RBL Bank Home Loan Details

RBL Bank Home Loan: A Quick Overview

Loan AmountUp to 85 % of property cost (Max: 10 Crore)
Rate of interest8.50% - 11.00% p.a
TenureUp to 25 years
Lowest EMI possibleRs. 805 Per Lakh
Processing feeUp to 1.5% of the loan amount + GST

RBL Bank Home Loan Features

The features & USP of RBL Bank Home Loan can be summarised as:

  • RBL Bank Home Loan Interest rates range from 8.50% - 11.00% per annum.
  • Loan amount: Up to 85% of the property value; 
    Maximum of 10 Crore.
  • Customised RBL Bank Housing Loans for salaried as well as self-employed applicants.
  • RBL Bank Home Loan processing fees is up to 1.5 % of the loan amount.
  • Option of Moratorium for 18 -30 months is available.

RBL Bank Home Loan Benefits

  • Fast loan processing.
  • Competitive interest rates.
  • Minimal documentation.
  • Tailored loans as per customer needs.
  • ‘Easy Home Loan’ scheme saves interest cost
  • No prepayment or foreclosure fees.
  • Repayment flexibility.

RBL Bank Home Loan Eligibility Criteria

RBL Bank offers customised Home Loans. The eligibility criteria are easy to meet. The basic eligibility requirement includes:

  • The applicant must be an Indian resident.
  • The applicant can be salaried, self-employed business owner or professional.

RBL Bank Home Loan Eligibility Criteria for Salaried Individuals

  • Minimum income of Rs. 1,20,000 per annum.
  • The applicant should be between 24 to 60 years of age.
  • The applicant should have a minimum of 2 years of experience, with at least 1 year of employment with the current organisation. In case of lower than 1 year of experience in the current job, total experience should be 3 years or above.

RBL Bank Home Loan Eligibility Criteria for Self-Employed/ Business owners/ Professionals

  • The net annual income should be a minimum of Rs 1,50,000 as recorded in the last ITR/ financials.
  • Applicant must be a minimum of 24 to 65 years during the loan duration.
  • The proof of business continuity for at least past 3 consecutive years in the same field.

RBL Bank Home Loan Documents Required

You need to fulfil following list of RBL bank’s home loan documentation requirement:

A. Broad list of documents required.

  • 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 dated 5 years ago): 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.

B. Financial documents required.

For Salaried-

  • ITR for last 2 years.
  • Salary slips for last 3 months.
  • Latest Form 16.

For Self-Employed Individuals-

  • ITRs and financials for the last 2 years. (Including Balance Sheet, Profit & Loss A/c., Computation of Income along with all schedules.)
  • Bank statements from the borrower's main account/s for last 6 months.
  • 3 months of bank statements for all other accounts mentioned in the balance sheet.

For Self-Employed Professionals

  • Latest audited ITR and financials for the last 2 years.
    (Balance Sheet, Profit & Loss A/c., Computation of Income along with all schedules.)
  • Bank statements from the borrower's main account/s for last 6 months.
  • Bank statements for 3 months from all other bank accounts mentioned in the balance sheet.
  • Professional qualification certificate/ degree certificate (Doctors, Architects, Chartered Accountants etc.)

RBL Bank Home Loan Interest Rates

The effective Home Loan interest rates for RBL Bank floating home loans range from 8.50% - 11.00% p.a.

With effect from July 22, 2021, following benchmark interest rates will apply to the existing customers servicing home loans linked to Marginal Cost of Funding based Lending Rate (MCLR):
 
RBL Bank Home Loan Interest Rates- MCLR

TenorMCLR Rate 
Overnight7.75%
1 month7.80%
3 months7.85%
6 months8.05%
1 year MCLR8.40%

MCLR Based home loans will be adjusted according to the reset date.

The Prime Lending Rate (PLR) for RBL Home Loan is 16.25%. 

The base rate W.E.F. 29.06.2021 is 8.85% p.a.

RBL Bank Home Loan Fees & Charges

Here's a list of scheduled charges and processing fee for RBL Bank Home Loan:

Type of ChargesDetails of Charges
Processing fees1.5% of the loan amount
Application Fees (non-refundable)
  • Rs 6,500 for Mumbai
  • Rs 5,000 for other locations
Late EMI payment chargesAdditional interest rate of 2% per month on overdue EMI amount
Issuance of Duplicate Interest & Principal Certificate Rs 250
Charges for duplicate no due certificate/ NOC Rs 250
Charges for cheque swapping Rs 250
Cheque bounce charges Rs 250
CIBIL report charges Rs 50
Charges for changing rate of interest from fixed to floating rate or floating to fixed ratee0.5% on principal outstanding or Rs 50000 (whichever is lower)
Foreclosure chargesNIL
Part-prepayment chargesNIL
Affordable Housing LoanFees & Charges
Document Fees (Non-refundable)
  • Rs 3500 + GST as non-refundable fees
  • Residual fee collected post sanction & before disbursement.
  • For non BT customer:
    • EWS/ LIG- Rs 7500; MIG1- 15500; MIG2- Rs 18000
    • up to 2% processing for non BT customers (amount over subsidy)
    • Documentation fee for BT customer- up to 2% or Rs 15000 whichever is higher 
Part pre-payment charges
  • NIL for floating rate loans
  • 2% on Principal Outstanding for fixed rate loans
Forecloure charges

NIL for floating rate loans

2% on principal outstanding*

* varies as per the source of fund

Additional interest rate in case of default 2% p.m on overdue EMI
Loan cancelation/ rebooking Rs 2000 (additionally franking/stamping norms as per actuals)
Other chargesSame as regular Home Loans

RBL Bank Home Loan Schemes & Offers

RBL Bank offers following types of Home Loans:

RBL Bank Home Loan

  • Home Loan for purchase of a residential unit. 
  • Available to Indian residents only.
  • Salaried, self-employed, & professionals can apply.
  • Home Loans up to 10 Crore.
  • Maximum tenure up to 25 years.
  • Minimal documentation.
  • Faster approvals.

