RBL Bank Home Loan

RBL Bank is one of the top emerging scheduled commercial banks of India offering various services, including housing loans.

Features of RBL Bank Home Loans

• RBL Bank Home Loans are available for both salaried and self-employed.

• The bank has special rates for its female customers.

• The maximum amount of loan that a borrower can avail from RBL Bank is Rs. 10 crores.

• The home loan is available to the individuals who come between the ages of 24 to 60 years.

• Salaried and self-employed loan applicants should have a regular flow of income to apply for RBL Bank home loan.

• The repayment tenure of the home loan is up to 25 years. An individual availing the home loan can choose any term until 25 years for repaying the loan. With such a long tenure, repaying the home loan becomes easier for a customer. It also ensures lower EMIs as the installments get divided over a longer time frame, making them affordable.

• The borrower can also add a co-applicant while applying for a home loan.

• The borrowers of the home loan can save interest by maintaining the balance in a linked account.

• There are no pre-closure charges if the borrower wants to close the loan before the estimated closing period.

Types of Home Loans Provided by RBL Bank

RBL Bank offers various types of loans which are particularly popular among individuals:

Home Purchase Loan 

The applicant avails this loan for purchasing a home.

Home Improvement Loan 

It covers repairs related expenditure of your home or even renovation.

Home Construction Loan 

The applicant can avail this loan for building a new house.

Land Purchase Loan 

This loan is used to buy a plot of land for constructing a  new house.

Home Extension Loan 

It can be used to add another room, garage, bathroom or kitchen, or another floor to an existing home.

Joint Home Loan 

Two or more people take this loan conjoined.

Home Loan Balance Transfer 

This facility can be used to switch an existing outstanding loan amount to a different lender who is offering better terms and a lower rate of interest.

Top-Up Home Loan 

This loan helps an applicant to borrow some extra money above the outstanding loan amount.

RBL Bank Interest Rate

Loan Amount	Interest Rate
Up to Rs. 25 Lakh	10.20%
Rs. 25 Lakh – 75 Lakh	11.55%
Rs. 75 Lakh – 2 Cr	11.55%
Above Rs. 2 Cr	11.55%

Top Banks Offering Lowest Home Loan Interest Rate in 2019

Home Loan Provider	Home Loan Interest Rates	Processing Fees	Prepayment Charges
Yes Bank	9.85%	0.5% of loan amt. or Rs.10,000 whichever is higher (+GST)	NIL for floating rate loans
SBI	8.55%	Rs. 0 – 10,000	NIL
HDFC Bank	8.65%	Up to 0.5% of loan amt	NIL
ICICI Bank	8.80%	0.5% – 1.00% of loan amt.	NIL
PNB Housing Finance	9.10%	Up to 1% of loan amt	NIL
Axis Bank	8.90%	Up to 1% of loan amt	NIL
IDBI Bank	8.75%	0.5% of the loan amount	NIL
Punjab National Bank	9.05%	Nil	NIL
Canara Bank	8.70%	Varies based on applicant profile	NIL
Bank of Baroda	8.70% - 9.70%	0.25-0.50%	Nil for floating rate loans
Kotak Bank	8.90% - 8.75%	Maximum 2% of the loan amount + GST( it varies as per the loan amount)	6% of the foreclosure loan amount within one year and 5% plus GST otherwise.
IndusInd Bank	9.50%	Up to 2%	NIL
RBL Bank	10.45-11.80%	Rs. 5000-15000	Nil for floating rate loans
Andhra Bank	8.75%	0.5% of the loan amount	NIL

Charges in RBL Bank Home Loan

RBL Home Loan interest rates begins from 10.30% onwards.

Processing Fees    

• Up to Rs. 25 lakhs – Rs. 5000

• Rs. 25 lakhs-Rs. 75 lakhs – Rs. 10,000

• Rs. 75 lakhs and above – Rs. 15,000 (fixed amount)

Part pre-payment charges (at a floating rate of interest) – Nil

• Foreclosure charges (at a floating rate of interest) - Nil

• Part pre-payment charges (on a fixed rate of interest) - Above 15% of the outstanding amount will be charged

• Foreclosure charges(fixed rate) - 3%

• Charges for a credit report - Rs. 50

• Bounced check charges - Rs. 250

• Cheque swapping charges - Rs. 250

• Duplicate no due certificate/NOC - Rs. 250

• Issue of Duplicate Interest & Principal Certificate - Rs. 250

• Charges for late payment of EMI - 2% additional interest per month on the overdue EMI amount.

Home Loan Process

Either you can visit the official website or go to the nearest branch of RBL Bank to apply for a home loan. The bank will take almost a week to sanction the loan based on the verification of your documents. However, any discrepancy in document submission can delay the sanctioning of a home loan.

Post sanctioning, the investigator of RBL Bank will inspect the house or property that the customer is looking to purchase. The surveyor will then prepare a legal and technical report of the property and submit it to the bank. Based on the surveyor's report and its market value, the valuation of the property will be decided by the bank. RBL Bank will then offer a 60%-80% loan on the property value.

Apply for RBL Bank Home Loan Online 

Following are the steps to get a hassle-free RBL Bank Home loan:

• Visit the RBL Bank website.

• Fill the application form and submit it with all supporting documents online.

• The bank will send you the sanction intimation once you will pass the eligibility criteria.

• The applicant needs to submit the property-related documents

• The legal and technical team of the RBL Bank will review the property before confirming the home loan.

