RBL Bank Loan Against Property: Interest Rate, Eligibility, Processing Fee & Customer Care

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RBL BANK LOAN AGAINST PROPERTY 

RBL Bank Loan Against Property Details 

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. 

RBL Bank Loan Against Property can be availed by salaried individuals, self-employed individuals, self-employed professionals, sole proprietorship, partnership firms and private limited companies. In this both residential and commercial property are accepted as collateral. The RBL Bank also avail loan upto 80% of your property values with minimal documentation and faster approvals. With a Loan against Property from RBL Bank, you can now source funds at a cheaper cost than taking a personal loan. 

Benefits of RBL Bank Loan Against Property

1. Avail loan upto 80% of your property value 

2. Faster approvals 

3. Minimal documentation process

4. Attractive interest rate starts at 10.65% to 16.25% per annum

5. Both residential and commercial property accepted as collateral

6. Fixed rate for first three years available

7. Loan tenure upto 15 years

8. Co-applicants are mandatory required

Fee and Charges of RBL Bank Loan Against Property 

To apply for a loan against property you have to pay fees and charges applied by the RBL  Bank. It covers all charges and fees made by a bank to their customers.The following charges are taken from RBL Bank i.e processing fee, late payments of EMIs, cheque dishonour charges, prepayment / foreclosure charges etc.

TYPE

CHARGES 

Processing Fees

1.5% of loan amount (Minimum Processing Fee of Rs.7500/-)

Charges for late payment of EMI

2% additional interest per month on overdue EMI amount

Issue of Duplicate Interest & Principal Certificate

Rs.250

Duplicate no due certificate / NOC

Rs.250

Cheque swapping charges

Rs.250

Bounce Cheque Charges

Rs.250

Charges for CIBIL Report

Rs.50

Part Pre-Payment Charges

(For Individual Borrowers) - NIL

(For Non Individual Borrowers) - No prepayment charge up to 15% of outstanding principal in one year. Prepayment above 15% of outstanding will be charged at 2% of amount paid

Foreclosure charges

(For Individual Borrowers) - NIL

 

(For Non Individual Borrowers & Fixed Rate LAP) - 3% on principal outstanding

Conversion from Fixed to Floating rate

2% on principal outstanding

Conversion from Floating to Fixed rate

2% on principal outstanding

Eligibility Criteria for RBL Bank Loan Against Property

Before applying for a loan against property from RBL Bank, you should fulfil all basic eligibility criteria as prescribed by the bank. For the RBL Bank loan against property application the salaried and self employed individuals / professionals, Sole proprietorships, partnership firms and private limited companies are eligible to take a loan. You will get your loan amount very soon if you meet all the required eligibility criteria once the documentation is done.

ELIGIBLE 

Salaried and self employed individuals / professionals, Sole proprietorships, partnership firms and private limited companies

AGE 

For salaried individuals = 23 years to 60 years 

For self-employed individuals and professionals = 23 years to 65 years

INCOME 

For salaried individuals = Minimum gross salary of Rs.150000 p.a.

For self employed individuals and professionals = Minimum net profit as per latest year ITR/ financial of Rs.150000 

Documents Required for RBL Bank Loan Against Property

Any applicant who is going to avail for loan against property from RBL Bank, must have to submit the following documents. These documents are the requirements for the lenders who are providing you the amount of loan.

1. Filled Application Form

2. PAN Card

3. Proof of Identity : Passport, Aadhaar Card, Driving License, Voter ID, Government Employee ID

4. Proof of Address : Aadhaar Card, Driving License, Voter ID, Government Employee ID, Electricity bill, Gas bill, Telephone bill, Property tax r5. ceipt

5. Date of Birth Proof : Passport, Driving License, PAN Card, Birth Certificate, Aadhaar Card with DOB, SSC Marksheet

6. Signature Proof : Passport, PAN Card, Bankers verification or Notarized affidavit with ID & Address Proof)

  1. Proof of Income for Salaried:

    1. 3 months’ pay slip or 6 months’ pay slip/2 yrs. bonus proof)

