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RBL Bank Loan Against Property Eligibility Calculator

Loan Against Property Eligibility RBL Bank

Last Updated 05th May 2022

Eligibility Criteria Salaried Self Employed
Age of Eligible Borrower 23 - 60 years 23 - 65 years
Maximum Loan Tenure 15 years 15 years
Eligible Monthly Income ₹ 12,500 ₹ 12,500
  • RBL Bank loan against property is calculated based on your age, income, property value and repayment capacity.
  • Use MyLoanCare Loan against property eligibility calculator to calculate your eligibility for SBI loan against property online without any hassles.
  • You can increase your RBL Bank mortgage loan eligibility by adding earning family members, business firms and companies' owners by main applicant as co-applicants or by applying for a longer tenure loan.
Loan Against Property Eligibility Calculator

RBL Bank Loan Against Property Eligibility

RBL Bank allows you to fund immediate or urgent needs with a loan against property. RBL Bank loan against property is a secured loan that does not have any end usage restrictions. The bank offers different types of mortgage schemes at affordable rates to eligible salaried and self-employed individuals. RBL Bank loan against property eligibility is based on factors like age, salary, occupation, property type and credit score. Let’s understand these factors in detail:

RBL Bank Loan Against Property Eligibility Based on Age

    RBL Bank considers your age as one of the important parameters to calculate your RBL Bank property loan eligibility. To be eligible for availing a loan from RBL Bank, one has to be of 23 years of age. The maximum age for loan from RBL Bank can be 60 years. RBL Bank eligibility calculator takes age as an input to calculate your maximum loan tenure, loan EMI and hence, your loan amount eligibility. For instance, if your current age is 25 years, you can avail the maximum loan for 15 years and if your age is near retirement, say 60 years, you can avail the loan for lesser tenure.

RBL Bank Loan Against Property Eligibility Based on Income

  • Net Income: Your monthly income determines your eligibility to get the amount of loan after meeting all the living expenses. RBL Bank typically applies a multiplier of up to 60 times on the monthly net income of the borrower to calculate the mortgage loan eligibility. However, the net monthly income required by RBL Bank to approve a property loan is ₹70,000. For example, if your net monthly income is ₹ 70,000 and you take a mortgage loan of ₹ 50 Lakh at 7.65% interest rate offered by bank, the maximum loan amount that you will be eligible for (assuming you have no other EMI’s to pay) would be as follows:
    Age Net Monthly Income (₹)
    50,000 75,000 100,000
    25 years 34.74 Lakh 52.11 Lakh 69.48 Lakh
    30 years 34.74 Lakh 52.11 Lakh 69.48 Lakh
    35 years 34.74 Lakh 52.11 Lakh 69.48 Lakh
    40 years 34.74 Lakh 52.11 Lakh 69.48 Lakh
    50 years 27.20 Lakh 40.80 Lakh 54.40 Lakh
  • You may consider repaying any loans with short tenure and high EMI in order to increase your RBL Bank loan against property eligibility.
  • Nature of Employment: RBL Bank requires minimum income history and job stability of more than 2 years for salaried individuals and of 3 years for self-employed individuals.

RBL Bank Property Loan Eligibility Based on Value of Property

  • Value of Property: RBL Bank does not finance the entire property value. The maximum loan against property eligibility would depend upon the value of the property. You can get a maximum of 65% of property’s value as a loan against residential property. Suppose you intend to take a loan on a property worth ₹ 20 Lakh. The amount of loan you will be eligible for will vary with the nature of property. A residential property worth ₹ 20 Lakh will fetch the highest loan amount of ₹ 13 Lakh. The percentage of RBL Bank loans will get lower if it is against commercial property.
    Property Type LTV Property Value Maximum Loan Amount
    Commercial Property 65% ₹ 20 Lakh ₹ 13 Lakh
    Residential Property 65% ₹ 20 Lakh ₹ 13 Lakh
  • Co-Applicant: In order to enhance the eligibility of a loan with RBL Bank, you can apply with a co-applicant such as a spouse or parents. This increases the total eligible income for availing a property loan and enhances the loan amount of eligible loans. As mentioned earlier, every bank has its own set of eligibility criteria. In the case of NBFCs, you can expect higher eligibility.
  • Property Documents: Your property’s legal documents should be satisfactory and be cleared by the legal team of RBL Bank.

