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RBL Bank Loan Against Property

RBL bank loan against property gives you the opportunity to use your valuable property, commercial or residential, to raise funds. This type of RBL home loan is a sound-good way to generate finances which you may require to fulfill many of your business or personal needs. The bank offers the loan amount of up to Rs 10 crore at interest rates starting from 10.65% per annum. The loan comes for repayment tenure options going up to 15 years. Let us know about this RBL bank Mortgage loan more.

RBL Bank Loan Against Property Interest Rates 2021

Loan Amount

Up to 10 crore

Interest Charges

Starts 10.65%  

Processing Fees

2% of loan amount plus applicable charges

Repayment Tenure 

Up to 15 years 

Prepayment and foreclosure 

NIL on loan with floating rates/ for individual borrowers with any loan purpose other than business

 

Up to 5% of principal outstanding for loan with fixed rates/ non-individual borrowers/ individual borrowers with business purpose

RBL Bank Loan Against Property (LAP) Features & Benefits

Here is what makes RBL bank loan against property (LAP) one of the best ones:

  • Purpose

RBL bank loans against property can be availed to raise funds by offering your property as collateral to the bank. 

You can count on this loan when you have got financial requirements to meet business or personal goals. The bank accepts commercial and residential properties as collateral.

  • Loan Amount

The loan amount in case of RBL loan against property ranges up to Rs 10 crore. 

  • Rate of Interest 

The RBL bank loan against property interest rates start at 10.65% per annum.

  • Loan Repayment Tenure 

The bank allows maximum loan repayment tenure of up to 15 years. 

  • Foreclosure and Part Prepayment 

You can foreclosure or make part-prepayment of RBL bank loans against property and reduce the interest rates. However the bank only allows this option after completion of 6 months.

Here are the RBL bank mortgage loan foreclosure and part prepayment charges:

  • In case of loan prepayment/ part-prepayment at floating rate made by the individual borrowers with non-business purposes, the bank charges no charges.
  • In case of loan prepayment/ part-prepayment at fixed rate made by non-individual borrowers and individual borrowers with business purposes, the bank charges 5% of the outstanding principal (for payment within 12 months) and 3% of the outstanding principal (for payment after 12 months).

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

Compare other bank loan against property interest rate

BANKS

INTEREST RATE 

AXIS Bank Loan Against Property

Starts at 11.25% 

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%

Indusind Bank Loan Against Property

9.50% to 13.50%

Eligibility for RBL Bank Loan Against Property (LAP)

Here are the RBL loan against property eligibility requirements that are required to be fulfilled by loan applicants:

  • The loan is offered to salaried, self employed individuals and professionals.
  • Minimum age at the time of loan sanction should be 23 years.
  • Maximum age at the time of loan maturity for salaried individuals should be 60 years.
  • Maximum age at the time of loan maturity for self employed individuals and professionals should be 65 years.
  • Minimum gross annual income should be Rs 150,000.
  • Minimum net profit as per the latest ITR should be Rs 150,000.

Documents Required for RBL Bank Mortgage Loan

Here are the documents required for RBL bank loan against property:

Documents 

Salaried Applicants

Self Employed Applicants

Identity Proof

Aadhar Card, Voter’s ID Card, Passport, Driving Licence

Aadhar Card, Voter’s ID Card, Passport, Driving Licence

Address Proof

PAN Card,  Voter’s ID Card, Passport, Driving Licence, Utility Bills such as Electricity, Telephone, Water Bills

PAN Card,  Voter’s ID Card, Passport, Driving Licence, Utility Bills such as Electricity, Telephone, Water Bills

Income Proof

Salary Slips, Bank Statements, Form 16

Balance sheet and profit and loss account, IT Returns, Business Proof

Other Documents

Passport-size Photographs, Duly Filled Application Form, Any Other Documents Required by the Bank

Passport-size Photographs, Duly Filled Application Form, Any Other Documents Required by the Bank

RBL Bank Loan Against Property EMI Calculator 

You can visit the official website of the bank and use the RBL bank home loan EMI calculator in order to know the amount of loan monthly instalment which you will be paying. This tool gives a hand in helping you with financial planning.

Here is how to do that:

  • Go to the official website of RBL bank.
  • Tap and expand the “Personal Banking” section.
  • Now, find the “Loans” menu.
  • Click the “Loan Against Property” option.
  • Then go to the “Loan Against Property EMI Calculator”.
  • Enter your loan amount along with the tenure months and rate of interest.
  • Click the “Calculate” button.

You can also use the BankSathi loan against property EMI calculator. All you have to do is input the loan amount, rate of interest and months/years of loan repayment tenure and then tap the “Calculate” button.

The calculator will give you the payable loan against property EMI amount as well as the yearly calculation.

How to Apply for RBL Bank Loan Against Property?

Here is how to apply for RBL bank loan against property:

  • Apply for RBL loan against property offline

Head to the nearest branch of the bank to apply for RBL bank loan against property offline and carry all the documents required for the loan application procedure.

  • Apply for RBL loan against property online

Follow these steps to apply for RBL bank loan against property online:

  • Go to the official website of RBL bank.
  • Tap and expand the “Personal Banking” section.
  • Now, find the “Loans” menu.
  • Click the “Loan Against Property” option.
  • Hit the “Apply Now” button.
  • Enter the required information in the loan application form.
  • Submit the application.

The bank will get in touch with you regarding the further steps for the loan application.

RBL Bank Loan Against Property Customer Care Number 

You can dial the following RBL bank loan customer number to reach out the RBL bank customer support in case of further assistance:

+91 22 6115 6300

FAQs On RBL Bank Loan Against Property

Q.1 What are the interest charges for RBL bank loan against property? 

The RBL bank loan against property interest rate starte from 10.65% per annum.

Q.2 What is the processing fee for an RBL bank loan against property? 

The RBL bank charges a processing fee of 2% of the loan amount plus applicable taxes for loan against property.

Q.3 What kind of property can I offer as a collateral for an RBL loan against property? 

The bank accepts residential and commercial properties as collateral for RBL loan against property.

Q.4 What is the maximum RBL  bank loan against repayment tenure?

The maximum RBL bank repayment tenure is 15 years. 

Q.5 How can I apply for an RBL  home loan?

You can apply for an RBL bank home loan from the bank’s official website. Alternatively, you can visit the nearest branch of the bank with the required documents.

Last Updated on : 30/Apr/2021

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