RBL Easy Home Loan

  • Special Home Loan linked to current bank account.
  • Saves interest component in Home Loan repayment.
  • By maintaining balance in a linked account, you pay lower EMIs and repay the loan faster.
  • Available to resident salaried, self-employed and professionals.
  • Loan up to 10 Crore for a maximum of 25 years.
  • Minimal documentation & faster approvals.

RBL Affordable Home Loan

  • Home Loan up to Rs 30 Lakh.
  • The loan can be availed for purchase, self-construction, plot purchase + construction, extension, repair or renovation of a residential unit. 
  • Balance transfer at attractive interest rate + top up facility available.
  • Flexible tenure up to 20 years for Home Loan & 15 years for top-up.
  • Minimal documentation & faster approvals.
  • PMAY subsidy up to Rs 2.67 Lakh, as applicable.
  • Applicant should have minimum salary of Rs 7000.

RBL Bank Home Loan Comparison with Other Lenders

LenderMaximum Loan AmountMaximum TenureInterest RateProcessing Fee
RBL Bank Home LoanUp to 85% of property25 years8.50% - 11.00%1.5% of loan amount
Tata Capital Home LoanUp to 80% of property30 years6.90% onwards0.50% - 2% of the loan amount + GST
Kotak Bank Home LoanUp to 90% of property cost30 years6.65% - 7.30%Up to 2% + applicable GST
Axis Bank Home LoanRs. 5 Crores30 years6.90%-8.40%Up to 1%, minimum Rs.10,000
HDFC Home LoanUp to 90% of property cost30 years6.75%-7.65%Up to 1.50% or Rs. 4,500 (whichever is higher) + applicable taxes

How to Calculate RBL Bank’s Home Loan EMI?

Using RBI Bank Home Loan calculator you can instantly determine the home loan EMI and repayment schedule.

To access EMI calculator on our website, hover over Financial Tools tab on the home page. Click on Home Loan EMI Calculator. Enter Loan Amount, Rate of Interest, and Loan Tenure (in months or years) and click on ‘Calculate’ button. You will instantly get:

  • Home Loan EMI
  • Home Loan Amortization schedule 
  • Visual representation of home loan interest rate & principal amount

You can also use home loan calculator to check the loan eligibility and affordability prior speaking with the bank.

RBL Bank Home Loan Customer Care

For any Housing Loan related query, contact RBL Bank Customer Care 24X7 at their following Toll-Free numbers: +91 22 61156300 

You can also email at: customercare@rblbank.com

Corporate Office:

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

Call: +91 22 43020600

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Best Value Home Loans

MyMoneyMantra is India’s largest phygital loan distributor. With trust of 70 lakh customers, we assure hassle free access to the best Home Loans up to 10 crore for housing loan borrowers in India. Our service is 100% free. We use latest technology and AI to serve customers across the length & breadth of our diverse country. Check Eligibility & Apply.

RBL Bank Home Loans FAQs

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

You can buy all types of residential property with the help of RBL Housing Loan.

✅ Can I transfer my existing Home Loan to RBL Bank?

Yes, you can transfer your existing Home Loan from any other lender to RBL Bank through their Balance Transfer facility. You can avail of lower rate of interest and apply for loan top as required.

✅ What is the maximum loan to value (LTV) offer for RBL Bank Home Loan?

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 add my spouse as co-applicant for RBL Bank Home Loan?

Yes you can apply for RBL Home Loan with co-applicants. You can add your spouse or parent(s) as co-applicant and improve your home loan eligibility. The lender will consider total income of all co-applicants for assessing loan eligibility.

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

There are more factors besides your income which determine eligibility for RBL Bank Home Loan. The common factors are-

  • Age: The minimum age should be 24 years at the time of loan application and maximum of 60 years for salaried and 65 years for self-employed at the time of loan maturity respectively.
  • Decent CIBIL score and credit history: A CIBIL score of 650 or above along a good repayment track record is also desirable.
  • Employment status and job type also determine your profile risk.
  • Availability of eligible co-applicant such as spouse/ parent(s) enhances eligibility.

✅ Can I prepay my RBL Bank Home Loans earlier?

Yes. You can prepay your RBL Bank Home Loan early. The charges for prepaying 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% charge on the amount paid above 15% of outstanding principal.
  • Foreclosure charges for fixed interest rate Home Loan: 3% on principal outstanding

✅ How can I save interest on RBL Bank Home Loan?

You can opt for RBL Bank's Easy Home Loan. This variant of Home Loan is linked to borrower’s current account. The interest on housing loan is calculated after deducting monthly average balance of the current account from the principal balance. By maintaining good average balance each month in the linked account, you can save interest on Home Loan and reduce the repayment tenure.

✅ Does RBL bank offer a moratorium on Home Loan?

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 stage of construction.

✅ What is the maximum tenure for 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 property through RBL Bank?

Yes, RBL Bank also offers Loan Against Property to salaried as well as self-employed people. The loan can be availed for education, medical emergency, marriage, and so on. You can apply for LAP up to Rs 10 Crores for 15 years.