MyLoanCare is a FREE of cost service for borrowers

Get Cashback of Upto ₹ 1,000* on Home Loan Apply Online

MyLoanCare Customer Ratings - 4.5/5.0

RBL Bank Home Loan Interest Rates 2020

RBL Bank Housing Loan Interest Rate

Last Updated 29th Jul 2020

Current RBL Bank Home loan interest rates for Sep 2020 starts at 10.45% p.a. for a maximum tenure of 25 years. Processing fee on its housing loans is Minimum ₹ 5,000 and Maximum ₹ 15,000.

Loan AmountRatnakar Bank Home Loan Floating Rate
Upto ₹ 25 Lakh10.45%
₹ 25 Lakh - ₹ 75 Lakh11.80%
₹ 75 Lakh - ₹ 2 Cr11.80%
Above ₹ 2 Cr11.80%

RBL Bank Home Loan Interest Rates

RBL Bank offers various products on home loan. RBL Bank home loan can be used for the purchase of a flat, home construction loan, extension or improvement loan.

Features

  • RBL Bank Home Loan Interest Rate starts from 10.45%.
  • RBL Bank charges a processing fees of Minimum ₹ 5,000 and Maximum ₹ 15,000.
  • Loan Tenure of Home Loan ranges from 5 years to 25 years.
  • Lowest EMI per lakh on home Loan from RBL Bank is ₹ 941 per lakh offered at the lowest interest rate of 10.45% at the longest loan tenure of 25 years.
  • RBL Bank allows prepayment of home loans with Nil charges on floating rate loans.
  • RBL Bank has an average customer rating of /5.0 from customers who have taken a home loan from the bank.

RBL Bank Home Loan Rate

Current RBL Bank home loan interest rates are in the range of 10.45% to 11.80%, with special discounted rates for specific categories of borrowers such as women borrowers for whom the bank offers the lowest interest rate of 10.45%. The table below gives the interest rates on various housing finance schemes of RBL Bank.

RBL Bank Home Loan Scheme Interest Rates
Ratnakar Bank Home Loan Floating10.45% - 11.80%

RBL Bank Bank Home Loan Charges

RBL Bank Home Loan Processing Fee

The bank charges a minimum processing of ₹ 5,000 and has capped the maximum processing fees at ₹ 15,000. The processing fees is typically non-refundable and has to be paid at the time of loan application. In addition to RBL Bank housing loan processing fees, the bank also charges certain technical and legal charges which are explained to the customer during the loan process and are payable once the loan application proceeds further.

RBL Bank Home Loan Prepayment

RBL Bank charges Nil fees on prepayment of floating rate loans, as per RBI prepayment rules which prohibit banks from charging prepayment penalty on loans with floating rate of interest. Hence, it becomes extremely easy to balance transfer your loan from bank to another. If you decide to foreclose or transfer your housing loan to another bank, you need to apply for the same to RBL Bank for a foreclosure while processing your new home loan application with the new bank. However, if you have taken a fixed rate home loan from RBL Bank, you will need to pay a foreclosure fees to close your account or transferring it another bank as per your loan agreement with RBL Bank.

RBL Bank Home Loan Documents

Documents for Salaried employees

  • Filled up loan application form
  • 2 Passport Size Photo
  • ITR of last 2 years
  • Identity Proof - Passport/ Driving Licence/ Voter ID/ PAN
  • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
  • Income Documents – 6 months payslip, 2 years Form 16, 6 months bank statement showing salary credit and any EMI debit
  • Property Documents - Past title chain: Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for construction/ extension

Documents for Self-Employed

  • Filled up loan application form
  • 2 Passport Size Photo
  • Identity Proof - Passport/ Driving License/ Voter ID/ PAN
  • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
  • Business proof such as VAT/ service tax registration, incorporation details in case of companies, business address proof, profit and loss account and balance sheets certified by CA, copy of partnership deed and proof of business existence and business profile
  • Property Documents - Past title chain: Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for construction/ extension

RBL Bank Pradhan Mantri Awas Yojana

The government of India has launched many affordable housing loan schemes to facilitate availing home loan at concessional rates to lower and middle-income groups. Some of the popular schemes are:

a) PMAY or Home Loan Subsidy Scheme: Launched in 2015 to provide houses to the homeless. You can apply for PMAY at RBL Bank if you fulfil the eligibility criteria. Know more about PMAY Scheme

b) Pradhan Mantri Gramin Awas Yojana:  It focuses on homeless families and offers pucca houses with basic amenities.

c) DDA Housing Scheme: It aims to provide houses to low, middle, and high-income groups.

d) Tamil Nadu Housing Board Scheme: It started in 1961 to provide houses to varied income groups.

e) Mhada Lottery Scheme: It's a lottery scheme launched every year for buyers of varied income groups.

f) Rajiv Awas Yojana: Launched in 2009 with the aim of bringing illegal construction under the formal system and encouraging slum-free India.

Each of these schemes has its conditions with respect to eligibility, the amount of loan that can be borrowed, and the rate of interest.

