RBL Bank

RBL Bank Home Loan

Apply RBL Bank Home Loan

About RBL Bank Home Loan

RBL Bank (formerly Ratnakar Bank Limited) is one of the fastest growing private sector banks in India having a wide presence across the country. The RBL Bank offers specialised services under six business verticals viz. - Corporate & Institutional Banking, Branch & Business Banking, Commercial Banking, Retail Assets, Development Banking & Financial Inclusion, Treasury & Financial Markets Operations. The bank currently serves over 5.82 million customers through its network of over 288 branches and 221 banking outlets spread across 21 States and Union Territories of India. RBL Bank is listed on NSE and BSE both as RBLBANK.

The bank offers a huge variety of financial products and services in India including Home Loans. The bank offers attractive housing loan schemes at affordable interest rates. The loan application and disbursal process are easy and quick. If you are planning to avail a Home Loan to fund your housing related needs, you must consider RBL Bank.

RBL Bank Home Loan

Interest rate

10.30% to 12.50%

Loan tenure

25 Years

Loan turnaround period

8 - 15 days

Loan to value (LTV)

Get loan up to 85% of project cost

Who can apply?

  • Self-employed professionals
  • Salaried individuals
  • Indian residents

Co-applicants

Up to 4 applicants are allowed as co-applicants

Lowest EMI

 930 Per Lakh

Why RBL Bank Home Loan?

Here are some of the important reasons why you should apply for RBL Bank Home Loans:

  • Easy documentation process
  • Fast loan processing to help you own your dream home without any delay
  • "Easy Home Loan" product offered by the bank helps you save on the interest cost on your Home Loan and repay the loan faster.
  • Affordable interest rates

Features and Benefits of RBL Bank Home Loan

  • Home Loan amount of up to 10 Crores
  • The loan can be repaid in flexible tenure of up to 25 years
  • RBL Bank Home Loans require minimal documentation
  • The bank provides faster approvals for your loan application
  • Easy Home Loan lets you can save interest on your loan by maintaining balance in a linked account

RBL Bank Home Loan - Interest Rates

The current interest rates RBL Bank Home Loans are as follows:

Type of Home Loan Loan Amount Interest Rate

Home Loan Floating

0 - 25 Lakhs

6 Month MCLR + 0.35% = 10.30%

 

25 - 75 Lakhs

6 Month MCLR +1.70% = 11.65%

 

75 Lakhs and above

6 Month MCLR +1.70% = 11.65%

Home Loan Fixed (for 3 years)

For all loan amounts

13.50%

Easy Home Loan

0 - 25 Lakhs

6 Month MCLR + 0.85% = 10.80%

 

25 - 75 Lakhs

6 Month MCLR +2.20% = 12.15%

 

75 Lakhs and above

6 Month MCLR +2.20% = 12.15%

*6 Month MCLR as on 28.03.2019 is 9.95%. Please check bank's website for updated MCLR

Types of Home Loan Offered by RBL Bank

RBL Bank offers the following types of Home Loans based on the requirement and type of borrower:

Home Loan

RBL Bank offers Home Loans to help you own your dream house. RBL Bank Home Loans involve easy documentation and quick processing purchasing your dream house can be facilitated without any delays.

Features

  • Home Loans available for only Indian resident salaried individuals, self-employed individuals, and self-employed professionals
  • Loan amount: Up to 10 Crores
  • Maximum tenure: Up to 25 years
  • Minimal documentation
  • Faster approvals

Easy Home Loan

  • Easy Home Loan product offered by RBL Bank helps applicants to save interest on their Home Loan by maintaining balance in a linked bank account and repay the loan faster.

Features

  • Home Loans available for only Indian resident salaried individuals, self-employed individuals, and self-employed professionals
  • Loan amount: Up to 10 Crores
  • Maximum tenure: Up to 25 years
  • Minimal documentation
  • Faster approvals

RBL Bank Home Loan Eligibility Criteria

To avail RBL Bank Home Loan, applicants have to meet the following eligibility criteria:

  • RBL Bank Home Loans can be availed by salaried persons, self-employed individuals, and self-employed professionals.
  • Applicants must be Indian residents

Eligibility Criteria for Salaried Individuals

  • Salaried individuals must have a net income of minimum 1,20,000 per annum
  • Applicant must be minimum 24 years of age when applying for the loan
  • The maximum age of the applicant should not be above 60 years or superannuation (whichever is earlier) at loan maturity.
  • Salaried applicants must have minimum work experience of 1 year at current job and total experience of 2 years.
  • If the applicant is in the current job for less than 1 year, then total experience required is 3 years 

Eligibility Criteria for Self-Employed Individuals and Self-Employed Professionals

  • The net annual income must be minimum 1,50,000 as per last year ITR/ financials
  • Applicant must be minimum 24 years of age when applying for the loan
  • The maximum age of the applicant should not be above 65 years at loan maturity
  • The applicant is required to have business continuity of at least past 3 consecutive years in the same field.

