A "low interest" loan shouldn't mean you have very little interest in paying it back!
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.
| Interest rate |
|
| 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 |
| 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 |
| 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 |
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 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:
| Â | 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.
For salaried:
| Age |
|
| Nationality | Indian residents only |
| Minimum income | Rs.1.20 lakh p.a. (net income) |
| Work experience |
|
For self-employed:
| Age |
|
| Nationality |
|
| Minimum income | Rs.1.50 lakh p.a. net profit as per latest financials/ITR |
| Work experience | 3 years in the same profession/field |
Additional documents to be provided based on employment type.
No. Currently the bank offers home loans only to Indian residents.
You may be eligible for a loan amount up to 80% of the property’s value under 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.
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.
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.
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.
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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