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RBL Bank Home Loan

RBL Bank Housing Loan 2021

Last Updated 08th Jun 2021

  • Current RBL Bank home loan interest rate starts at 10.45%.
  • Processing fee on RBL Bank home loan is Minimum ₹ 5,000 and Maximum ₹ 15,000.
  • RBL Bank home loan tenure ranges from 5 to 25 years.
  • Interest rates on RBL Bank housing loans are linked to MCLR.
  • Apply for RBL Bank home loan online and get cashback upto ₹ 1,000*.
Apply for Home Loan @ 6.65%* Get upto ₹ 1,000* Cashback

RBL Bank Home Loan Details

Age Min 24 and Max 60 years for Salaried
Min 24 and Max 65 years for Self Employed
Repayment Tenure 25 years
Interest Rate 10.45%
Interest Rate Linked To MCLR
Processing Fee Minimum ₹ 5,000 and Maximum ₹ 15,000

Features & Benefits of RBL Bank Home Loans

  • 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 Home Loan Procedure

Getting a home loan from RBL Bank is fairly easy with an online application process. A home loan can be availed from RBL Bank in five simple steps:

Step 1: Visit the website, branch, or website of authorised online channel partner of RBL Bank and fill in the application form with loan amount required, property details, your personal details, occupation information and your contact number.
Step 2: An official of RBL Bank or online partner will call you to discuss your eligibility of the loan as well as explain the loan rates, terms as well as processing fees and other charges.
Step 3: Once you agree to proceed with the loan application, you will need to submit your income and property documents online or a RBL Bank’s representative will visit your home or office to collect your documents.
Step 4: RBL Bank will ask you to submit the processing fees and take a few days to conduct a credit appraisal and do technical evaluation of your property.
Step 5: If you are eligible and your property qualifies for a loan, you will be issued a sanction letter from RBL Bank and will need to sign a loan agreement with the bank. Post this, the loan will get disbursed to your account.

RBL Bank Home Loan EMI Calculator

RBL Bank home loan EMI calculator helps the home loan borrowers plan their home loan EMIs, that is composed of the monthly interest rate, and monthly reducing balance. The calculator functions on the basic components of the principal amount, loan tenure and interest rate. RBL Bank Home loan calculator helps the loan borrower pre-plan their home loan in advance. Apart, the results of home loan calculations that RBL Bank Home Loan EMI calculator offers is accurate and reliable.

RBL Bank Home Loan Eligibility Calculator

RBL Bank Home loan eligibility calculator is an online tool that helps the RBL Bank home loan borrowers get an estimate of their home loan eligibility. The eligibility calculator takes into consideration various factors such as the income of the applicant, age, work experience, employment and credit score. The eligibility calculator helps one analyse their ability and affordability of a home loan. You can also add a co-applicant in case your loan eligibility is lower than the amount.

Documents Required for RBL Bank Home Loan

To apply for a home loan in , one is required to submit the following documents:

  • Home loan application form with three attested photographs.
  • Identity proofs: PAN, passport, Voter ID card or driving license.
  • Address or residence proofs: Recent copy of utility bills such as telephone, electricity bill, water bill, gas bill, or a copy of aadhar card, passport, driving license.
  • Property papers: Permission for the construction of a property; allotment letter; stamped agreement for sale; registered agreement for sale (only for Maharashtra); share certificate (only for Maharashtra); maintenance and electricity bill of the property; property tax receipt; conveyance deed in case of new property; payment receipts or RBL Bank bank account statements of the payments made to the builder or the seller; Xerox copy of the approved plan copy and registered development agreement of the builder.
  • Bank account statements for the last six months of all bank account held by the applicant.
  • Loan A/C statement of last one year if any loan is availed previously from any other bank or another lender.
  • Income proof for salaried: Salary certificate or salary slip for the last three months; copies of form 16 of last two years; a copy of IT returns for the last two financial years that is acknowledged by the Income Tax department.
  • Income proof for self-employed: Address proof of business; Income tax returns of last three years; balance sheet and Profit & Loss A/c for last three years; business license details; TDS certificate or Form 16 A.
  • Self-employed professionals like CA or doctors, amongst others, are also required to submit the certificate of qualification.

