RBL Bank, formerly known as Ratnakar bank, is an Indian private sector bank. It is headquartered in Mumbai and founded in 1943. It also offers a huge range of banking products and services to all customers.
While searching for a home loan, you can come across RBL Bank that offers you the loan at an attractive interest rate. It also offers a very basic scheme for home loans. It provides an easy loan disbursal and fast processing facilities which make it one of the most sought banks for home loan. Every individual dreams of his own home that can make it true with RBL Bank Home Loan. With minimal documentation and secure storage, the RBL Bank Home Loan is a simple funding option to meet your financial requirements. RBL Bank provides home loan for a minimum amount of Rs 1 lakh with tenure starting from 1 year upto 25 years.
1. Flexibility of tenure upto 25 years
2. Attractive rate of interest starts from 9.95% to 10.5% per annum
3. Get home loan upto Rs.10 lakh
4. Availed for salaried individual, self employed individuals, self employed professionals
5. Faster approval of the loan
6. It is offered to Indian residents only
7. Minimal and easy documentation
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TYPE |
CHARGES |
|
Processing fee |
1.5% of the loan amount |
|
Prepayment charges |
For floating rate home loan = NIL For fixed rate home loan = upto 15% of the outstanding balance |
|
Foreclosure charges |
For floating rate home loan = NIL For fixed rate home loan = 3% of the outstanding principal amount |
|
Charges for late payment of EMIs |
2% additional interest per month on the overdue amount |
|
Issue of duplicate interest |
Rs.250 per instance |
|
Duplicate of NOC |
Rs.250 per instance |
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Cheque Swapping charges |
Rs.250 per instance |
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Cheque bounce charges |
Rs.200 per instance |
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CIBIL Report charges |
Rs.50 per instance |
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Charges for changing fixed to floating and floating to fixed |
0.5% on principal outstanding |
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Application fees |
Rs.6500 for Mumbai applicants Rs.5000 for other locations |
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ELIGIBLE |
Salaried individuals, self employed individuals and self employed professionals |
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AGE |
For salaried individuals = 24 years to 60 years For self employed individuals and professionals = 24 years to 65 years |
|
INCOME |
For salaried individuals = Minimum net income is Rs.120000 p.a. For self employed individuals and professionals = Minimum net income is Rs.150000 p.a. |
|
WORK EXPERIENCE |
For salaried individuals : Minimum 1 year at current job and 2 years of total experience required If current job is less than 1 year then 3 years of total experience is required For self employed individuals and professionals : Business stability of last 3 years in the same field |
1. Fully filled signed application form
2. Passport size photograph
3. ID Proof : Aadhaar Card, PAN Card, Driving License, Passport, Voter identification, Employment id
4. Address Proof : Aadhar Card, Rental agreement, Voter id, Driving license, Passport, Employment id
5. Income Proof : For salaried employees = 3 months salary slip, last 2 years ITR Return or form 16, Bank statement for last 2 months showing that the salary has been credited
6. For Self employed individuals / professionals = 2 years ITR return, Profit & loss account and Balance sheet computation with CA seal and sign, Bank statement for the last 6 months.
RBL Bank Home Loan Offers :
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RBL Floating and Easy Home Loan |
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RBL LoanAgainst Property |
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RBL Overdraft Against Property |
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BANKS |
INTEREST RATE |
|
Starts at 10.05% onwards |
|
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Starts at 7.75% onwards |
|
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Starts at 7.75% onwards |
|
|
7.75% to 9.40% |
|
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Start at 9.55% onwards |
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8.15% to 8.30% |
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8.90% to 9.15% |
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6.95% onwards |
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7.40% onwards |
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6.95% onwards |
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6.95% onwards |
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6.95% onwards |
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6.95% onwards |
|
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7.65% onwards |
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|
7.90% onwards |
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9.50% to 10.50% |
|
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6.75% onwards |
|
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10.45% onwards |
|
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8.05% onwards |
|
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7.45% onwards |
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6.95% to 7.50% |
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7.40% to 9.70% |
|
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9.60% to 10.55% |
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7.34% to 8.29% |
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6.95% to 8.05% |
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Starting at 8.71% |
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7.80% to 8.80% |
|
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9.75% to 10.05% |
|
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8.55% to 8.655 |
|
|
11.005 to 11.505 |
|
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8.00% to 15.00% |
|
|
6.85% to 7.75% |
|
|
6.85% to 7.755 |
|
|
6.90% to 8.90% |
|
|
7.55% to 8.40% |
|
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Starting at 7.00% |
5. RBL Bank Loan Against Property
There are two ways to apply for home loans from RBL Bank :
1. Offline method : By visiting nearest bank branch
2. Online Method :
First of all first visit to official website of RBL Bank
In retail section go to the “loans”
Now click in home loan
After that go to “Home loan”
Now click on apply now and fill application form
The following formula is used to calculate EMI of RBL Bank Home Loan :
EMI = [PXRX(1+R)^N] / [(1+R)^N-1]
Where,
P stands for Loan Amount
R stands for Interest Rate
N stands for tenure in number of months
How to contact with RBL Bank :
1. By customer care contact number : 1800120616161
2. By customer care email id : customercare@rblbank.com
Financials products offered by Bank :
RBL Bank provides for a minimum loan amount of Rs.1 lakh at an attractive rate of interest with tenure of upto 25 years The bank gives quick approval and disbursal of the loan amount with secure repayment options.
RBL Bank’s Home Loan minimum interest rate is starts at 9.75% per annum and the maximum interest rate is 10.5% per annum
You can apply offline by visiting the nearest bank branch or through online .
The minimum loan amount is Rs.1 lakh and maximum loan amount is Rs.10 crore of RBL Bank for home loan.
The age of the customer should be 24 years to 60 years for the salaried individuals and the age of the customer should be 24 years to 65 years for self employed individuals and professionals to get a home loan from RBL Bank.
The application fee provided by RBL Bank for home loan is Rs.6500 for Mumbai applicants and Rs.5000 for other locations.
The salaried individuals, self employed individuals and self employed professionals are eligible to take a home loan from RBL Bank.
The prepayment charges for fixed rate home loan is upto 15% of the outstanding balance and the foreclosure charges for fixed rate home loan is 3% of the outstanding principal amount provided by RBL Bank.
Last Updated on : 19/Aug/2020Know More About
You're eligible for a Rbl Bank Home Loan if you:
Are legally adult enough to handle it
Have still got it
Get a regular pay check
Make more than a basic buck
Your eligibility depends on:
Earn more than minimum income required
Maximum allowed Home Loans is Rs. 10K to Rs. 45 lakhs
EMIs of other loans loweryour eligibility
Boost your eligibility by:
Pay off your credit card bills
Choose longer tenure loan up to 5 years
Nothing gets done without that paperwork (which we'll happily carry over to the bank for you, no sweat). Here's what you'll need:
- 1. Photo ID and age proof
- 2. Signed application form with photograph
- 3. Residence proof
- 4. Last 6 months bank statement
- 5. Documentation for salaried applicants:
- Last 3 months salary - slips
- Form 16 or Income Tax Returns
- 6. Documentation for self-employed applicants:
- Last 3 years Income Tax Returns with computation of Income
- Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account
Updated on 25 Nov 2017
| Rbl Bank Home Loan Details | |
|---|---|
| Interest Rate (Monthly reducing balance) | 9.95% - 10.5% |
| Processing Fees | 1.5% of the loan amount |
| Loan Tenure | 1 year to 25 years |
| Pre-closure Charges | Varies with bank |
| Guarantor Requirement | Varies with bank |
Home Loans EMI Calculator