Reliance Capital Home Loan

Features of Reliance Capital Home Loan

• Versatile Home Loan Options: From buying a new home and constructing your dream house to refurbishing your current dwelling – whatever your housing need, there’s a Reliance Capital home loan.
• High Quantum of Financing: No dream is too big. Reliance Capital offers high-value loans, allowing you to finance your dream home without compromising.
• Flexible Tenure: Stress less about repayments! Choose a repayment tenure that suits your financial planning, extending up to several years.
• Competitive Reliance Capital Home Loan Interest Rate: Get the best value for your money. Enjoy competitive interest rates on your home loan – choose from fixed or floating rates based on your comfort.
• Balance Transfer Facility: Not satisfied with your current home loan provider? Switch to Reliance Capital and enjoy superior services along with the benefit of competitive interest rates.

Benefits of Applying for a Reliance Capital Home Loan

• Simple Application: We believe in making your journey to your dream home as smooth as possible. Apply for a Reliance Capital home loan online or at one of the bank’s branches – it’s as simple as a few clicks!
• Minimal Documentation: No stacks of paperwork. The home loan process requires minimal documentation, ensuring a hassle-free process.
• Professional Guidance: Navigate the home loan process with ease. The professional advisors are there to guide you every step of the way.
• Transparency: No hidden costs or surprises. The transparent process ensures you know what you’re getting into.
• Affordability: With competitive Reliance Capital home loan interest rates and flexible repayment options, owning a home becomes not just a dream but an affordable reality.

Eligibility Criteria for Reliance Capital Home Loans

Unleash the dream of owning your home with a Reliance Capital home loan! Check out these handy pointers that will help you understand the eligibility criteria and factors affecting your application:

• Be a Resident Indian or Non-Resident Indian (NRI).
• Be between 21 and 65 years of age.
• Have a regular source of income, either self-employed or salaried.
• Maintaining a good credit score is a key component that significantly influences your home loan approval.
• Meet the necessary property valuation criteria.

Factors Affecting Your Reliance Capital Home Loan Eligibility

• Income: Your ability to repay the loan is vital. A steady, high-income stream enhances your chances of securing a loan with attractive terms.
• Credit History: A clean record of timely credit payments and a high credit score greatly improve your chances of success when you apply for a Reliance Capital home loan.
• Age: Your age impacts the loan tenure. The younger you are, the longer the potential loan tenure, increasing your loan eligibility.
• Property Value: The market value of your buying property impacts your loan eligibility. A property in a good location with a high resale value often increases your eligibility.
• Current Liabilities: If you have existing loans, your eligibility for a new loan could be affected as it impacts your overall debt-to-income ratio.

Reliance Capital Home Loan Fees and Charges

Applying for a Reliance Capital Home Loan? Here are the fees and charges that you will need to adhere to.

Home Loan Documents Required for Reliance Capital 

To validate your eligibility and expedite your loan approval process, here are the documents you need to prepare:

• Identity Proof: This could be your Aadhar Card, PAN Card, Passport, or Driving License.
• Address Proof: Documents like Electricity Bills, Telephone bills, and Ration cards can be submitted as proof of residence.
• Income Proof: For salaried individuals, this includes your last three months’ salary slips, Form 16, and bank statements for the last six months. Self-employed individuals must provide their Income Tax Returns for the last three years and bank statements of the last six months.
• Property Documents: You must provide documents related to the property you intend to purchase. These include the Sale Deed, Agreement to Sell, and the NOC from the builder or society, among other things.

How the EMI calculation works for Reliance Capital Home Loan? 

Understanding how Equated Monthly Installments (EMIs) are calculated for your home loan can help you better plan your budget and manage your finances. When you take out a home loan from a company like Reliance Capital, the repayment is usually done as EMIs. Here’s a simple explanation of how EMI calculation works:

First, let’s define an EMI. An EMI, or Equated Monthly Installment, is a fixed amount of money you must pay to the lender every month until the loan is fully repaid. The EMI consists of the principal amount (the actual loan amount) and the interest on the loan.

The EMI calculation formula used by most banks and financial institutions, including Reliance Capital, is as follows:

EMI = [P x R x (1+R)^N]/[(1+R)^N-1]

In this formula:

• P stands for the principal or the amount that you have borrowed.
• R is the rate of interest divided by 12 (for monthly interest) and further divided by 100 (to convert it into a decimal figure).
• N is the tenure of the loan, i.e., the total number of months in which you plan to repay the loan.

Let’s say you’ve borrowed Rs. 10,00,000 at an annual interest rate of 8% and plan to repay the loan over a period of 20 years (or 240 months). Here’s how the EMI would be calculated:

• P = Rs. 10,00,000
• R = (8/12)/100 = 0.00667
• N = 240

By plugging these values into the EMI formula, your monthly EMI would be approximately Rs. 8,364.

Balance Transfer Reliance Capital Home Loan

A balance transfer of a home loan is a service that allows you to transfer the outstanding principal amount of your existing home loan from one lender to another. The primary reason for this is usually to take advantage of lower interest rates offered by the new lender.

Don’t miss to Check: Housing Loan Balance Transfer Calculator

How does Reliance Capital Home Loan Balance Transfer Work?

First, inform your current lender about your intent to switch to Reliance Capital. Once they consent, they will issue a consent letter, a No Objection Certificate (NOC), and a statement specifying the outstanding amount.

After you submit this to Reliance Capital, they will review your application, do the necessary credit appraisals, and if found satisfactory, they will sanction your loan. Post this; Reliance Capital will pay the outstanding amount to your current lender. Once that’s done, your home loan will be transferred to Reliance Capital, and your further EMIs will go to them instead of your previous lender.