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.
|
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 |
Here is what makes RBL bank loan against property (LAP) one of the best ones:
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.
The loan amount in case of RBL loan against property ranges up to Rs 10 crore.
The RBL bank loan against property interest rates start at 10.65% per annum.
The bank allows maximum loan repayment tenure of up to 15 years.
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:
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 |
|
BANKS |
INTEREST RATE |
|
Starts at 11.25% |
|
|
Starts at 10.85% |
|
|
Starts at 10.50% |
|
|
Starts at 11.25% |
|
|
10.65% to 16.25% |
|
|
Starts at 8.60% |
|
|
9.50% to 13.50% |
Here are the RBL loan against property eligibility requirements that are required to be fulfilled by loan applicants:
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 |
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:
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.
Here is how to apply for RBL bank loan against property:
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.
Follow these steps to apply for RBL bank loan against property online:
The bank will get in touch with you regarding the further steps for the loan application.
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
The RBL bank loan against property interest rate starte from 10.65% per annum.
The RBL bank charges a processing fee of 2% of the loan amount plus applicable taxes for loan against property.
The bank accepts residential and commercial properties as collateral for RBL loan against property.
The maximum RBL bank repayment tenure is 15 years.
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/2021Know More About
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
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