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RBL Bank Home Loan Eligibility Calculator

RBL Bank Home Loan Eligibility in India 2021

Last Updated 08th Jun 2021

Eligibility CriteriaRBL Bank Home Loan
Eligible Age of Borrower24 - 60 years
Minimum Eligible Income ₹ 10,000 and above
Work Experience for Salaried3 years
Business Stability for Self Employed5 years
  • RBL Bank home loan eligibility is calculated based on your age, income, property value and repayment capacity.
  • Increase your RBL Bank housing loan eligibility by adding earning family members as co-applicants or by applying for a longer tenure loan
Home Loan Eligibility Calculator

RBL Bank Home Loan Eligibility based on Salary

RBL Bank offers loan to self employed and businessmen for financing the expansion or working capital requirements of their business. There are some benefits of taking loan from RBL Bank:

  • Net income: Your net monthly income (take home salary after all deductions like PF, ESI, gratuity) determines your home loan servicing capacity. It determines how much home loan EMI you are capable of paying after meeting living expenses based on your standard of living. For instance, if your salary is ₹ 25,000 then at interest rate of 10.45% offered by RBL Bank, the loan amount that you will be eligible for (assuming you have no other EMI’s to pay) would be ₹ 24,13,572 to ₹ 34,55,194 depending on your age. Similarly, if your salary is ₹ 75,000, you might get eligible for a loan amount of ₹ 48,27,144 to ₹ 69,10,388 for same property at same rate depending on your age at the time of loan application.
Age Net Monthly Income (₹)
25,000 50,000 75,000
25 years34.55 Lakh51.83 Lakh69.10 Lakh
30 years34.55 Lakh51.83 Lakh69.10 Lakh
35 years34.55 Lakh51.83 Lakh69.10 Lakh
40 years32.66 Lakh48.99 Lakh65.33 Lakh
45 years29.48 Lakh44.23 Lakh58.97 Lakh
50 years24.14 Lakh36.20 Lakh48.27 Lakh

You may consider repaying any loans with short tenure and high EMI in order to increase your RBL Bank home loan eligibility.

  • Nature of employment: RBL Bank will check whether you are salaried or self employed and the company and sector in which you are working. It also looks at your years of experience to check for job and income stability. RBL Bank requires minimum income history and job stability of more than 3 years for salaried individuals and of 5 years for self employed individuals.

RBL Bank Home Loan Eligibility based on Age

  • Age: Your age plays an important role in determining your eligibility and repayment capacity for home loan. Lower your age, higher will be the time period available to repay the loan, and hence higher home loan amount eligibility. RBL Bank home loan age limit to get the loan is 24 years of age at the time of loan commencement. RBL Bank offers home loans for a maximum period of 30 Years years subject to the condition that the borrower’s age at the end of the tenure must not exceed 30 Years years for salaried borrowers and 30 Years years for self employed borrowers. The maximum tenure of loan that you may be eligible for will be as follows:
Your current age Max tenure for salaried Max tenure for self employed
25 years30 years25 years
30 years30 years25 years
35 years25 years25 years
40 years20 years25 years
45 years15 years20 years
50 years10 years15 years

Home Loan Eligibility RBL Bank based on Value of Property

  • Value of property: RBL Bank will not finance the entire property value. The maximum home loan eligibility would depend upon the value of the property as shown below:
Property Value LTV
Less than 30 Lakh90%
Between 30 Lakh and 75 Lakh80%
Above 75 Lakh75%
  • Co-applicant: Adding a co-applicant increases your eligibility for home loan as it increases your repayment capacity. The co-borrower you add should have good income, low obligation and clean CIBIL record.
  • Property documents: Your property’s legal documents should be satisfactory and be cleared by the bank’s legal team.

The housing loan eligibility calculator RBL Bank can be a useful tool to assess your eligibility for the loan.

Minimum CIBIL Score for RBL Bank Home Loan

  • CIBIL Score: Your credit behaviour and track record from your past lenders and credit card providers gets captured in your CIBIL score. Banks consider this as a barometer to gauge your past credit behaviour and hence, CIBIL score becomes the most important factor to define your eligibility to get a home loan. When checking eligibility for home loan, RBL Bank will look at the complete CIBIL report, which also includes all past running loans and your payment track record on loans and credit cards. Higher credit score increases your chances that your loan application to RBL Bank will get approved. However, low CIBIL score will decrease your eligibility to get home loan. RBL Bank requires a minimum credit score of 650 to be eligible for a home loan.

