Reliance Home Finance has three different loan products to cater to an extensive clientele.

• Home Loan to purchase property already identified by the applicant
• In-principle sanction to help the applicant identify the property and buy the same
• Loan against residential and commercial property

Additional Info: Also check Sukanya Samriddhi Yojana

Additional Info: Also check Rs. 1 Crore Home Loan EMI

• Reliance Home Finance extends floating rates of interest on Home Loans
• The Home Loan interest rate connects to the Reliance Prime Lending Rate
• The Reliance PLR connects with the market-related rates
• Any fluctuation in the market rates affects Reliance Home Loan interest rates to customers
• Reliance Home Finance Interest rates for individual Home Loans depend on various factors:
  • Occupation of the borrower
  • Income generation capacity
  • Repayment capacity
  • The credit rating of the borrower
  • Purpose of the loan
  • Quantum of loan

• PMAY loans have the same criteria for deciding the interest range for individual borrowers

• Monthly income: The higher the income, the better is the eligibility
• Age of the borrower: Lower the age, the better it is for the borrower to get a longer tenure
• Value of property: Loans are available up to 80% of the property value depending on other eligibility factors.
• The credit rating of the borrower: A high CIBIL score enhances the eligibility factor because of the reduced interest rate.
• Employment status: Salaried employees have higher eligibility because of the regularity of income.
• Professional status: Professionals like CAs and doctors have better entitlement
• Relationship with the lender: A sustained relationship with your lender improves your eligibility factor.
• Your employer reputation: Applicants working with Government departments or MNCs enjoy better home loan eligibility because of the status of their employer.

Reliance Home Loan is a reputed Home Loan financer under PMAY. The rules governing PMAY loans are the same for all the banks financing under this scheme. Reliance Home Finance Home Loan works under the control of the National Housing Bank. It forwards the subsidy claims to NHB for sanction.

Every PMAY borrower is eligible for an upfront interest subsidy. The Government grant depends on various factors.

• Category of the borrower: Depends on the annual family income
• Loan Amount eligible for subsidy: Depending on the category of the borrower
• The maximum amount of grant: Ceilings prescribed for each category of borrower

The classification of borrowers is as follows:

• Applicants having annual family income up to 3 Lakhs qualify under Economically Weaker Section (EWS).
• The Low-Income Group (LIG) comprises of applicants having annual family income more than 3 Lakhs but up to 6 Lakhs.
• The Middle-Income group is divided into two sub-categories, MIG-I and MIG-II
• MIG-I constitutes applicant families having annual family income between 6 Lakhs and 12 Lakhs.
• MIG-II is the creamy layer of society having annual family income more than 12 Lakhs and up to 18 Lakhs.
• The definition of 'Family' under PMAY includes husband, wife, and unmarried children
• The annual family income comprises of income from all sources

• Pradhan Mantri Awas Yojana is an upfront interest subsidy
• It is to be credited to the loan account of the borrower immediately on receiving the same from NHB.
• As a result, the loan liability of the borrower reduces considerably
• The EMI decreases drastically

Reliance Home Finance website offers the facility of various calculators such as Loan eligibility calculator, loan affordability calculator, and EMI calculator. The EMI calculator helps to calculate the EMI payable on the Home Loan. Customers should submit the following information to determine the Home Loan EMI.

• Loan amount
• Rate of interest
• Repayment tenure

MyMoneyMantra offers a similar facility on its website.

Customers can register requests for Home Loans online:

• Click on the Apply Now option
• Complete the preliminary application form
• Submit the completed form to get a call back from Reliance Home Finance

MyMoneyMantra offers facilities to apply for Reliance Home Finance Home Loan from its official website.

• Access MyMoneyMantra.com
• Go to Home Loans
• Submit the information asked for
• Get guidance from MyMoneyMantra Home Loan officials
• Compare products of different loan providers
• Select your preferred service provider as Reliance Home Finance
• Proceed with applying for the Home Loan online

• Reliance Home Finance calculates Home Loan on a floating interest rate basis
• The company adopts the monthly reducing balance to calculate the monthly interest
• As the Reliance PLR is linked to market rates, the Home Loan interest rates fluctuate along with the market rates.

• By submitting post-dated cheques in advance
• By registering for an ECS mandate

• Processing fees: 0.50% to 1.50% of the loan amount
• Prepayment/foreclosure charges: Nil