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RBL Bank Home Loan Balance Transfer

Home Loan Transfer to RBL Bank: Details

Last Updated 22nd Nov 2021

Interest Rate9.50%
Processing FeeNil
Lowest EMI per lakh₹ 874
Loan Tenure25 years
  • RBL Bank offers a home loan balance transfer facility at low interest rates starting at 9.50% for a tenure of upto 25 years.
  • You can transfer your home loan to RBL Bank to reduce EMIs and save more on interest.
  • Avail home loan top up from RBL Bank at the time of loan balance transfer to fulfil additional fund requirements.
Calculate Savings, Check Best Offers Get upto ₹ 1,000* Cashback

RBL Bank Home Loan Transfer

RBL Bank, the largest Private Bank in India, offers the facility to transfer your home loans from the existing scheduled commercial, private and foreign banks and housing finance companies to RBL Bank at the lowest interest rates. To transfer your housing loan to RBL Bank, you must have regularly paid the EMIs for a minimum tenure of 6-12 months and fulfil other eligibility criteria of RBL Bank.

RBL Bank Home Loan Balance Transfer Charges

Before you decide to transfer your home loan to RBL Bank, compare and calculate all the costs of loan transfer. The table below mentions RBL Bank home loan transfer interest rate and other home loan transfer charges of RBL Bank.

RBL Bank Home Loan Transfer Rates 9.50%
Processing Fees Upto 1.50%
Prepayment Charges Nil for individuals in case of floating home loan rates
Memorandum of Deposit of Title Deed 0.2%-0.5%

Features of RBL Bank Home Loan Transfer

Here are key features of the balance transfer scheme:

  • Lower Interest Rates: RBL Bank offers lower home loan rates starting at 9.50% along with Nil processing on home loans. Thus, you can save on your home loan by transferring your loan to RBL Bank.
  • Top-up Loans: If you have a good CIBIL score and fulfil the eligibility criteria of RBL Bank, you can also avail top-up loan above your existing home loan.
  • Extended Loan Tenure: With this RBL Bank home loan balance transfer facility, you can also extend the repayment tenure depending on your loan amount.

Eligibility for RBL Bank Home Loan Transfer

To transfer your home loan to RBL Bank, you must fulfil the following eligibility criteria:

  • First, you must have an existing home loan with any bank except for RBL Bank.
  • Second, you must have obtained a NOC (No-Objection Certificate) for transferring your home loan to RBL Bank.
  • You must be an Indian resident within the age criteria of RBL Bank. The minimum & maximum age to avail a RBL Bank home loan takeover is 24 and 60 Years respectively.
  • You must have paid more than 12 EMIs on your home loan.
    • Use RBL Bank home loan balance transfer calculator to estimate the best balance transfer offers and costs associated with it.

Process to Transfer Your Existing Home Loan to RBL Bank

The home loan balance transfer process to RBL Bank is smooth and quick. To transfer your existing home loan to RBL Bank, you need to follow the steps as mentioned below:

  • Submit the request to transfer your home loan to your existing bank by addressing a loan transfer letter. To place a request, you would also need to ask about the transfer of title deeds and other securities to RBL Bank upon receipt of the loan amount.
  • On the review of your application, your bank will issue a No Objection Certificate (NOC).
  • Submit the NOC to RBL Bank and request them to transfer your loan and pay off your outstanding amount to the existing bank.
  • RBL Bank will then validate the NOC, sanction your loan and pay off your dues to the existing bank.
  • Your existing bank will issue a confirmation letter stating the equitable mortgage over the property.
  • Your existing bank will close your loan account and cancel all cheques or standing instructions related to your loan.
  • Finally, your home loan transfer to RBL Bank will be completed.

Document Required for RBL Bank Home Loan Transfer

To avail of home loan balance transfer from RBL Bank, you need to submit the following documents to RBL Bank.

Documents Required Accepted Valid Documents
Application Form with Photo Application Form of Primary Borrower and Co-borrower(s)
Identity Proof
  • Valid Passport
  • Aadhaar Card
  • Driving License
  • Photo Identity card issued by Govt. body
  • Letter from a recognized public authority
Residential Proof
  • Valid Passport
  • Voter Card
  • Latest Utility bill
  • Rent agreement on stamp Paper
  • Life Insurance Policy
  • Residence address Certificate by an employer on company letterhead
Age Proof
  • Primary Borrower
  • Co-borrower(s)
Income Proof
  • Last 3 years’ Form 16
  • Last 6 months salary slip
  • Last 6 months’ bank account statement showing salary credit
Other Documents
  • Loan statement
  • List of property documents (LOD) in possession of the existing lender.
  • Last 12 months' statement of the bank account from which loan EMI is paid

FAQs

Is it good to transfer a home loan to RBL Bank?

Yes, transferring your home loan to RBL Bank is a good idea for home loan borrowers as RBL Bank provides lower home loan rates starting at 9.50%, and minimal processing fee is Nil.

How can I transfer my RBL Bank home loan from one branch to another?

To transfer your RBL Bank home loan from one branch to another, you can request through net banking/mobile banking. RBL Bank also allows the home loan transfer facility through phone banking by calling the home loan customer care.

Are there any charges while applying for RBL Bank home loan balance transfer?

Yes, RBL Bank charges home loan transfer fees. Apart from that, you would also have to pay prepayment/ foreclosure charges as per your existing bank. As the amount will be transferred to a new bank, the processing fee will also be levied accordingly.

What are the benefits of taking a RBL Bank home loan balance transfer?

If you apply for a home loan transfer to RBL Bank, you can clear off your existing home loan at lower rates and save more on interest. Besides that, it can also help you avail top-up on your existing home loan.

How can I check the status of my RBL Bank home loan balance transfer?

To know your RBL Bank home loan status, you can call RBL Bank home loan customer care number or visit RBL Bank official website to check the status.


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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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