Factors That Define Your RBL Bank Home Loan Eligibility

  • Regular income source
  • Repaying capacity
  • Age
  • Decent CIBIL score and credit history
  • Employment status and employer type
  • Availability of eligible co-applicant

Ways to Improve Your RBL Bank Loan Eligibility

  • Opt for a longer tenure to reduce the equated monthly instalment (EMI) amount and keep your debt to income (DTI) ratio low.
  • Bring an eligible co-applicant (spouse or parent) who has a steady source of income to increase your overall eligibility.
  • Close some of your existing loans (if any) to reduce your Fixed Obligations to Income ratio (FOIR). This way, you will have more spare disposable income for Home Loan repayment.

Documents Required for RBL Bank Home Loan

Common Documents for All Applicants

  • Recent passport-sized photographs
  • PAN Card: For Individuals, Partnership Firms, and Company
  • Proof of Identity (any one): Driving License/ Passport/ Voter ID
  • Proof of Address (any one): Driving License/ Passport/ Voter ID/ Telephone Bill/ Electricity Bill/ Sale Agreement/ Registered Lease Deed/ Bank Statement.
  • Proof of Business Continuity (any one document which is dated 5 years old): Sales Tax Challans/ Bank Statement/ Shops & Est. Certificate/ IT Returns/ COI/ Partnership Deed.
  • Any other valid Photo Identity card issued by the central/ state government

Financial Documents Required

  • For Salaried Individuals
    • Last 2 years IT Last 3 months salary slips/ Latest Form 16 issued by the employer
  • For Self-Employed Individuals
    • Last 2 years audited ITand financials (Balance Sheet, P& Account, Income Computation along with all schedules).
    • Last 6 months bank statements of the applicant's main account(s) and 3 months statements of all other bank accounts that are mentioned in the balance sheet.
  • For Self-Employed Professionals
    • Last 2 years audited ITand financials (Balance Sheet, P& Account, Income Computation along with all schedules).
    • Last 6 months bank statements of the applicant's main account(s) and 3 months statements of all other bank accounts that are mentioned in the balance sheet.
    • Certificate for professional qualification & Degree certificate for professionals like Doctors, Architects, Chartered Accountants, and so on.

Other Products by RBL Bank

RBL Bank offers the following products and services in addition to the Home Loans:

Savings Accounts

Safe Deposit Lockers

Current Accounts

Special Institutions Account

Signature Banking

Aspire Banking

Regular Fixed Deposits

Tax Savings Fixed Deposits

Senior Citizen Fixed Deposits

Recurring Deposits

Flexi Sure Fixed Deposits

Credit Cards

Loan Against Property

Overdraft Against Property

Business Loan

Personal Loan

Car Loan

Working Capital Finance

Education Loan

Life Insurance

Health Insurance

General Insurance

Wealth Management

e-ASBA

National Pension System

Demat

Convenience Banking

Forex Services

NRI Accounts

NRI Deposits

NRI Money Transfer

Business Banking

Insignia

How to Calculate RBL Bank Home Loan EMI?

Calculating the RBL Bank Home Loan EMI is extremely easy and instant with MyMoneyMantra's online EMI Calculator. The calculator can help you determine the most suitable EMI for the prospective RBL Bank Home Loan.

All you need to do is follow these three simple steps to get the amortisation schedule:

  • Visit MyMoneyMantra and click on EMI Calculator given under Financial Tools tab on the home page
  • Enter the Loan Amount, Rate of Interest, and Loan Tenure (in months or years)
  • Click on Calculate button to get the result

RBL Bank Home Loan - Processing Fees and Other Charges

Here's the processing fee and list of charges involved in availing the RBL Bank Home Loan:

Type of Charges Details of Charges

Processing fees

  • For loans up to 25 Lakhs: 5,000
  • For loans of 25 and up to 75 Lakhs: 10,000
  • For loans of 75 Lakhs and above: 15,000
  • For Home Loan Fixed for 3 years: 0.5% of the sanctioned loan amount
  • In all the above-mentioned cases, a non-refundable fee of 5,000 will be charged upfront and rest of the amount will be charged at the time of disbursal.

