REC Limited Home Loan Eligibility Criteria
Before you apply, it's important to understand the REC housing loan eligibility parameters. These criteria help assess repayment capacity and financial stability.
| Eligibility Factor |
Requirement |
| Age |
Minimum 21 years at loan start |
| Maximum Age |
Up to 65 years at loan maturity |
| Employment Type |
Salaried, self-employed, professionals |
| Minimum Income |
As per REC norms (varies by location & profile) |
| Credit Score |
Preferably 700 or above |
| Work Experience |
Minimum 1–2 years (salaried) |
| Business Vintage |
Minimum 3 years (self-employed) |
| Loan Tenure |
Up to 30 years |
| Property Type |
Residential property approved by REC |
Applicants can check home loan eligibility directly through the REC Limited home loan portal or via authorized lending partners.
REC Limited Home Loan Schemes & Features
REC Limited offers structured and purpose-driven housing loan schemes suitable for different borrower profiles.
Key Features & Benefits
• Competitive REC home loan interest rate
• Government-backed housing finance credibility
• Flexible repayment tenure
• Higher loan eligibility for stable income profiles
• Transparent processing and documentation
• Suitable for both metro and non-metro cities
• EMI planning support through a home loan EMI calculator
Types of REC Housing Loan Schemes
Home Purchase Loan – For buying ready or under-construction residential property
Home Construction Loan – For constructing a house on owned land
Home Extension / Renovation Loan – For upgrading existing residential property
Balance Transfer Loan – Shift your existing loan to REC at competitive terms
These REC housing scheme details are especially beneficial for borrowers seeking affordable housing finance with long-term stability.
Documents Required for REC Limited Home Loan
Proper home loan documentation ensures faster approval. Below is a general list of documents required.
| Document Type |
Required Documents |
|
Common Documents (All Applicants)
|
PAN Card, Aadhaar Card / Passport / Voter ID, Passport-size photographs, Address proof, Bank account statements (last 6 months)
|
|
For Salaried Applicants
|
Latest salary slips (last 3 months), Form 16 or Income Tax Returns, Employment ID / appointment letter
|
|
For Self-Employed Applicants
|
Income Tax Returns (last 2–3 years), Profit & Loss statement and Balance Sheet, Business registration proof
|
|
Property Documents
|
Sale agreement / allotment letter, Approved building plan, Title deed and chain documents, Property tax receipts
|
Having documents ready helps you apply for housing loan faster through the REC Limited official website or partner platforms.
Tax Benefits on REC Limited Home Loan
A REC Limited Home Loan offers attractive tax benefits under Indian Income Tax laws.
Section 80C – Principal Repayment
• Deduction up to ₹1.5 lakh per year
• Applicable on principal repayment amount
• Includes stamp duty and registration charges
Section 24(b) – Interest Payment
• Deduction up to ₹2 lakh per year for self-occupied property
• No upper limit for let-out property (subject to income set-off rules)
Additional Benefits
• Joint loan holders can claim tax benefits individually
• Eligible under REC loan tax exemptions as per IT Act
• Helps reduce overall loan cost significantly
These benefits make REC home loans a tax-efficient option for long-term homebuyers.
REC Limited Home Loan Processing Fees & Charges
REC Limited charges a nominal processing fee, generally ranging between 0.25% to 1% of the loan amount, depending on the borrower profile and loan size. Applicable GST is charged as per government norms. In addition, borrowers may need to bear legal verification, technical valuation, and documentation charges during loan processing. Stamp duty and property registration charges are payable separately as per state laws. Prepayment or foreclosure charges are usually nil or minimal, especially for floating-rate loans, making the REC Limited Home Loan a cost-efficient option for long-term borrowers.