A trusted housing finance company Reliance Home Finance Ltd. for a long time has been providing loans to the customers. Using the loan amount many people have built their own house and purchased one. So, if you want the benefit of Reliance Home Finance then get a home loan at an attractive rate of interest. With a longer tenure and lower installments, you can pay the loan amount easily. Read this article and know more about the Reliance home loans.
How the interest rate determined by Reliance Home Finance?
The loan interest rate is charged on your borrowed amount depending on the factors such as.
Income: If you have a decent flow of income with fewer liabilities and expenses then the interest rate will be low. Both salaried and self-employed are eligible for Reliance Home Finance loan. By providing the income documents they can verify their net income and apply for the home loan.
Credit History: The user credit history is checked using a CIBIL report that shows the previous repayment track record. And, if the user repayment history is clear with zero dues then the interest rate is low on the loan amount.
One can borrow a maximum loan amount up to 80% of their property value from Reliance Home Finance. And the loan interest rate is starting from 9.75% it depends on the prime lending rate as the rate of interest is floating. The PLR of the housing finance is 18.40% and, floating interest rate can provide the benefit of lower eMIs or shorter tenure.
Reliance Home Finance EMI calculator for the computation of monthly installment
With the help of EMI calculator, you can estimate the total payable interest rate of the loan amount and equated monthly loan installment. The online EMI calculator can be accessed through Reliance Home Finance official website. Just insert your loan details inside the calculator to generate the EMI and interest rate. The calculator works in a formula to calculate the EMI that is [P x R x (1+R)^N]/[(1+R)^N-1], where P is the loan amount, N is repayment period and R is interest rate.
To know the calculation process suppose if you borrow a loan of 35 lakh for 20 years at an interest rate of 10.50% per annum. And, if you use the Reliance Home Finance EMI calculator then the generated EMI would be INR 34,943. So this is how you can take the help of an EMI calculator during the loan process.
Submit the fees and documents and get your Reliance home loan
You can apply for a home loan from Reliance Home Finance Ltd. by visiting the nearest branch or through its online service. The applicant is required to submit a non-refundable processing fee for the loan that is 0.5% to 1.50% of the loan amount. And, also the user needs to submit a few documents along with the loan application form. The documents are Aadhar card, PAN card, salary slip, property documents, ITR report and address proof. So, make your home finance with Reliance Home Finance loans to get the benefit of low-interest rate. And, make payments of EMI using auto-debit, ECS or NACH methods.