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  • RBL Bank Home Loan

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  • RBL Bank offers home loans, loan against property, and overdraft against property to customers. They offer a high loan quantum of up to Rs.10 crore with loan tenures up to 25 years. The processing fee charged is 1.5% of the loan amount. The bank also charges an application fee which is Rs.6,500 for applicants from Mumbai and Rs.5,000 for applicants from other locations.

    RBL offers the Easy Home Loan, a home loan linked to your current account that helps you save interest on your loan by maintaining a good balance in the current account.

    RBL Bank Home Loan Schemes

    Home Loan Floating and Easy Home Loan

    Key Highlights
    • Maximum loan amount of Rs.10 crore.
    • Maximum loan tenure of 25 years.
    • Easy Home Loan: Home loan linked to a current account which allows you to save on interest payments by maintaining sufficient balance in the current account.
    Interest rate
    • Home Loan Floating: 10.25% p.a. – 11.60% p.a.
    • Easy Home Loan: 10.75% p.a. – 12.10% p.a.
    Processing fees 1.5% of loan amount (min. Rs.7,500)
    Application fees Rs.6,500 for Mumbai applicants; Rs.5,000 for other applicants

    Loan Against Property

    Key Highlights
    • Maximum loan amount of Rs.10 crore (up to 80% of the value of property).
    • Maximum loan tenure of 180 months.
    • Residential and commercial properties are accepted as collateral.
    • Fixed-rate package available for the first 3 years.
    Interest rates 15.95% p.a. – 17.95% p.a.
    Processing fees 1.5% of loan amount
    Application fees Rs.6,500 for Mumbai applicants; Rs.5,000 for other applicants

    Drop-Line Overdraft Against Property

    Key Highlights
    • Overdraft facility against property available for self-employed individuals.
    • Maximum overdraft limit of Rs.5 crore.
    • Maximum tenure of 10 years.
    Interest rates Interest charged only on utilised amount
    Processing fees 1.5% of loan amount
    Application fees Rs.6,500 for Mumbai applicants; Rs.5,000 for other applicants

    RBL Bank Home Loan EMI Calculator

    You can compute the equated monthly instalments or EMIs towards your home loan to know what the loan will cost you every month. You will need to enter details such as the loan amount, tenure, interest rate, and processing fees on the BankBazaar Home Loan EMI Calculator and click on ‘Calculate’.

    The calculator will then tell you how much interest you’ll be paying for the loan along with a detailed amortisation table. The amortisation table will tell you how your monthly payments are spread between the principal and interest components of the loan on a monthly and yearly basis.

    The calculator also has a unique option to enter any prepayments you would like to make during the tenure of the loan. This will give you an estimate of how much interest you can save on the loan by making such prepayments.

    Calculate Your RBL Bank Home Loan Monthly Repayment The floating interest rates on RBL home loans are pegged to their MCLR rate. The current 6-month MCLR rate is 9.85% p.a.

    Let’s see what your EMIs would look like with a home loan from RBL Bank with different loan amounts and tenures:

      Rs.10 Lakh Rs.20 Lakh Rs.40 Lakh Rs.50 Lakh
    10 years Rs.13,354 Rs.26,708 Rs.53,416 Rs.66,770
    20 years Rs.9,816 Rs.19,633 Rs.39,266 Rs.49,082
    25 years Rs.9,264 Rs.18,528 Rs.37,055 Rs.46,319

    Let’s assume that are you applying for a home loan from RBL Bank for a loan amount of Rs.10 lakh, Rs.20 lakh, Rs.40 lakh, or Rs.50 lakh at an interest rate of 10.25% p.a. You must ensure to check the latest interest RBL Bank home loan interest rates before entering the details in the calculator.

    RBL Bank Home Loan Eligibility Criteria

    For salaried:

    Age
    • Min.: 23 years
    • Max.: 60 years upon maturity/super-annuation
    Nationality Indian residents only
    Minimum income Rs.1.20 lakh p.a. (net income)
    Work experience
    • 1 year at current employment and 2 years overall
    • Below 1 year at current employment: Overall work experience of 3 years

    For self-employed:

    Age
    • Min.: 23 years
    • Max.: 65 years upon maturity
    Nationality
    • Indian residents only
    Minimum income Rs.1.50 lakh p.a. net profit as per latest financials/ITR
    Work experience 3 years in the same profession/field

    Documents Required for All Home Loan Applications Under RBL Bank

    • PAN card – for individuals/companies/partnership firms.
    • Passport size photos of all applicants/co-applicants.
    • ID proof documents – such as passport, driving license, voter ID, etc.
    • Address proof documents – such as utility bills, passport, driving license, voter ID, etc.
    • Business continuity proof document issued in the last 5 years – such as IT returns, bank statements, sales tax challans, etc.

    Additional documents to be provided based on employment type.

    RBL Home Loan FAQs
    1. Can foreigners apply for RBL Bank home loans?

      No. Currently the bank offers home loans only to Indian residents.

    2. What is the maximum financing I can get under Drop-line Overdraft Against Property loan?

      You may be eligible for a loan amount up to 80% of the property’s value under the Drop-line Overdraft Against Property loan.

    3. Who can qualify for the Drop-line Overdraft Against Property loan?

      Self-employed individuals and professionals, partnership firms, sole proprietorships, and private limited companies (includes closely held public limited companies) are eligible to apply for the Drop-line Overdraft Against Property loan. The above-mentioned are also eligible for Loan Against Property offered by the bank.

    4. What is the minimum age to apply for an Easy Home Loan?

      The minimum age to apply for an Easy Home Loan is 24 years (salaried and self-employed). The maximum age at loan maturity should be 60 years for salaried and 65 years for self-employed.

    5. Do I need a co-applicant to apply for a home loan from RBL Bank?

      A co-applicant is not mandatory to apply for Home Loan Floating and Easy Home Loan. However, a co-applicant is mandatory to apply for a Loan Against Property and Overdraft Against Property.

    6. Is there a prepayment penalty charged on home loans?

      Floating-rate home loans do not charge a prepayment penalty. For fixed-rate home loans, you are allowed to prepay up to 15% of the outstanding balance per year without incurring any penalty. Any prepayment above this limit will incur a 3% charge on the prepaid amount. This is applicable to individual borrowers of Home Loan Floating and Easy Home Loan.

    7. What are the foreclosure charges on RBL Bank home loans?

      There are no foreclosure charges for floating-rate home loans. In case of fixed-rate home loans, 3% of the outstanding principal amount will be charged as foreclosure fees. These charges are applicable on Home Loan Floating and Easy Home Loan.

      

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