Valuation and legal charges

5,000

Franking charges

As per actual

Late EMI payment charges

Additional interest of 2% per month on overdue EMI amount

Charges for the issuance of Duplicate Interest and Principal Certificate

250

Charges for duplicate no due certificate/ NOC

250

Charges for cheque swapping

250

Cheque bounce charges

250

CIBIL report charges

50

Charges for changing rate of interest from MCLR-linked to fixed

2% of the outstanding loan amount

Part-prepayment and Foreclosure charges in floating interest rate Home Loans

NIL

Part-prepayment charges for fixed interest rate Home Loan

  • NIL on part-prepayment of up to 15% of outstanding principal in 1-year
  • 2% of the amount paid: For part-prepayment of above 15% of the outstanding principal

Foreclosure charges for fixed interest rate Home Loan

3% on principal outstanding

 

RBL Bank Home Loan - Customer Care

For any Housing Loan related query, you can contact RBL Bank Customer Care 24X7 at their following Toll-Free numbers:

+91 22 61156300 to +99 1800 123 8040

You can also email at:

customercare@rblbank.com

Corporate Office Address:

RBL Bank Ltd.
One Indiabulls Centre, Tower 2B, 6th Floor, 
841, Senapati Bapat Marg, 
Lower Parel (W),
Mumbai - 400013

Call at: 022 43020600

RBL Bank Home Loan Latest News

RBL Bank Q3 profit increases by 36% to 225 cr

RBL Bank, a well-known private sector lender reported healthy growth in earnings in the quarter ended December 2018. The profit surged by 36.2% year-on-year (YoY) to 225.2 Crores despite a sharp rise in provisions. Net interest income increased by 40.2% to 655.1 Crores during the quarter YoY with healthy credit growth of 35% YoY and net interest margin increase of 20 bps.

ETMONEY ties up with private sector lender RBL Bank to offer personal loans

A Times Internet-backed company, ETMONEY announced that it is going to enter the lending business in India in partnership with RBL Bank with the launch of ETMONEY CreditLine. ETMONEY has a user base of 4 million Indians, who use ETMONEY for investment, expense management, and insurance solutions. CreditLine will simplify borrowing, and give high flexibility to ETMONEY users.

The Independent Director of the RBL Bank Ms. Rama Bijapurkar resigns from her post

Ms. Rama Bijapurkar, the Independent Direct of the RBL Bank has resigned from her post with effect from 10th January 2019. She has served as a director on the RBL Bank's Board for about five years and has under her guidance, the bank has seen tremendous growth and transformation.

RBL Bank introduces enhanced net-banking security

Effective from 1st December 2015, the RBL Bank has enhanced its net-banking security to provide much safer banking services to its customers. The bank has implemented the following enhancements to prevent potential password breach and misuse of customer's account:

  • Net-Banking Deactivation on account of Non Usage
  • Automatic Triggers to Change Password

Frequently Asked Questions

Which type of property can be bought with RBL Bank Home Loan?

You can buy Residential Property with RBL Bank Home Loan

Can I transfer my existing Home Loan to RBL Bank?

Yes, you can transfer your running Home Loan from any other lender to RBL Bank through their Balance Transfer facility.

What is the maximum loan to value (LTV) offer by the RBL Bank?

The LTV for RBL Bank Home Loan is as follow:

  • 90% of the cost of the property: For loan amount up to 20 Lakhs
  • 80% of the cost of the property: For loans between 20 Lakhs and 75 Lakhs
  • 75% of the cost of the property: For loans above 75 Lakhs

Can I club my spouse's income with my income to avail RBL Bank Home Loan?

Yes. You can club your spouse's and parent's income with yours to increase your eligibility for the RBL Bank Home Loan.

Does the RBL Bank calculate loan eligibility on the basis of income only?

