Reliance Home Finance EMI Calculator

Reliance is a fully owned subsidiary of Reliance Capital and provides affordable home loans, loans against property, and construction finance. They have 1750 distributors operating at 90 locations across the country.

The Company offers regular home loans and affordable home loans. The regular home loans can be availed beyond 35.00 lakhs whereas the affordable home loans are restricted to 35.00 lakhs. Reliance Home Finance also provides loans for home extension and loan balance transfer. The various types of home loans provided by Reliance Home Finance are:

• Home Loan
• Affordable Home Loan
• Loan for self-construction
• Loan for purchase of plot and construction thereof
• Home Improvement Loans
• Home Loan Top-up
• Home Loans for NRIs
• Home Loan Balance Transfer

You can apply for the loan online and get the approval online in no time. They also offer door-step service and the friendly representatives of the Company help you through the process. An in-principle sanction is also provided even before identifying a property based on the income, repayment capacity and credit score of the applicant.

You can also Apply for Kotak Home Loan and check EMI, Interest rates and Eligibility Online.

Reliance Home Finance provides home loans for the purchase of a ready property, the construction of a house, the purchase of a plot and construction thereon, for repairs/renovations and extension of the existing house, home loan balance transfer, and home loan top-up.

Eligibility:  Age between 21 years and 65 years. Salaried and self-employed individuals, professionals, and businessmen. Resident Indians can apply for the loan 

Quantum: 80% of the market value of the property

Interest Rate: 9.75% p.a.to 11% p.a.

Repayment: Maximum repayment period 20 years

Security: EMT of the property acquired out of the loan.

Processing charges: Starting @ 0.5% to 1.50% of the loan amount.

For details regarding pre-payment charges contact Reliance Home Finance Customer Care 

 You can also Calculate Rs. 5 Crore Home Loan EMI and compare interest rates with Top Banks. 

The lowest EMI as on date is 949/- per lakh for Reliance Home Finance Home Loan. The lowest rate of interest on Reliance Home Finance Home Loan is 9.75% for all other loans except home loan top-up for which the lowest Reliance Home Finance Home Loan Interest Rates is 11%. The rate of interest goes up to 13%. The rate of interest is decided based on the loan amount, tenure chosen, relationship with the Company and the income of the applicant. EMI for a loan at 9.75% p.a. interest.

From the above table, it is evident that the EMI decreases as the tenure increases. EMI for the maximum period of 20 years for 1 lakh is Rs. 949/-. The total amount that you would have paid at the end of the tenure will be Rs. 2,27,644/-. On choosing a higher tenure you will be paying an interest which is much higher than the actual sanctioned amount. Similarly, if a tenure of 5 years is chosen you will be paying an EMI of 2112/- which amounts to a payment of Rs. 1,26,745. For a tenure of 20 years, the interest cost will be Rs. 1,27,644/- whereas the interest cost for a period of 5 years will be 26,745/-. The interest cost is almost 5 times for the longer tenure.

Before applying for a home loan, compare the break up of the principal and the interest component and choose the rate of interest and tenure which is economical. 

Check Best Home Loan Interest Rates starting @8.50% from different banks and NBFCs.

You will have to consider a few things for deciding the right EMI 

• Plan your EMI: Planning your EMI as per your monthly budget is very essential since the EMI payment for a home loan is a long-term commitment. If you do not make the right choice initially, then you may land up in financial stress later.
• LTV Ratio: The rate of interest on home loans is fixed as per the loan amount and the risk involved. If the LTV ratio is higher the risk of the lenders is higher since the loan amount will be higher. Higher the loan amount higher will be the interest. So, try to bring in more margin so that you can avail of a loan at a lower LTV Ratio and save on the interest. 
• FOIR: The ratio of your monthly income to the existing commitment including the proposed home loan EMI is the fixed obligation income ratio. The FOIR accepted by lenders varies between 40% to 50%. All the existing commitments should not exceed 40% to 50% of your monthly income. So while planning the EMI for the home loan you should keep this aspect also in mind otherwise there are chances of your loan application being rejected.

You can also check DDA Housing Scheme 2023 and documents required to Apply.

Whether the rate of interest floating, fixed or semi-fixed it is bound to change during the loan tenure. The rate changes when RBI changes bank rate in the case of a floating rate of interest and during the reset of interest in the case of a fixed rate of interest and at the time of conversion from fixed to a floating rate in the case of semi-fixed rate. Every time the interest changes the EMI also changes proportionately.

Check multiple advantages of taking SBI Home Loan for Women

Making pre-payments will enable to reduce the loan tenure and the loan will be closed before maturity. If the EMI is reset, then the loan tenure will remain constant but the EMI will change.

You can also check Loan EMI through SBI Home Loan EMI Calculator