    2. 6 months bank statement showing salary credits

    3. 2 yrs. Form 16 or Employment Continuity Proof

  2. Proof of Income for Salaried NRIs:

    1. 3 month pay slip

    2. Appointment letter/contract letter

    3. Continuous Discharge Certificate for Shipping cases

    4. 6 month Domestic NRE/NRO a/c statement

    5. 6 month international salary a/c statement

    6. Overseas credit report

    7. Valid visa copy/OCI card

    8. Passport copy

    9. POA details

  3. Proof of Income for Self Employed:

    1. 2 yrs ITR, Computation of Income, P&L, Balance sheet with CA seal and sign

    2. For Asha HL – 1 yr ITR, Computation of Income, P&L, Balance sheet with CA seal and sign

    3. Tax Audit Report (If Gross Turnover Exceeds Rs 1 Cr or Gross Receipts Exceeds 25 Lac)

    4. 6 months bank statements of personal and business accounts

    5. If ITR is filed without digital sign – CPC and tax paid challan

    6. Business continuity proof (3 yrs for HL / 5 yrs for LAP)

  4. Other Important Documents & Checks:

    1. Aadhaar card is mandatory for Credit Linked Subsidy Scheme (PMAY) applicants

    2. PAN card is mandatory for all financial applicants

    3. Processing Fee and CERSEI cheques

    4. Self-attestation of borrowers on all documents submitted

Compare other bank loan against property interest rate 

BANKS

INTEREST RATE 

AXIS Bank Loan Against Property

Starts at 11.25% 

AXIS Bank Lease Rental Discounting 

Starts at 11% 

AXIS Bank Overdraft Facility Against Property

Starts at 11%

AXIS Bank Reverse Mortgage Loan

Starts at 11%

SBI Bank Loan Against Property

Starts at 10.85%

YES Bank Loan Against Property 

Starts at 10.50%

IDBI Bank Loan Against Property

Starts at 11.25%

RBL Bank Loan Against Property 

10.65% to 16.25%

HSBC Bank Loan Against Property 

Starts at 8.60%

HSBC Bank Smart Loan Against Property 

Starts at 8.75%

Indusind Bank Loan Against Property 

9.50% to 13.50%

Other products of RBL Bank 

1. RBL Bank Car Loan 

2. RBL Bank Business Loan 

3. RBL Bank Education Loan

4. RBL Bank Gold Loan

5. RBL Bank Loan Against Property

How to Apply for RBL Bank Loan Against Property 

There are two ways to apply for loans against property from RBL Bank :

1. Offline Method : By visiting nearest bank branch

2. Online Method :

  • Firstly visit lenders website from which you want to get a loan

  • Fill the application form and read all the term and conditions

  • Attach all required documents with an application form

  • After submitting form lenders will let you know that you eligible or not for the loan 

RBL Bank Loan Against Property Customer Care

Contact number : 1800120616161

Email id : customercare@rblbank.com

How to calculate EMI of RBL Bank Loan Against Property

The following mathematical formula is used to calculate EMI of RBL Bank Loan Against Property is :

EMI = [P x R x (1+R)^N]/[(1+R)^N-1]

In this formula,

EMI - Equated Monthly Instalment

P - Principal amount (amount borrowed as loan)

R – Applicable rate of interest (interest rate should be on a monthly basis)

N - Loan tenure or the number of EMIs to be paid (tenure should be in months

Financials products offered by Bank 

BUSINESS LOAN

CAR LOAN

COMMERCIAL LOAN 

EDUCATION LOAN

GOLD LOAN

HOLIDAY LOAN 

HOME LOAN 

LOAN AGAINST PROPERTIES 

LOAN AGAINST SECURITIES

PERSONAL LOAN

PROFESSIONAL LOAN

TWO WHEELER LOAN

RBL Bank Loan Against Property Frequently Asked Questions 

1. How much loan amount is provided by RBL Bank loan against property?

The minimum loan amount is Rs.1 lakh and maximum loan amount is Rs.10 crore provided by RBL Bank loan against property.

2. By which mathematical formula do you have to calculate EMI of RBL Bank loan against property?

The following mathematical formula is used to calculate EMI of RBL Bank Loan Against Property is :EMI = [P x R x (1+R)^N]/[(1+R)^N-1]

In this formula,

EMI - Equated Monthly Instalment

P - Principal amount (amount borrowed as loan)

R – Applicable rate of interest (interest rate should be on a monthly basis)

N - Loan tenure or the number of EMIs to be paid (tenure should be in months

3. Who is eligible to take a loan against property from RBL Bank?

Salaried and self employed individuals / professionals, Sole proprietorships, partnership firms and private limited companies are eligible to take a loan against property from RBL Bank.

4. How much age of the applicant is required to take a loan against property from RBL Bank?

For salaried individuals 23 years to 60 years and for self-employed individuals and professionals 23 years to 65 years age of the applicant is required to take a loan against property from RBL Bank.

5. What is the interest rate of RBL Bank for loan against property?

The interest rate of RBL Bank for loan against property is 10.65% to 16.25% per annum.

Last Updated on : 30/Aug/2020

Know More About

Rbl Bank Loan Against Property

You're eligible for a Rbl Bank Loan Against Property 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 Loans Against Properties 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

Rbl Bank Loan Against Property Interest Rates

Updated on 25 Nov 2017

Rbl Bank Loan Against Property Details
Interest Rate (Monthly reducing balance) 10.65% - 16.25%
Processing Fees 1.5% of loan amount (Minimum Processing Fee of Rs.7500/-)
Loan Tenure 1 year to 15 years
Pre-closure Charges Varies with bank
Guarantor Requirement Varies with bank

Loans Against Properties EMI Calculator

Loan Amount

|
1L
|
50L
|
100L
|
150L
|
2Cr

Interest Rate

%
|
5
|
10
|
12.5
|
17.5

Loan Tenure

|
1
|
10
|
20
|
25
|
0
|
120
|
240
|
300


Your Monthly Loan EMI


₹24,959