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Calculate RBL Bank Home Loan EMI

50000020000000
120
130
Total Payments-

₹5,000,000

Total Interest-
₹0
Principal Amount-
₹5,000,000
Total EMI

₹0

View Details
  • Loan Amount
  • Interest Rate
  • Your EMI
  • Tenure
  • ₹5,000,000
  • 8.5%
  • ₹0
  • 30
Updated:

RBL Bank Home Loan

Like many other private sector banks in India, RBL has a special loan scheme for those looking to purchase a house of their own. The bank offers its Easy Home Loan to borrowers at competitive interest rates starting at 8.50% onwards. This home loan is easy to access due to the minimal documentation required and the speed at which applications are processed. Here are some of the things you can do with an RBL Home Loan. You can use the loan

  • To purchase a new flat or a flat under construction
  • To purchase a land plot and construct the plot
  • To purchase an existing house or flat
  • To extend or renovate an existing house
  • To purchase a plot only.

Additional Info: Also check Pan Number for Banks

Features of RBL Bank Home Loan

Minimum Age24 years
Maximum Age65 years
Minimum Net income (Salaried)1.2 lakh per annum
Minimum Net income (Self-employed)1.5 lakh
Minimum amount5.00 lakh
Maximum amount10 Crore
Minimum Tenure5 years
Maximum Tenure25 years
LTV RatioUp to 90% of property value
Minimum Credit score600
Work/Business experience2 years minimum
Interest Rate8.50% onwards
Processing Fee1.50% of loan amount
Payment default charge2% per annum of defaulted amount
Lowest EMIRS. 769 per lakh
Prepayment feeUp to 3% (fixed rate)

Additional Info: You can also check Best Home Loan Interest Rates

RBL Bank Home Loan EMI

Loan AmountInterest Rate5 years loan10 years loan20 years loan25 years loan
Rs. 5 lacs8.50%Rs. 10,258Rs. 6,199Rs. 4,339Rs. 4,026
Rs. 10 lacs8.50%Rs. 20,517Rs. 12,399Rs. 8,678Rs. 8,052
Rs. 20 lacs8.50%Rs. 41,033Rs. 24,797Rs. 17,356Rs. 16,105

What is EMI Calculator?

An EMI Calculator is an online tool for calculating the EMI charge on a loan. This calculator is very helpful in aiding prospective borrowers to determine just how much a home loan will cost them in monthly payments. Before the invention of this tool, applicants did not know just how much a loan will cost them until they approached a lender. This made is very difficult to compare loans, and beyond that, it also made it hard for borrowers to plan ahead. With the introduction of this calculator, however, you can now evaluate the full cost of a loan even before you apply for one using this formula

P*r* (1+r)^n/([(1+r)^n]-1)

Where

P= Principal amount

R= Interest rate

N= Tenure

These parameters are what is used to calculate EMI.

You don't have to bother with the above equation as the EMI calculator already has it programmed. All you need to do is to infuse the figures for each of the parameters and the EMI Calculator will deliver the accurate results.

Additional Info: Also check SBI Home Loan EMI Calculator

How to use MyMoneyMantra EMI Calculator?

Calculating your EMI has never been easier. MyMoneyMantras EMI calculator is one of the easiest online tools to use for your home loan cost projections. The steps to arrive at your EMI figure are simple and short. Just follow these steps listed below.

  • Log onto MyMoneyMantra EMI Calculator page under financial tools tab to click the EMI calculator tab
  • This action will redirect you to another page where you will be expected to provide the loan amount, interest rate and loan tenure
  • Enter the above estimates and click the “Calculate” button

Please do bear in mind that you can always change the tenure, loan amount or interest rate. You can also recalculate using the changed estimates until you arrive at a suitable EMI.

Additional Info: Looking for 40 Lakh Home Loan? Check EMI & Apply.

Benefits of using an EMI Calculator before Taking a Home Loan

Here are some of the most important benefits of using an EMI calculator:

Easy calculations: For many prospective borrowers, calculating EMI may pose a challenge due to the complexity of the endeavor. An EMI calculator simplifies the process. All you have to do is to input the figures for all the parameters and you are good to go. It is that easy.

Aids financial planning: Taking up a Home Loan is a decision that should not be taken lightly as this act will influence the state of your life for years to come. With an EMI calculator, you can evaluate the entire cost of the loan and how much of a strain it will have on your finances.

Identify an ideal home loan scheme: There are hundreds of banks and NBFCs all claiming to offer loans at the best rates. Well, in truth, not all loan schemes are ideal for everyone because every borrower is different. An EMI calculator eliminates the possibility of trial and error as you will easily identify a borrower that offers loans at competitive rates that you can afford.

Know your amortization schedule: Keeping track of your amortization schedule is as easy as it should be with an EMI calculator. Know when payments are due and how much outstanding debts you currently owe.

Available 24 hours a day: You can use this calculator at any time of the day and on any day of the week.

Additional Info: You can also Check AnyRoR Gujarat Land Record

Factors that can impact your EMI amount

Many people who are not conversant with the rudiments of home loans make the mistake of presuming that EMI does not change over the course of the loan's life cycle but this is not true. From experience, we have seen occasions that have led to an increase or decrease in EMI. Some of the factors are within your purview of influence while others are not. Below, we chronicle some of these factors.

#1 Additional Loan facility

Some lenders allow borrowers to access additional loans on top of a loan that has already been granted after satisfying certain repayment conditions. If you are dealing with such a lender and you accept additional funds, this will most certainly impact EMI.