• After all verification, the loan will be disbursed.

• The whole process of home loan would take around 15-20 days.

How to Apply for RBL Bank Loan Offline?

The applicant can visit the nearest RBL Bank branch and get help from the customer care executives or meet the loan relationship manager/executive there. The application form along with passport size photos and the supporting documents needs to be duly submitted to initiate the process of the loan application.

Eligibility Criteria

The eligibility of an applicant is decided based on certain aspects:

• Should be a Salaried, Self- Employed Professional or a Businessman

• Income: Rs 1.2-1.5 lakh per annum (net income)

• Age: 24 years(min) and 60-65 years (max)

• Work Experience: Two years for salaried and three years for self-employed.

• Number of dependents

• Income of co-applicants

• Assets, liabilities, and stability of the borrower's income to determine his/her capacity to repay, including DTI

• Savings

• Further, the loan eligibility also depends on the value of property selected by the applicant

Credit score 

Credit score also reflects the credibility of the applicant to the bank. Higher the credit score, the better is the applicant's position to negotiate a favorable interest rate. The applicant needs a minimum credit score of 700 to apply for a home loan at RBL Bank.

(What is credit score?)

Home Loan Eligibility Based on Salary

The net monthly income (take-home salary after all deductions like PF, ESI, and gratuity, etc.) determines the home loan repaying capacity.

For instance, if your salary is Rs. 25,000 and the value of a home that you are thinking to buy are Rs. 40 lakh, then at an interest rate of 10.45% offered by RBL Bank, the loan amount you will get is Rs. 24.14 lakh - Rs. 34.55 lakh depending on your age and other factors. Similarly, if your salary is Rs. 75,000, then you might get eligible for a loan amount of Rs. 48.27lakh - Rs. 69.10 lakh for the same property at the same rate.

How Much Home Loan Can I Get on My Property?

The bank will not give a loan on the entire property value. The maximum eligibility of the home loan would depend on the value of the property, as shown below:

Property Value                                  LTV

Less than 30 lakh                             90%

Between 30 lakh and 75 lakh           80%

Above 75 lakh                                  75%

Documents Required for RBL Bank Home Loan

There are various documents required for availing a home loan. The process, however, is convenient. The customer care executives of the RBL Bank are available to assist the applicant in completing the documentation process with minimal hassle.

List of documents required for RBL Bank Home Loan

• PAN Card: For individual/partnership firm /company

• Identity Proof: Voter ID/Driving License/Passport

• Address Proof: Voter ID/Driving License/Passport/Telephone Bill/Electricity Bill/Registered Lease Deed or Sale Agreement/Bank Statements

• Business Continuity Proof: Any of these documents dated five years - bank statement/sales tax challans/IT returns/Shops and Establishment Certificate/COI /partnership deed

• Passport size photos

• Any other valid Photo ID card provided by the central or state government

List of financial documents required:

For salaried applicants

• Last two years income tax returns or salary slip of last three months or latest form 16 issued by the employer.

For self-employed Individuals

• Latest audited ITR and financials (balance sheet, profit and loss statement, computation of income) of the last two years. 

• Last six months bank statements of the borrower's main account and three months bank statements of other bank accounts as mentioned in the balance sheet.

For self-employed professionals

• Latest audited ITR and financials (balance sheet, profit and loss statement, computation of income) of the last two years. 

• Last six months bank statements of the borrower's main account and three months bank statements of other bank accounts as mentioned in the balance sheet.

• Professional qualification and degree certificate.

RBL Bank Home Loan Calculator

Suppose you are interested in availing a home loan of Rs. 40,00,000 from RBL Bank for twenty-five years at an interest rate of 10.65% per annum, what would be your EMI? Let's calculate it with the help of a Home Loan EMI calculator on the mymoneykarma website.

This calculator allows you to determine EMI by doing all the calculations for you. You need to enter your loan amount, interest rate, and tenure in the tool to get the results. Check out the example given below to have more clarity.

Fields                                   Rate

Loan Amount                    Rs. 40 lakhs

Tenure                               25 yrs

Interest Rate                     10.65% per annum (fixed)

Monthly Instalment (EMI)    Rs. 38,197

Total Interest Amount       Rs. 74,58,980

Total amount (principal+interest) to repay: Rs. 1,14,58,980

RBL Bank Tax Benefits

The income tax laws in India provide some benefits to taxpayers who avail a home loan. Such taxpayers are eligible for a deduction of the interest paid on the home loan of that property to the extent of Rs 2 lakhs. 

Further, the principal amount of loan repayment can be claimed as a deduction from the annual income under Section 80C, for a maximum of Rs 1.5 lakhs.

RBL Bank Home Loan FAQs

Who can avail home loan from RBL Bank?

A home loan can be availed by all salaried, self-employed individuals and self-employed professionals who are residents of India.

How can EMI payment be made in RBL Bank?

The payment modes with which you can pay in RBL Bank are– cheques, standing instructions with a relevant bank branch, internet banking, automated payment through ECS, mobile banking, etc.

What is the interest rate on RBL Bank Home Loan?

The home loan interest rate in RBL Bank ranges between 9.75% to 10.5%.

RBL Bank News

RBL Bank revises MCLR rates across loan tenure

RBL Bank has revised its Marginal Cost of Funds Based Lending Rate (MCLR) across all tenure for May. This step is taken to make retail loans cheaper. For one year, the rate now stands at 10.15%. The revised MCLR is effective from May 22, 2019.