RBL Home Loan Interest Rates 2024

RBL Home Loan Interest Rate 

RBL Home Loans are available at very affordable interest rates. If you are wondering what is the home loan interest rate in RBL, it is vital to know that every borrower has the option of both floating and fixed interest rates with RBL. While floating interest rates are linked to repo rates subject to change based on market conditions, the fixed rates remain constant, as the name suggests. 

Additional Info: Check Best Home Loan Interest Rates starting @8%

RBL Home Loan Interest Rate for Salaried and Self Employed 

One of the most important factors when it comes to home loan interest rates is the applicant’s employment status. RBL home loans are available to both salaried and self-employed individuals. However, the interest rates differ for a few reasons mentioned below: 

• Salaried individuals have a fixed income each month, making them a low-risk category for lending.
• For self-employed individuals, the income fluctuates with market conditions and other factors.
• Factors like the applicant’s CIBIL score also matter when it comes to the final interest rate provided to them on the home loans.

Here is a comparison of the RBL Home Loan Interest Rate 2024 for salaried and self-employed individuals:

The current repo rate is 6.25%. Based on the changes in the repo rate, the RBL Home Loan Interest Rate is revised each year. 

Tip: Best Home Loan for Salaried Person before applying for a loan

RBL Home Loan Interest Rates for Multiple Housing Schemes 

RBL offers various home loan schemes to help customers get loans to finance their dream homes and get funds against property for diverse personal needs

Housing Loan 

• You can get loans up to Rs.30 Lakhs for different purposes, including the purchase of property, construction, repair, and renovation.
• These loans are also eligible for subsidies up to Rs.2.67 Lakhs under the PMAY scheme.
• The documentation required is minimal, and the rate of approval on the loans is also faster.
• Enjoy a flexible tenure of up to 20 years on a home loan and up to 15 years on any top-up on the existing home loan.

Loan against property 

• Get a loan amount of up to Rs.10 Crores against the mortgage of any property.
• This loan is available for salaried and self-employed individuals.
• The repayment tenure is convenient and can be extended up to 180 months.
• You can provide residential as well as commercial property as collateral against the loan.
• Get up to 80% of the property value as a loan.
• The home loan interest rates are affordable.
• You have the option of choosing fixed interest rates for the first three years.

Overdraft Against Property 

• This loan is designed to help you raise capital for your business requirements based on the value of the mortgaged property.
• You get a drop-line OD limit of up to Rs.5 crores
• The tenure of this OD is 10 years
• Commercial and residential property can be provided as collateral against the loan.
• Get loans up to 80% of the value of your property
• The interest is charged only on the amount that is utilised
• Documentation is minimal to help you get the faster approval
• Affordable interest rates to make financing your business easier.

The RBL Home Loan Interest Rate 2024, along with those of other products, are as follows: 

RBL Home Loan Interest Rate 2024 vs Other banks 

Before you apply for a home loan with any bank, it is a good idea to carry out a comparison of the interest rates offered by other banks. There are some advantages to this: 

• You can find the best offers: This is the most important reason for browsing through different loan plans offered by various banks and NBFCs. This allows you to find the best rates of interest based on your budget and expected EMI per month.
• Ensure easy repayment terms:  With lower interest rates, you can plan your monthly budget better. They give you a lower EMI that is easier to repay. With affordable EMI, you can also reduce the tenure of the loan to avoid paying higher amounts towards the interest each year. Easy repayment also helps you keep your credit score intact.
• Make sure you are eligible for the loan before applying: You can calculate the EMI accurately when you know the interest rate for different banks. This lets you calculate the FOIR or debt to income ratio, which is one of the most important eligibility factors for any loan. That way, you can avoid sending out applications to banks where your approval rates are lower.

Here is a comparison of RBL Bank Home Loan Interest Rate with some of the top banks in the country: 

These interest rates depend on various factors, such as the income and employment status of the individual. 

Here is a list of these factors that influence the final interest rate that you get with any Bank or lending organisation: 

• The income: Your monthly income is a deciding factor when it comes to home loan interest rates. The higher the income, the lower the interest rate charged on your home loan. This is because a higher income guarantees repayment capacity, making you a low-risk customer. There are other factors like your current employment status that affect your interest rate as well. Self-employed individuals are likely to attract a higher interest rate when compared to salaried individuals.  
• FOIR: Fixed Obligation Income Ratio or FOIR is one of the most important parameters when it comes to deciding the home loan interest rate. FOIR takes into account all the mandatory expenses that you have each month. The remaining income should be enough for you to pay your EMI each month. For most banks, the FOIR should be between 50-60%. If your FOIR is higher, there are chances of getting a lower interest rate. 
• LTV Ratio: LTV Ratio or the Loan to Value Ratio takes into account the value of the property that you plan to purchase or renovate using the home loan. When you take a home loan, the property is considered as a security against the loan. So, if the LTV is higher, the interest rate drops significantly. The value of the property is assessed by a valuer hired by the bank and may not be the same as the market value of the property currently. Even the location of the property matters for the final loan amount that you are eligible for and the interest rate that the bank gives you on your loan. 
• CIBIL Score: CIBIL score shows the reliability of any loan applicant. Each year, based on the repayment made towards existing loans and credit cards and your overall financial health, the Credit Bureau of India makes a detailed report. They also give you a score based on the report. A higher CIBIL score means that you have the necessary resources to make repayments towards your loans. It also shows that you are a more reliable customer who will make regular repayments, as this is reflected in your CIBIL report.  

RBL Home Loan Balance Transfer Interest Rates

RBL Home Loans also gives you the advantage of Balance Transfer to manage your home loans better. The current interest rate offered on Home Loan Balance Transfer with RBL is 10.45% per annum. You can also get repayment tenure of up to 25 years. 

A balance transfer is an option that is provided to home loan applicants to transfer the existing balance on their home loan from any other bank or NBFC to RBL Bank. There are some advantages of choosing a balance transfer option: 

• Better interest rates: If your current home loan attracts hefty interest rates, it is a challenge to pay your EMI each month. When you transfer your home loan from any other bank to RBL, you become eligible for lower rates of interest that are more affordable.
• Consolidation of all loans: Having all your loans in one bank makes it easy for you to keep track of payments and the balance pending on these loans. So, if you find the interest rates more affordable with RBL, it is a good idea to transfer any existing balance.
• Easy management of your documents: With home loans, we are required to present property documents in order to become eligible for the loan. These documents are retained with the bank as the property is taken as a mortgage on your loan. However, if you have multiple home loans, keeping track of these papers becomes very difficult. Therefore, transferring your balance to one bank or organisation is highly recommended. 
• Get other benefits: You can also enjoy other benefits like getting a top-up on your home loan depending on the bank that you transfer your loan to. If you are eligible for these offers and facilities, you can transfer your balance to get access to additional funds as well.

In order to transfer the balance from one bank to another, you must fulfil some eligibility criteria. Once you have qualified for this option, the process of transferring the loan to RBL is very simple and quick. How advantageous is a balance transfer to you can be understood and further evaluated using an RBL home loan interest rate calculator.