#2 RBI Rates

The Reserve Bank of India regularly updates interest rates in home loans to stimulate the real estate industry and this can have a direct impact on how much you pay as interest. A rise in the RBI rate leads to a rise in interest rates on loans and a fall also leads to a corresponding drop in rates. If you are have taken up a loan issued at floating interest rates your EMI will always be susceptible to the prevailing market rates as initiated by the Reserve Bank of India.

#3 Loan Tenure

The loan tenure is also another factor to take note of. Loans with longer tenure attract lower EMI since payments will be spread across so many months. This is not always the case for all lenders as we will see in the next paragraphs. However, on a general note, the tenure of a loan greatly influences how much you pay as EMI.

#4 Repayment Structure

The established repayment structure of the lender may affect how much you get to pay as EMI over the course of the loan. Some lenders charge a lower EMI for the first few years of the loan and a much higher EMI at the latter stages. Others prefer a higher EMI at the initial stage but as the borrower successfully pays the installment, the charges reduce per month.

#5 Extra Charges

Some lenders infuse extra charges into EMIs that borrowers may or may not be aware of. These charges may seem minute but they influence EMI in no small way. To be on a safe side, it is advisable to scrutinize loan terms and contracts before appending your signature. If there are grey areas in the contract that you are not aware of, it is in your best interest to seek clarification before making a final decision.

Additional Info: HDFC Home Loan Customer Care Number

Tips to decide the right amount of EMI

There are smart ways by which you can determine an EMI that is suitable for you. This is where an EMI calculator comes in handy. Besides the use of this tool, having first-class information about the financial market and how it works as regards home loans is a knowledge worth its weight in gold. If you want to decide on the right EMI amount based on your income and age, imbibe some or all of these tips.

#1 Know how much you need

Before anything else, you need to know just how much you need as a loan. This information depends on the purpose of the loan. Having a clear idea of how much the property will cost will enable you to decide just how much the amount will attract as EMI payments.

#2 Apply for a longer Loan Tenure

One smart tip is to apply for a longer loan tenure. A longer tenure may extend your payments by a few more years, however, the EMI you get to pay is a lot lower than average. Before you consider this tip, find out what the repayment structure is.

#3 Evaluate your Income

The EMI will be deducted from your monthly income so you need to be sure of how much you will have left and if the sum will cover your living expenses until the next paycheck. Some will argue that EMI payments should not cost more than 50% of your income but the final decision rests with you. Just make sure that what you have left after deductions have been made will be enough to see you through the month.

#4 Understand the interest rate structure and how it works

Is the loan going to be issued at a fixed rate of interest or a floating rate of interest? Getting this information will help you determine just how much the EMI will be and whether you can afford it. Fixed interest rates do not change but they are higher than floating rates which change from time to time.

#5 Do a rate comparison

Compare the interest rates offered by more than one lender before making a final decision on who to pitch your tent with. Different lenders offer varying interest rates that reflect on the EMI they charge borrowers. A careful and detailed comparison will help you identify an EMI you can afford.

#6 Decide on the type of interest rate to go for

The interest rate you choose is very important, as it will influence the EMI at the end of the day. Fixed interest rates don?t change but they are relatively higher than floating rates. If the RBI rate rises above the fixed rate at which you have been issued the loan, you have nothing to worry about since the rate won't rise. But if the RBI rates drop below the fixed-rate, you lose money as you will be paying more to service the loan. Many borrowers prefer to go for a floating rate because it opens up the opportunity to enjoy cheap rates when they become available.

Additional Info: You can also Check Banglarbhumi West Bengal Land Record

Change in EMI with a change in interest rate

A change in the rate of interest leads to a change in EMI. This is because interest rates are a reflection of the market rate, as initiated by the RBI. If the loan you have taken up has a floating interest, the prevailing market rate will influence the cost of the loan. When rates go up, your EMI will rise as well. If the rate drops, the EMI will drop too. Fixed interest rates, on the other hand, are not influenced by the RBI market rates since it is sustained throughout the loan contract.

Additional Info: How to get Pradhan Mantri Awas Yojana

Amortization Table

YearOpening BalanceAmount paid by customer (EMI*12)Interest paid during the yearPrincipal paid during the yearClosing Balance

FAQs

✅ What kind of Property can I buy with an RBL Home Loan?

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You can avail this home loan to buy a residential property or a plot. This loan cannot be used for the purchase of commercial properties like stalls, offices and business buildings.

✅ Can I transfer my existing home loan to RBL Bank?

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Yeas, you can. There is a transfer facility available to individuals who intend to transfer their loans to RBL so as to take advantage of their attractive interest rates.

✅ What is the percentage of the property value that can be availed as a loan?

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RBL offers borrowers as much as 90% of the property value as a loan. The borrower is expected to provide the remaining 10%.

✅ On what basis will my loan eligibility be calculated?

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When you submit your application form, RBL Bank will calculate your eligibility based on the value of the property you are looking to buy and your income.

✅ Can I club my income with another applicant?

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Yes, you can club your income with another applicant to increase your income eligibility. RBL allows income clubbing between married applicants.

✅ What is the maximum age for this loan.

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The maximum age for salaried applicants is 60 years while that of self-employed applicants is 65 years.

✅ How long will it take before my application is processed?

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Your application will be processed within 15 working days after submission. To avoid delays, make sure the documents required are attached to your application.

✅ What three parameters should I concern myself with when using an EMI Calculator?

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The three parameters to concern yourself with are the loan amount you wish to borrow, the loan tenure and the interest rate.

✅ How much does it cost to use MyMoneymantras EMI calculator?

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The calculator is free. You don?t have to pay a dime to use it and you can use it as often as you wish.

✅ Do I need to be a registered site member to use MyMoneymantra EMI calculator?

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No, you don't have to be a registered member to use the EMI calculator