Compare Reliance Home Loan with SBI

Comment Off 11 Views

Suppose you think Reliance is a better home loan lender as compared to SBI. Would you not

Reliance Home Loan Interest Rate

The rates range from 8.75% to 10% per annum. The customer having better profile are eligible for a lower rate.

Home loan rates at SBI

At SBI, the interest rates on housing loans are available at the starting rate 8.45% per annum for women applicants and 8.50% per annum for other applicants.

How much home loan EMI are you paying right now?

The calculation of EMI on a loan is done online through a 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 the basic details of your home loan which are:

  • Loan amount
  • Tenure
  • Interest rate

Suppose, your current home loan is of ₹40 lakhs with the tenure of 25 years. The rate of interest at the present lender is 9.50% p.a. The EMIs you are currently paying is as follows:

EMI: ₹34,948

Total interest outgo: 64,84,360

Total amount: ₹1,04,84,360

However, if you would have taken your home loan from to SBI which might give you the rate of 8.50 % per annum if you match the eligibility criteria, you can save a lot of money.

Here is an example for your reference:

EMI: ₹32,209

Total interest outgo: ₹56,62,725

Total amount: ₹96,62,725

SBI Home Loan Documents

The list of documents required at the loan application are as follows:

For Salaried:

  • Duly filled loan application
  • 3 recent passport size photographs
  • Identity proof (Voter ID card/Passport/ Driving license/IT PAN Card)
  • Residential proof (photocopy of recent electricity bill/telephone bill/property tax receipt)
  • Proof of business address for non-salaried individuals
  • Bank statement/Pass Book of last three month
  • Signature identification from present bankers
  • Personal Assets and liabilities statements
  • Original salary certificate from employer
  • TDS certificate on Form 16 of IT return for last two financial years, duly acknowledged by IT department

For Self-employed:

  • Duly filled loan application
  • 3 recent passport size photographs
  • Identity proof (Voter ID card/Passport/ Driving license/IT PAN Card)
  • Residential proof (photocopy of recent electricity bill/telephone bill/property tax receipt)
  • Proof of business address for non-salaried individuals
  • Bank statement/Pass Book of last three month
  • Signature identification from present bankers
  • Personal Assets and liabilities statements
  • Acknowledged copies of three years IT return/Assessment orders
  • Photocopies of challans evidencing payment of Advance Income Tax

 

Related Articles

Tech News