RBL Bank Pradhan Mantri Awas Yojana Subsidy 2021

Pradhan Mantri Awas Yojana is a home loan subsidy initiated by the Government of India to promote housing for all. The scheme offers financial help to the lower-income groups of the society who earn an income below ₹ 18 Lakh, by offering them home loans at subsidised interest rates. These income groups are EWS or the economically weaker section, LIG or the lower-income group, MIG-1 or the Middle-income group-1 and the MIG-2 or the middle-income group. A maximum subsidy of approximately ₹ 2.67 Lakh can be availed with PMAY on RBL Bank home loans. The repayment tenure of RBL Bank PMAY Home loan is up to 15 years. Home loan applicants who are eligible to avail the PMAY subsidy can borrow a home loan with RBL Bank.

PMAY Eligibility

  • Middle Income Group I: The Household with an yearly income from ₹ 6,00,001 to ₹ 12 Lakh.
  • Middle Income Group II: The household with an yearly income from ₹ 12,00,001 to ₹ 18 Lakh.
  • The beneficiaries are defined as a family comprising husband, wife and unmarried children.
  • An adult earning member (irrespective of marital status) can be treated as a separate household and can avail subsidy independently.
  • In case of a married couple, either of the partners or both together in joint ownership will be eligible for a single house subject to income eligibility of the household under the scheme.
  • The beneficiary family should not own a pucca house either in his/her name or in the name of any member of his/her family in any part of India.

Compare RBL Bank Home Loan with Other Banks

FAQs

Can I apply for an RBL Bank home loan online?

Yes, you can apply for a RBL Bank home loan online by visiting the bank’s official online portal for home loans or at an online marketplace like MyLoanCare.

Which is the best RBL Bank home loan scheme?

Choosing the best RBL Bank home loan scheme is subjective to the requirement of the home loan applicant. For instance, there are different home loan offers for the purchase, construction or renovation of a home. Thereby, choosing the best RBL Bank home loan scheme is based on one’s needs.

Is RBL Bank good for a home loan?

RBL Bank is one of the best home loan lenders in the country. Currently, RBL Bank lowest home loan interest rate is 6.65%.

How can I check my RBL Bank home loan status?

One can check their RBL Bank home loan status on RBL Bank’s home loan portal under the option. ‘Application tracker’. Apart, home loan status can also be checked on the RBL Bank mobile app

What is the eligibility for a Home Loan of RBL Bank?

The eligibility to avail a Home Loan is set across the applicant’s age and income. The age of the applicant should range between 18-70 years. Further the minimum income of the applicant should be ₹ 25,000 along with a good credit score of 650 and above.

Does RBL Bank Home Loan include registration fees?

Various charges charged by banks on Home Loans include processing fee, registration fee, legal and technical fee, or MODT charges. These may vary across lenders.

What is RBL Bank Home Loan procedure?

You can apply for a RBL Bank Home Loan by contacting the bank directly or by applying through online marketplaces like myloancare.in. Availing a loan through an online marketplace improves the chances of getting the best loan rates, low processing fees and special offers in the form of cash backs. Once you approach the bank, they will collect your documents and initiate the loan process, which includes checking your CIBIL score, property valuation, technical and legal checks on the property, eligibility calculation. The bank will give a decision on your loan based on the evaluation results. You can also apply by visiting RBL Bank Home Loan apply online portal and can check your RBL Bank online Home Loan status by logging into your customer account with MyLoanCare.

What is the maximum loan tenure I can opt under RBL Bank house loan?

RBL Bank offers you a longer tenure of 25 years to repay your loan with the benefit of paying less EMI per month.

Can I foreclose my Home Loan? What are the charges applicable?

Yes, you can foreclose your loan with Nil charges.

Can I transfer my house loan from another bank to RBL Bank?

Yes, Bank gives you the facility to transfer your existing loan with a hassle-free process. Availing loan transfer to RBL Bank can allow you to save interest, pay lower EMIs, and save money.

Can I club the income of my spouse with mine and apply for joint Home Loan?

You can club the income of your spouse to increase your Home Loan eligibility if the spouse is co-owner of the property or guarantor of the loan.

What is the benchmark applicable for a housing loan?

The benchmark applicable for Home Loan in RBL Bank is 1 Year MCLR


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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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