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.
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
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 |
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 |
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)
Proof of Income for Salaried:
3 months’ pay slip or 6 months’ pay slip/2 yrs. bonus proof)
6 months bank statement showing salary credits
2 yrs. Form 16 or Employment Continuity Proof
Proof of Income for Salaried NRIs:
3 month pay slip
Appointment letter/contract letter
Continuous Discharge Certificate for Shipping cases
6 month Domestic NRE/NRO a/c statement
6 month international salary a/c statement
Overseas credit report
Valid visa copy/OCI card
Passport copy
POA details
Proof of Income for Self Employed:
2 yrs ITR, Computation of Income, P&L, Balance sheet with CA seal and sign
For Asha HL – 1 yr ITR, Computation of Income, P&L, Balance sheet with CA seal and sign
Tax Audit Report (If Gross Turnover Exceeds Rs 1 Cr or Gross Receipts Exceeds 25 Lac)
6 months bank statements of personal and business accounts
If ITR is filed without digital sign – CPC and tax paid challan
Business continuity proof (3 yrs for HL / 5 yrs for LAP)
Other Important Documents & Checks:
Aadhaar card is mandatory for Credit Linked Subsidy Scheme (PMAY) applicants
PAN card is mandatory for all financial applicants
Processing Fee and CERSEI cheques
Self-attestation of borrowers on all documents submitted
|
BANKS |
INTEREST RATE |
|
Starts at 11.25% |
|
|
Starts at 11% |
|
|
Starts at 11% |
|
|
Starts at 11% |
|
|
Starts at 10.85% |
|
|
Starts at 10.50% |
|
|
Starts at 11.25% |
|
|
10.65% to 16.25% |
|
|
Starts at 8.60% |
|
|
Starts at 8.75% |
|
|
9.50% to 13.50% |
5. 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
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
The minimum loan amount is Rs.1 lakh and maximum loan amount is Rs.10 crore provided by 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
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.
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.
The interest rate of RBL Bank for loan against property is 10.65% to 16.25% per annum.
Last Updated on : 30/Aug/2020Know 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