There are few factors which affect your credit score -

  • Late payments – If you have delayed in payments on your existing or past loans, it negatively affects your CIBIL score and reduces your chances of getting a loan from RBL Bank.
  • High number of unsecured loans – Always keep a balance between secured and unsecured loans. More number of unsecured loans can adversely affect your credit score.
  • Usage of credit limit – Credit card bills and use of credit limit shows your credit behaviour. Outstanding credit card balance close to 30% of credit card limit reflects a potential financial stress, indiscipline on your part and may adversely impact your credit score.
  • Multiple loan applications – If you apply for loan in multiple banks at one time, it can affect your score negatively and reduce your CIBIL score. In case of application rejection from RBL Bank, improve your credit worthiness to get a good score.

You can use the housing loan eligibility calculator RBL Bank for quick calculation of your home loan eligibility.

RBL Bank Housing Loan Eligibility Calculator based on FOIR

FOIR (Fixed Obligation to Income Ratio) is an important parameter that RBL Bank uses to determine your RBL Bank home loan eligibility. RBL Bank considers all your fixed obligations like current EMIs into account while estimating your eligibility. Minimum FOIR required to be eligible for home loan from RBL Bank is 0.65. Calculate your eligibility with RBL Bank home loan calculator and apply for eligible loan amount hassle free.

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FAQs

What is the criteria to get RBL Bank home loan?

The basic criteria to get a home loan from RBL Bank are as following:

Age24 - 60 years
Income ₹ 10,000
Income3 years for salaried, 5 years for self-employed
Credit score650 and above

How much home loan can I get on my salary from RBL Bank?

The amount for which you are eligible is calculated based on the FOIR and LTV. The higher your income, and the least is your fixed obligations (mostly ongoing EMIs), the higher will be your eligibility for a home loan.

What is the minimum salary to get home loan from RBL Bank?

The minimum salary required to avail home loan from RBL Bank is ₹ 10,000.

Is RBL Bank good for home loan?

The lowest interest rate provided by RBL Bank is 10.45% which is a best rate in the market. There are no prepayment charges on floating rate based home loan. Hence, you can consider this as a good option for housing loan.

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RBL Bank Home Loan News - Jun 2021
  • 2021-03-09 : RBL Bank planning branch expansion
    RBL Bank plans aggressive branch expansion over the next few years and target to open at least 75 new branches annually. The expansion will help the bank to increase its loan and deposits portfolio.
  • 2021-01-28 : RBL Bank posted a Q3 net profit of ₹147 crore
    RBL Bank reported a 110% rise in its net profit year-on-year at ₹147 crore in the quarter ended December 31, 2020. In the corresponding quarter, the bank posted a net profit of ₹6,995 crore. The bank’s total revenue backed by home, personal, car, two-wheeler and gold loans along with business and mudra loans grew by 6% year-on-year to ₹1,488 crore .
  • 2020-10-30 : RBL Bank Q2 net profit surges to ₹144 cr
    RBL Bank reported almost a three times increase in profit in the quarter ended September backed by retail loans like home, personal, car, two-wheeler and gold loans along with business and mudra loans. Further, Net profit rose to Rs 144 crore in the quarter ended September 2020 up from Rs 54 crore a year earlier supported by 23% growth in retail advances year on year even as wholesale advances continued to shrink.
  • 2020-07-29 : RBL Bank posted a net profit of Rs. 141. 22 crores for June quarter.
    RBL Bank reported a net profit of ₹ 144 crores for Q1 FY 2021 against loss of Rs. 3,801 crores for Q1-FY 2020. NII aided by home, personal, gold, car and two-wheeler loans along with business and mudra loans stood at Rs. 1,773 crores. Further, Cost of Deposit which includes FD and RD improved by 64 bps to 4.65% and CASA increased to ₹ 1,04,315 crore as on June 30, 2020
  • 2019-12-24 : RBL Bank reduces MCLR rates
    RBL Bank has cut its Marginal Cost of Funds Based lending Rate (MCLR) by up to 10 bps. For one year, the MCLR stands at 9.70% as compared to 9.80% earlier. For six months, the rate has been cut to 9.40% from 9.45% earlier. The revised standards have been in effect from December 22, 2019. The cut in MCLR will impact the interest rate of MCLR linked home loans and loans against property.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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