Apart from your income the RBL Bank also considers the following factors to calculate your Home Loan eligibility:

  • Age: The age of the applicant must be minimum 24 years at the time of loan application and maximum 60 years (for salaried) and 65 years (for self-employed) at the time of loan maturity.
  • Decent CIBIL score and credit history: A CIBIL score of 650 or above and good past repayment track record.
  • Employment status and employer type
  • Availability of eligible co-applicant: Spouse/parent(s)

Can I prepay my RBL Bank Home Loans earlier?

Yes. You can opt to prepay your RBL Bank Home Loan. The charges for prepaying your Home Loan in part as well as in full are NIL for floating interest rate Home Loans. For fixed interest rate Home Loans, the following charges will be levied.

  • Part-prepayment charges for fixed interest rate Home Loan: NIL on part-prepayment of up to 15% of outstanding principal in 1-year; 2% of the amount paid for part-prepayment of above 15% of outstanding principal.
  • Foreclosure charges for fixed interest rate Home Loan: 3% on principal outstanding

Is there any option to save interest on the RBL Bank Home Loan?

You can opt for RBL Bank's "Easy Home Loans". This Home Loan facility is linked to the current account of the borrower. The interest on this housing loan is calculated after deduction of monthly average balance available in the current account from the principal outstanding of the loan. If the borrower maintains a good balance amount in the linked account, they can save interest on their Home Loan and reduce the repayment tenure.

Does the bank offer a moratorium on Home Loans?

Yes, RBL Bank Home Loans have a moratorium for 18 to 30 months on the loan repayment. It is offered on the loans taken for house construction or purchase of a house under construction. The moratorium period depends on the stages of construction.

What is the maximum repayment tenure available for the RBL Bank Home Loan?

The RBL Bank Home Loan can be repaid within maximum repayment tenure of up to 25 years.

Can I avail a loan against my property through RBL Bank?

Yes, the RBL Bank also offers Loan Against Property to salaried as well as self-employed people to help them fund their personal financial needs related to education, medical emergency, marriage, and so on. The maximum amount that can be availed under this loan is up to 10 Crores that can be repaid within up to 15 years.

Why Apply for RBL Bank Home Loan on MyMoneyMantra?

MyMoneyMantra is a leading online lending marketplace where you can search for the best Home Loans available. We are partnered with over 70 leading banks and non-banking financial companies (NBFCs), thus providing you a wide range of products to choose from. We enable you to compare various Home Loans of different banks on a single web screen.

Once you fill in your details online with us, our Mortgage Loan Specialists assess your profile to assist you in choosing the best product depending on your requirement and eligibility.

You can easily apply for RBL Bank Home Loan online with us and the decision will be declared instantly. Apply through MyMoneyMantra is quick and hassle-free. You can forget all your worries regarding documents submission and determining your eligibility.

You can also check EMI for the prospective Home Loan with the help of MyMoneyMantra's EMI Calculator.

How to Apply for RBL Bank Home Loan on MyMoneyMantra?

Applying for RBL Bank Home Loan on MyMoneyMantra is easy. You just need to follow the steps mentioned below:

  • Visit the official website of MyMoneyMantra and click Home Loan under Loans section
  • Follow the instructions and fill in the details required to process your loan application
  • An OTP will be sent to your mobile number available with us to verify your request
  • Enter the OTP at the appropriate place
  • You will be directed to the Home Loan products page
  • Choose RBL Bank as your Home Loan provider

MyMoneyMantra's Role

We help you with the arrangement and submission of the necessary documentation and filling up of the loan application form. Just keep your documents ready for verification, our representatives will visit you at your doorstep to pick-up the documents.

RBL Bank's Role

The bank officials will get in touch with you after receiving your documents through us. The verification process involves three stages:

  • Inspection: This is the initial process under which RBL Bank's officials will inspect your residence and the property you want to purchase.
  • The genuineness of the Title Deed and Valuation: The advocates of RBL Bank and engineers on its panel will verify the title of the property and also carry out the valuation.
  • Appraisal: RBL Bank will check your credit rating and follow its credit policies while appraising your application. On approval of your request, the bank will deliver the sanction letter with the terms and conditions for the sanction.

Applicant's Role

On receiving the sanction letter, you have to accept the terms and conditions after reading them thoroughly. On signing the agreement, you will receive the loan amount in your account shortly. After loan disbursal, you have to create the equitable mortgage and also register it with the Sub-Registrar's Office if required.

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