme can benefit themselves with this scheme.

Reliance Home Loan EMI Calculator

The calculation of EMI on a loan is done online through a Reliance home loan EMI calculator. It is the easiest tool that helps you in calculating home loan EMIs in a few minutes. This tool takes into account:

  • Loan amount

  • Tenure

  • Interest rate

Suppose, your current home loan is of ₹40 lakhs for 25 years. The rate of interest is 9.50% per annum based on which payments will be as follows:

EMI: ₹34,948

Total interest outgo: 64,84,360

Total amount: ₹1,04,84,360

Once you have

Documents required for Reliance Home Loan

The list of documents required for Reliance home loan based on which you will approval are as given below:

  • Identity Proof - Passport / PAN card / Voter's Identity Card / Driving License / Identity Card with applicant's photograph issued by Government, Aadhar Card.

  • Address Proof - Passport / PAN card / Voter's Identity Card / Driving License / Latest Utility Bill (electricity, telephone, postpaid mobile phone, piped gas and water bill) / Property Tax Receipt / Bank or Post Office Savings Bank Account Statement / Letter of Allotment of Accommodation issued OR Leave and License agreements issued by Government to the employee

  • Signature Proof - Driving License / Passport / PAN Card / Bankers' Verification / Registered Sale Deed / Government Employee ID Card

Home loan documents checklist for salaried individuals

  • 3 Months Salary Slips

  • Last 2 years Form 16 or IT Return

  • Last 6 months bank statement

Home loan documents checklist for self-employed

  • 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

  • VAT/ Sales Tax Returns

  • Copy of Degree Certificate in case of Professionals

Other general documents for housing loan requirements of salaried and self-employed:

  • Repayment Track Record for 1 year for existing loan (if any)

  • 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

Published by Zachary McGavin