RBL Bank Home Loan

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.