RBL Bank Loan Against Property
Apply for RBL Loan Against Property up to 10 crores starting at 9.50% interest rates for personal and business needs. With RBL Bank Loan Against Property, you also get hassle-free funding up to 75% of property value, fast processing, extended tenure of 15 years, and pay RBL Bank Loan EMI with low processing charges. Both salaried and self-employed can avail of high-value customised LAPs against residential & commercial units.
Apply for RBL Bank Loan Against Property @ 9.50% Interest Rates
RBL Bank Loan Against Property Details
RBL Bank formerly known as Ratnakar Bank was established in the year 1943. At present, the services of the bank are concentrated in the commercial and retail sector, agricultural sector, and corporate sector, It offers five different business verticals that is Corporate Banking, Commercial Banking, Branch & Business Banking, Retail Assets and Treasury & Financial Markets Operations through RBL Net Banking.
The bank operates through 538 branches and has 388 ATMs spread across Indian states and Union Territories all over the country.
There are numerous products and services customized to suit all the sectors the bank is catering to. RBL Bank provides Loans against Commercial Properties and residential properties. The bank offers both term loans and overdraft facilities against the security of the property.
Interest and other Charges for RBL Bank LAP
The RBL Bank Loan Against Property Interest Rate starts from 9.50% p.a. and the rate of interest for RBL Overdraft Against Property is between 10% to 11% p.a.
Other Charges
| Charges | Details |
|---|---|
| Processing charges | At 1.25% of the loan amount |
| Fees for application | At Mumbai, the application fees will be 6500/- and in other locations, the fees will be 5000/- |
| Charges for delayed payment of EMI in the case of LAP | 2% interest over and above the regular interest per month on the overdue amount for the overdue period. |
| Charges for over- utilization of the limit in the case of the overdraft limit | 2% additional interest over and above the regular interest per month for the overutilized amount for the ove utilized period |
| Issuing of duplicate principal and interest certificate | 250/- each time |
| Cheque dishonour charge | 500/- for each dishonour |
| Cheque swapping charges | 500/- per instance |
| Issuing of CIBIL report | 100/- for every instance |
| Part pre-payment charges | No part pre-payment charges for individuals who have availed the loan for non-business purposes. For individuals who have availed the loan for business purposes /non-individual borrowers/loans at a fixed rate of interest, no pre-payment charges will be collected for a pre-payment up to 15% of the principal outstanding in the loan at the beginning of the financial year. For a part pre-payment above 15% of the principal outstanding in the loan account at the beginning of the financial year, pre-payment charges at 3% of the pre-paid amount will be charged. |
| Foreclosure charges | No foreclosure charges for a loan availed by individuals for purposes other than business purposes. For a loan availed by individuals for business purpose, loan availed by non-individuals and a fixed-rate loan, foreclosure charges will be 5% of the outstanding balance in the loan account if closed before 12 months from the date of disbursement and 3% of the outstanding loan amount if closed after 12 months. For overdraft limit foreclosure charges at 5% of the active limit will be collected if closed within 12 months and 3% of the active limit will be collected if closed after 12 months. |
| Charges for conversion from a floating rate of interest to a fixed rate and vice-versa | 2% of the principal amount in the case of a term loan. |
| Charges for switching of rates | 0.50% of the active limit in the case of the overdraft facility and 0.5% of the principal outstanding in the case of a term loan or 50,000/- whichever is lower in the case of an overdraft facility |
| Commitment charges in the case of overdraft facility | For an average quarterly utilization below 25% of the active limit, commitment charges will be collected at 2% of the shortfall in utilization. |
Processing Charges and Security for the RBL Bank LAP
Processing charges
Processing charges will be collected at 1.25% of the loan amount in the case of a term loan and an overdraft facility.
Security
Equitable mortgage of the property against which the loan is granted.
