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RBL Bank Home Loan

RBL Bank Housing Loan 2021

Last Updated 22nd Nov 2021

RBL Bank is a large Private Bank with the lowest home loan percent rate in India. Currently, the bank offers home loans beginning from 9.50% with quick approval and online process. Home Loan in RBL Bank is quite popular with its special features and attractive rates under various RBL Bank home loan schemes for different income and occupation groups. Some of the key features of RBL Bank housing loan are:

  • RBL Bank also offers pre-approved housing loans at low rates for existing bank customers with strong credit history.
  • RBL Bank has an online application process where the KYC, income and property documents submission can be done digitally.
  • You can easily check the status of your RBL Bank home loan application status on a real time basis on the bank’s website or by visiting their customer care centre.
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RBL Bank Home Loan Details

RBL Bank offers multiple home loan products to its customers at low rates. Below-mentioned are the details of home loan RBL Bank

Age Min 24 and Max 60 years for Salaried
Min 24 and Max 65 years for Self Employed
Repayment Tenure 25 years
Interest Rate 9.50%
Interest Rate Linked To MCLR
Processing Fee Upto 1.50%
Lowest EMI Per Lakh ₹ 874
  • Purpose of Loan: RBL Bank house loan is taken to purchase, construct a home, renovate your existing home.
  • Key Features of RBL Bank Home Loans
    • Loan available for both salaried and self employed. Special rates for women borrowers.
    • Borrowers within the age group of 24 and 60 years.
    • Security: Mortgage of property you are planning to purchase, renovate or construct.
    • Loan to Value Ratio of 90%.
    • Loan Tenure can range from 5 to 25 years.
    • Interest rates in the range of 9.50% to 10.20%.
    • RBL Bank home loan EMI per lakh starts from ₹ 874. However, you can calculate your home loan EMI using RBL Bank home loan calculator 2021.
  • Special schemes: RBL Bank offers customised home loan interest rates and schemes for special category of borrowers including women borrowers, senior citizens, NRIs etc.

Features & Benefits of RBL Bank Home Loans

Some of the features and benefits of RBL Bank Home Loans are listed as follows:-

  • RBL Bank Home Loan Interest Rate starts from 6.70%.
  • RBL Bank charges a processing fees of Upto 1.50%.
  • Loan Tenure of Home Loan ranges from 5 years to 30 years.
  • Lowest EMI per lakh on home Loan from RBL Bank is per lakh offered at the lowest interest rate of 6.70% at the longest loan tenure of 30 years.
  • RBL Bank allows prepayment of home loans with Nil charges on floating rate loans.

How to Get Easy Home Loan from RBL Bank?

Getting a home loan from RBL Bank is fairly easy with an online application process. 5 Steps for RBL Bank Home Loan Apply

  • 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 Documents Required

To apply for a home loan in RBL Bank, the bank asks you to submit the following RBL Bank Home Loan 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 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 accounts 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 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.

RBL Bank Home Loan Eligibility Calculator

RBL Bank Home loan eligibility calculator is an online tool that helps the RBL Bank home loan borrowers estimate their home loan eligibility. The eligibility calculator considers various factors such as the income of the applicant, age, work experience, employment and credit score. Therefore, the eligibility 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.

Compare RBL Bank Home Loan with Other Banks

FAQs

What are the documents required for home loan RBL Bank?

To apply for RBL Bank Home Loan, you will be required to submit RBL Bank home loan documents such as home application form with attested photographs along with various other documents such as identity proof, bank statements, residence proof, property papers and loan account statements if any.

Why should I take a home loan from RBL Bank ?

Below-mentioned is the reason why you must avail a home loan from RBL Bank

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 home loan interest rate 2021 starts at 6.50%.

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.

What is RBL Bank Home Loan procedure?

There are two methods to complete the application for RBL Bank Home Loan Process online:

  • Apply online at RBL Bank official website or online portal for home loans.
  • Online Marketplace like MyLoanCare

However, Availing a loan through an online marketplace improves your the chances of getting the best loan rates, low processing fees and special offers in the form of cash backs.

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.

Does RBL Bank check CIBIL for home loan?

Yes, to avail home loan from RBL Bank, you must fulfill RBL Bank Home Loan CIBIL requirement of a min CIBIL Score of 650 or above.

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 . MCLR is an external benchmark wherein commercial banks use the RBI’s repo rate to calculate the retail loan interest rate. In MCLR, the reset period is 3 months which implies that banks would revise your interest rate of RLLR-linked loans every 3 months.


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RBL Bank Home Loan News - Nov 2021
  • 2021-06-24 : Revised MCLR for RBL Bank
    RBL Bank revised its MCLR. The overnight MCLR is 7.75%. The rate for one month and three months is 7.80% and 7.85% respectively. Further, the MCLR for six months and one year is 8% and 8.45%. The revised rates are effective from 22 June 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
*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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