Illustration on RBL Bank Home Loan Interest Rate
Maximum Annual Percentage Rate (APR)10.45% to 11.8%
Representative example of the total cost of the loan, including all applicable fees
Here is an illustration of the total cost of the loan:
  • Total amount borrowed: ₹ 1 Lakh
  • Time period: 5 years to 25 years
  • RBL Bank Home Loan Interest Rate: 10.45% to 11.80%
  • Processing Fee payable to RBL Bank: Upto ₹ 10,000. Current offer for processing fee is Minimum ₹ 5,000
  • Fee payable to MyLoanCare: NIL
  • Total Monthly Cost – From ₹ 941 for a 25 years ₹ 1 Lakh loan at 10.45% (lowest rate, longest time period) to ₹ 2,214 for a 5 years ₹ 1 Lakh loan at 11.80% (highest rate, shortest time period). This is inclusive of principal repayment.
  • Total cost payable over loan tenure: ₹ 42,861 for 5 years loan to ₹ 1.92 Lakh for 25 years loan

RBL Bank’s terms and conditions as per loan agreement applicable. Short term loans/ pay day loans not available; minimum loan tenure: 5 years. Rate of interest depends upon income, job stability, loan amount, CIBIL score, credit profile, existing obligations, verification and other factors. Credit at sole discretion of RBL Bank.

FAQs

What is RBL Bank Home Loan interest rate?

RBL Bank Home Loan interest rate ranges between 10.45% to 11.80%.RBL Bank cuts Home Loan rates by 0.15% from 0.15%.

Why should I opt for balance transfer to RBL Bank?

RBL Bank offers competitive Home Loan rates with the best EMI of ₹ 941 per lakh availed at a low-interest rate of 10.45% for a maximum tenure of 25 years. If you are paying an EMI more than ₹ 941 per lakh, you should consider the option for a loan transfer to RBL Bank from your existing bank. EMIs can be calculated through RBL Bank Home Loan EMI calculators.

Do I get tax benefits on a Home Loan from RBL Bank?

As per the Indian Income Tax Act of 1961, residents of India are eligible for tax benefits on the principal amount and interest components of a house finance under section 24 and section 80C of Income Tax Act.

What is the effect of part prepayments on RBL Bank housing finance EMI ?

Part prepayments help you in reducing the outstanding amount of loan, which in turn will reduce the interest amount due. After making part payments, paying the same Home Loan EMI will increase your involvement towards the principal amount, which will help you in repaying the loan faster.

How to increase my eligibility on RBL Bank housing loan?

If your spouse or family member is earning well, you can make your spouse or family member the co-applicant for your loan. The combination of both of your income will help you in increasing your eligibility to get a loan.

How will RBL Bank housing loan rate of interest change in the future?

  • Floating rate on '.RBL Bank.' housing loan is linked to its '.1 Year.' '.MCLR.' Rate, which is currently at '.9.25.'%. When Bank offers a Home Loan at '..'%, it applies a '.premium of -9.25.'% to its '.MCLR.' Rate to arrive at this Home Loan rate.
  • When RBI increases rates, the bank may increase its '.MCLR.' rate and the applicable interest rate for all existing and new Home Loans would increase. When RBI cuts interest rates and the bank reduces the '.MCLR.' rate, the benefit of lower rates will have to be passed to both old borrowers and new house loan accounts.

What is the current RBL Bank Home Loan rate?

The current RBL Bank Home Loan rate starts from 10.45% with a processing fee of Minimum ₹ 5,000 and Maximum ₹ 15,000

Related Topics
Latest Blogs

RBL Bank Home Loan News - Sep 2020
  • 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.
  • 2019-07-25 : RBL Bank loans to become cheaper, the lender reduces MCLR rates across loan tenures
    RBL Bank has cut its Marginal Cost of Funds Based Lending Rate (MCLR) across loan tenures by 10 to 15 basis points. The move is supposed to make customer loans like home loans and mortgage loans cheaper. The lender has reduced a one-year MCLR rate to 9.95% as against 10.10% earlier, which is down by 15 basis points. For one-month and three months, the rate has been revised to 9.30% and 9.55% respectively, which is also down by 10 basis points from earlier rates. The rates are effective from July 22, 2019.
  • 2019-06-27 : RBL Bank lowers MCLR by 5bps
    RBL Bank has cut its Marginal Cost of Funds Based Lending Rate (MCLR) across all loan tenure for June. The move is supposed to make customer loans like home loans and mortgage loans cheaper. For overnight, the rate has been revised to 9.35% from 9.40% earlier. For one-month tenor, the MCLR now stands at 9.40%, which is down by 10 bps from the earlier rate of 9.50%. While for six-month tenor, the new MCLR stands at 9.85% from 9.90%. The revised rates are effective from June 22, 2019.
  • 2019-05-23 : RBL Bank revises MCLR rates across loan tenure
    RBL Bank has revised its Marginal Cost of Funds Based Lending Rate (MCLR) across all tenure for the month of May. The move is supposed to make retail loans like housing loans and mortgage loans cheaper. Now for overnight and one month, the rate stands at 9.40% and 9.45% respectively. For 3 months, the rate has been revised to 9.70%. While for 1 year the rate now stands at 10.15%. The revised rates are effective from May 22, 2019.
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
Loader
Please wait while your information is being processed...