Features of RBL Bank Loan Against Property
| Name of the product | Purpose | Quantum | Interest | Security | Repayment | Charges |
|---|---|---|---|---|---|---|
| Loan against Property | The loan can be utilized for any personal needs like debt consolidation, renovation/ Repairs of the existing property, for medical expenses, for planning a wedding, for a foreign trip, for the higher education of children, etc and also for business purposes like a working capital requirement, for business expansion, etc | A loan will be provided up to 10.00 Crores depending upon the income, The maximum quantum will be up to 75% of the value of the property with a maximum of 10.00 Crores. | The RBL Bank Mortgage Loan Interest Rate ranges from 9.50% p.a. depending on the borrower's profile and the repayment capacity | Equitable mortgage of the property against which the loan is granted. | The maximum RBL Loan Payment period provided is 15 years | Processing charges At 1.25% of the loan amount. Part Pre-payment charges No part pre-payment charges for a loan availed by individuals for non-business purposes. For a loan availed by individuals for business purposes, loan availed by non-individuals, loan at a fixed rate a pre-payment is allowed with no charges up to 15% of the outstanding principal balance in the account at the beginning of the financial year and for a part pre-payment above 15% of the outstanding balance a pre-payment fee at 3% of the pre-paid amount will be collected. Foreclosure charges No foreclosure charges for loans availed by individuals for non-business purposes. For loans availed by individuals for business purposes, loan availed by non-individuals and for a loan at a fixed rate, foreclosure charges will be collected at 5% of the outstanding balance if the loan is closed before 12 months and at 3% of the principal amount if the loan is closed after 12 months. |
| Overdraft facility against property | The Drop-line overdraft facility can be used only for the working capital requirements of the business | The limit sanctioned will be up to 75% of the value of the property with a maximum of 5.00 Crores | The rate of interest will range from 10% to 11% p.a. | Equitable mortgage of the property against which the loan is sanctioned. | The maximum repayment period will be 10 years | Processing charges: At 1.25% of the active limit. Foreclosure charges At 5% of the active limit if closed within 12 months and 3% of the active limit if closed after 12 months. |
Advantages of RBL Loan Against Property
The key benefits of taking RBL Bank Loan against Property are:
- The loan can be availed as a term loan as well as a drop-line overdraft facility.
- The loan will be sanctioned against residential as well as commercial property.
- A loan up to 75% of the market value of the property will be provided.
- Simple documentation and quick approval.
- The rate of interest on loan against property will be reasonable.
- The processing charges and pre-payment charges are reasonable.
- Hassle-free loan procedure.
Eligibility for RBL Loan against Property
To qualify for the RBL Bank LAP the following parameters have to be complied with.
- The loan will be provided only for Resident Indians.
- Salaried individuals, self-employed individuals/professionals, Proprietorship/Partnership Companies, closely held Public Limited Companies and Private Limited Companies are eligible for the loan.
- The minimum annual salary for salaried individuals should be 150000/- and the minimum net profit for the self-employed should be 150000/- as per the latest ITR.
- The age of the applicant should be 23 at the time of applying for the loan and the age of salaried individuals at the time of maturity of the loan should not exceed 60 years and the age of the self-employed at the time of maturity of the loan should not exceed 65 years.
Documents Required for the RBL Bank LAP
The documents mentioned below have to be submitted to the Bank along with a relevant loan application and two passport-size photographs to apply for the loan.
| Type of Document | Salaried | Self-employed |
|---|---|---|
| Proof of Address | Voter's ID card, Aadhar Card, Driving Licence, Passport, Sale Agreement/Lease Agreement, Utility bills, Bank Statement | |
| Photo ID Proof | Pan Card, Voter's ID, Aadhar Card. Driving Licence. Passport | |
| Income Proof |
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|
| Business Proof | Not Applicable |
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FAQs
The rate of interest for RBL Bank Loan Against Property starts from 9.50% p.a. and for the Overdraft Against the Property, the rate of interest will range from 10% to 11% p.a.
The maximum loan provided will be up to 75% of the market value of the property against which the loan is provided with a maximum of 10.00 Crores for the Loan against Property and 5.00 Crores for the Overdraft Against Property.
The maximum repayment period for Loan Against Property is 15 years and for the Overdraft Against Property it is 10 years.