RBL Bank Eligibility Based on CIBIL Score

Based on your credit score, a bank or any other financial institution decides whether you are eligible for a loan or not and is considered as one of the important parameters to get the loan. Regular payment on secured loans can also increase your CIBIL score. RBL Bank requires a minimum credit score of 650 to be eligible for a property loan.

RBL Bank Mortgage Loan Eligibility Based on FOIR

RBL Bank calculates FOIR (Fixed Obligation to Income Ratio) to estimate the amount of loan against property you can avail. Your fixed obligations to monthly income ratio should not be more than 65% to get a mortgage loan from RBL Bank. Always calculate your eligibility with the RBL Bank mortgage loan calculator to estimate your eligible loan amount before applying for a loan and reduce the chances of getting your loan application rejected.

How to Calculate RBL Bank Loan Against Property Eligibility?

You can check SBI Loan against Property eligibility online using MyLoanCare Eligibility calculator using the steps mentioned below:

  • Fill in the required details like name, mobile number, income etc in Loan against property eligibility calculator form and click on ‘Check Eligibility’.
  • Complete OTP authentication by entering OTP received on the entered mobile number.
  • Enter additional details about your profession, the reason for taking a home loan, and your current work experience.
  • Verify all the details and click ‘Get Offers’.
  • You can now view the multiple banks for which you are eligible based on the details filled in by you.
  • You can choose the bank after a complete comparison, or a MyLoancare advisor will contact you in a while to assist you with the process.

RBL Bank Loan Against Property Schemes Eligibility

RBL Bank offers customized products for specific customer segments designed to meet their loan requirements. Some of the popular RBL Bank loan against property products with their basic eligibility are listed as follows:

Loan Against Property for Residential Use

Documents Required for RBL Bank Loan on Property

To avail RBL Bank loan on property, you will be required the following documents:-

  • Application form
  • Passport size photograph
  • Identity proof- PAN card, Aadhar card, Passport, Voter ID card, Driving License
  • Address Proof- Ration card, Utility bill, Driving license
  • Age proof- PAN Card, Passport, Class 10th certificate
  • Income proofs- Bank Statements, last 6 months salary slips, Form 16, Income Tax Returns for the last 3 years
  • Processing fee cheque
  • Property documents of mortgaged property

Compare the Eligibility Criteria of Top Banks

FAQs

What factors determine the eligibility criteria of property loan from RBL Bank?

The factors that determine the eligibility criteria of RBL Bank property loan are:-

  • Age of the applicant
  • Monthly income
  • Existing liabilities
  • CIBIL Score
  • Value of the property to be mortgaged

Am I eligible for RBL Bank loan against property if my salary is 20000?

The minimum income for salaried employees to get a loan against property should be ₹ 25,000 per month. It is difficult to get approval for the loan, however if your CIBIL is high, you may negotiate with the bank or add an co-applicant to improve your eligibility.

What should be the minimum net monthly income of the customer to get RBL Bank mortgage loan?

The minimum income for salaried employees to get a loan against property should be ₹ 12,500 per month. If you do not meet the eligibility criteria you can increase income eligibility by adding a co-applicant and maintaining a good cibil score above 650.

What is the tenure of an RBL Bank property loan?

RBL Bank offers property loans for a tenure upto 15 years. However, the longer the loan tenure, the higher will be the eligibility. Also, higher loan tenure means a higher rate of interest.

How much RBL Bank mortgage loan can be availed by the applicant?

You can avail mortgage loan from RBL Bank up to 65% of the market value of the property against an residential property whereas you can avail up to 65% of the market value if you decide to pledge a commercial property.

Can I get a loan on my property from RBL Bank if I am not an RBL Bank customer?

Yes, you can get a loan against property from RBL Bank if you are not an RBL Bank customer. However, you can get a competitive interest rate if you are already a customer of a bank.


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RBL Bank Loan Against Property News - May 2022
  • 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.
  • 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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