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    RBL Bank Home Loan Reviews

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    RBL Bank Home Loan

    Home Loan BYTES FROM OUR KITCHEN

    RBL Bank New Home Loans are a perfect solution to fulfil your dream home requirement. With RBL Bank at your service, you can focus on living a comfortable life while we take care of financing your liquidity needs. RBL Bank Home Loan can be availed by Salaried Individuals, Self-Employed Individuals and Self-Employed Professionals with minimal documentation and faster approvals. Easy Home Loan available wherein you can save interest by maintaining balance in a linked account. To know more, follow some simple steps given below to get best interest rates


     

    You’re probably eligible for an RBL Bank Home Loan if you are

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    RBL Bank Home Loan Minimum Age

    At least 24 years old

    RBL Bank Home Loan Maximum Age

    Less than 60 years old

    RBL Bank Home Loan Eligible Employment Type

    Salaried or self-employed
    with regular income

    RBL Bank Home Loan Minimum Income

    Earn more than the minimum income required


     

    Your RBL Bank Home Loan amount eligibility is based on these factors

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    RBL Bank Home Loan Minimum Salary

    Minimum net income of Rs. 120,000 per annum

    RBL Bank Home Loan Maximum Loan to property value

    Loan capped @ 60% to 80% of property value

    RBL Bank Home Loan EMI

    EMIs of other loans lower
    your eligibility


     

    Increase your eligible RBL Bank Home Loan amount by these steps

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    RBL Bank Home Loan Add Spouse as Co-applicant

    Make your spouse a co-applicant,
    and her income will add
    to your eligibility

    RBL Bank Home Loan Maximum Tenure

    Choose longer tenure loan up to 25 years

    RBL Bank Home Loan Add parents as Co-applicant

    Alternatively add your parents


     

    Documentation needed to apply for an RBL Bank Home Loan

    • 1. Signed application form with photograph
    • 2. Processing fee Cheque
    • 3. ID and residence proof
    • 4. Latest bank statements
    • 5. Documentation for salaried applicants:
      • Last 3 years Income Tax Returns with computation of Income
      • Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account
    • 6. Documentation for self-employed applicants:
      • latest income tax returns
      • latest comupation of income

     

    RBL Bank Home Loan Interest RatesUpdated on 26 Sep 2016

    RBL Bank Home Loan Details
    Interest Rate 10.40% to 11.65%
    Processing Fees Rs.5000 to Rs.15000
    Loan Tenure 25 years
    Pre-closure Charges Nil

     

    Overview:

    Owning a house is everyone’s dream, but not all of us can afford to buy it with financial backing. Home loans are the easiest way for an individual to own a house in these days of real estate boom. RBL Bank’s housing finance products aim to assist customers towards realizing their dream of owning a house. The bank offers loans with easy and fast approval and processing. Two kinds of housing loans are offered by RBL Bank: Normal Home Loan and Easy Home Loan.

    Features of RBL Bank Home Loan:

    Given below are the key features of housing finance offered by RBL Bank:

    • You can avail home loans to the tune of Rs. 10 crore.
    • The repayment period of the loan can be as many as 25 years.
    • Easy Home Loan is designed for faster repayment, thereby helping you save interest on the loan amount. Under this plan, you can save interest by maintaining balance in a linked account.
    • There are no foreclosure charges for either full pre-payment or partial pre-payment under the floating rate housing loan.

    Eligibility Criteria for RBL Bank Home Loan:

    RBL’s housing loan is available only to Indian residents. Salaried persons as well as self-employed businesspersons and professionals can take home loan from RBL Bank.

    Salaried persons Self-employed persons
    Minimum age 24 years 24 years
    Maximum age at loan maturity 60 years or superannuation, whichever is sooner 65 years
    Minimum income Rs 1.2 lakh Rs. 1.5 lakh

    Salaried persons need to have at least 1 year experience in the current job and a total of 2 years of work experience. If you have been in your current job for less than a year, then the total work experience required will be 3 years. Businesspersons and professionals need to have at least 3 years of business continuity in the same field to avail RBL Bank home loans.

    Documentation Required for RBL Bank Home Loan:

    The following documents are mandatory for quick approval of housing finance by the bank:

    • PAN Card
    • Proof of identity: Voter’s ID or Driving License or Passport or any valid Photo ID card issued by Central or State Government
    • Proof of address: Voter’s ID or Driving License or Passport or Telephone Bill or Electricity Bill or Registered Lease Deed/Sale Agreement or Bank Statement or any valid Photo ID card issued by Central or State Government
    • Business continuity proof: Any of the following documents dated 5 years old – Bank Statement or Sales Tax Challans or IT Returns or Shops & Est. Certificate or COI or Partnership Deed
    • Passport-size photographs
    • Income proof:
      • Salaried persons need to produce: Income Tax Returns (ITR) for the last 2 years, Payslips for the previous 3 months, or Latest Form 16 issued by the employer.
      • Businesspersons have to submit: Latest audited ITR, financials such as Balance Sheet, Profit & Loss accounts, Computation of Income, etc. for the last 2 years, Bank statements of their main account for the past 6 months, and Bank statement of all other bank accounts mentioned in the Balance Sheet for the past 3 months.
      • Professionals should produce: Latest audited ITR, financials for the last 2 years, Bank statements from their main account for the past 6 months, Bank statement of all other bank accounts mentioned in the Balance Sheet for the past 3 months, Professional Qualification Certificate and Degree Certificate.

    RBL Bank Home Loan Interest and Charges:

    The interest rates for housing loan products of the bank are as follows:

    Loan amount Interest Rate
    Up to Rs.25 lakh 10.4% (1 year MCLR)
    Rs.25 lakh to Rs.75 lakh 11.65% (MCLR + 1.25%)
    More than Rs.75 lakh 11.65% (MCLR + 1.25%)
    Fixed rate loan for 3 years 13.5%
    Easy Home Loan: up to Rs.25 lakh 10.9% (MCLR + 0.5%)
    Easy Home Loan: Rs.25 lakh to Rs.75 lakh 12.15% (MCLR + 1.75%)
    Easy Home Loan: More than Rs.75 lakh 12.15% (MCLR + 1.75%)

    RBL Bank Home Loan MCLR:

    MCLR announced by RBL Bank on June 22, 2016 as follows:

    Loan Tenor MCLR
    Overnight 10.15%
    1 month 10.2%
    3 months 10.35%
    6 months 10.35%
    1 year 10.4%
    2 year 10.5%
    3 year 10.55%

    Frequently Asked Questions:

    1. Can I use RBL Bank Home Loan to buy a plot of land?

      No. The bank offers housing loans only for buying residential property, whether old, new or under construction.

    2. Does RBL Bank allow transfer of home finance from another bank?

      Yes. The bank’s Home Loan Balance Transfer plan allows you to transfer your loan from another bank to RBL. You can also get top-up on the loan amount transferred.

    3. What is the Loan-To-Value (LTV) ratio of RBL Bank’s home loans?

      You can get up to 90% financing for loan requests of less than Rs. 20 lakh, 80% for Rs. 20 lakh to Rs. 75 lakh, and 75% for loans greater than Rs. 75 lakh.

    4. Can my husband and I apply for a joint loan?

      Yes, you can club your incomes and apply for a joint loan. Up to 3 individuals can take a loan together. You can apply together even if one of you is salaried and others are self-employed. Joint applications are allowed mainly when the applicants are directly related to each other or are partners in a firm or company.

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