INTEREST RATE | 10.45% to 11.80% |
LOAN TENURE | 25 Years |
PROCESSING FEE |
|
GUARANTOR REQUIRED | Please Contact Bank Branch |
PRE CLOSURE CHARGES | Nil |
Calculate Rbl Bank Home Loan EMI Calculate EMI Now
Rbl Bank Limited is a private sector bank in india . It has headquarter in Kolhapur. Rbl Bank Limited was founded on 1943. It has 427 branches and It provides all the financial services to its customers like saving deposit, fixed deposit, recurring deposit, home loans, personal loan, car loan, education loan, gold loan, PPF account, lockers, netbanking, mobile banking, RTGS, NEFT, IMPS, E-Wallet, Atal Pension Yojana, Pradhan Mantri Jandhan Yojana, Pradhan Mantri Suraksha Bima Yojana, Pradhan Mantri Jeevan Jyoti Bima Yojana and many more.
Find details about Rbl Bank Limited which includes Rbl Bank Limited Official Website, Rbl Bank Limited ATMs accross the India, Rbl Bank Limited Branches accross the India, Rbl Bank Limited Contact Numbers, Rbl Bank Limited official EmailID, Rbl Bank Limited Headquarter and Rbl Bank Limited Headquarter Address. Find Rbl Bank Limited Home loan purpose, Eligibility, Margin, Repayment of Home Loan ,Security, Document Required for Home Loan from below.
Particulars | Description |
---|---|
Type | Private Sector Bank |
Industry | Banking & Financial Services |
Founded in | August 1943 |
Headquarter | Mumbai, Maharashtra, India |
Website | https://www.rblbank.com/ |
Products | Retail Banking, Corporate Banking, Finance, Credit Cards, Insurance, Asset Management, Wealth Management, Loans & Private Equity |
RBL Bank is the oldest private sector bank in India. It has a brand image with rich 75 years of performance having 3.15 millions of satisfied customers. It has a vast network of 342 branches and 488 ATMs across 20 Indian states and Union Territories as of June 2018. It offers a wide range of Home Loan Schemes to different classes of customers to fulfil their dream of owning a home.
RBL Bank provides home loan for different needs and purposes such as for purchase, construction, and extension of dwelling unit, repairs/ renovation of home, for purchase of house which is under construction, for purchase of plot, etc. RBL Bank offers customised Home Loan solutions, best-in-class services and simplified loan process. It offers competitive, attractive and affordable home loan interest rates.
Particulars | Details |
---|---|
Interest Rate | 10.45% to 11.80% |
Processing Fee | Minimum Rs. 5,000 & Maximum Rs. 15,000 |
Loan Amount | Customised |
Loan Tenure | Up to 25 Years |
Margin | 10% to 25% of the loan amount |
Pre-closure Charges | Nil prepayment charges under floating rate option |
Partial prepayment charges | Nil Partial prepayment charges under floating rate option |
Security | Equitable | Registered Mortgage of the Property in question |
Loan Amount | Margin | LTV Ratio |
---|---|---|
Up to Rs 30 lakhs | 10% | 90% |
Up to Rs 30 lakhs & upto Rs. 75 lakhs | 20% | 80% |
Above Rs. 75 lakhs | 25% | 75% |
Basis | Salaried Customers | Non Salaried Customers |
---|---|---|
Age | Minimum 24 years & Maximum 60 Years | Minimum 24 years & Maximum 65 Years |
Income | Regular source of income is needed | Regular source of income is needed |
Job/ Business Experience | 1 Year | 3 Years |
Age of Co-applicant | Minimum 18 years | Minimum 18 years |
Salaried applicants | Self-employed |
---|---|
Passport size photographs | Passport size photographs |
Processing fee cheque | Processing fee cheque |
Proof of Residence (anyone): Ration Card, Telephone Bill, Electricity Bill, Voters Card, etc. | Proof of Residence (anyone): Ration Card, Telephone Bill, Electricity Bill, Voters Card, etc. |
Proof of Identity (anyone): Voter's Card, Driving License, PAN Card, Employer's Card, etc. | Proof of Identity (anyone): Voter's Card, Driving License, PAN Card, Employer's Card, etc. |
The latest Bank Statement or Passbook showing salary or income being credited in the account for the last 6 months. | The latest Bank Statement or Passbook showing salary or income being credited in the account for the last 6 months. |
Salary Slip of the last 6 months with deductions shown. | Latest audited ITR |
Form 16 of the last 2 years. | Certified Financial Statements for the last 2 years (balance sheet, profit & loss accounts, computation of income with all schedules). |
Agreement for sale of house/ flat. | Business continuity proof (anyone but should be dated 5 years old): Sales Tax challans,, Shops & Est Certificate, COI, Partnership Deed, etc. |
Estimates for construction/ valuation report | Professional Qualification Certificate and Degree Certificate for professionals (Doctors, architects, chartered accountants, etc.). |
Agreement for sale of house/ flat. | |
Estimates for construction/ valuation report | |
Loan applicant has to provide a letter that certifies the use of the loan on a business letterhead. |
Type | Charges |
---|---|
Loan Processing Charges |
|
Stamping Charges | Applicable as per the respective State's Stamp Act |
Credit Administration Charges | - |
Credit Appraisal Charges | - |
Prepayment Interest / Foreclosure Charges | For Individual Floating Rate Loans: NIL |
No Due Certificate | NIL |
Payment Processing Charge | - |
Repossession Charges | - |
Lawyer's fees | To be borne by the borrower on the basis of actual cost |
Valuation fees | To be borne by the borrower on the basis of actual cost |
Tenor | MCLR (In %) |
---|---|
Overnight | 8.90 |
1 Month | 8.95 |
3 Months | 9.10 |
6 Months | 9.30 |
1 Year | 9.55 |
Loan offered to the borrower is completely customised as per the requirement and the eligibility criteria of the customer. The value of loan depends upon applicant's income, repaying capacity, age, assets and liabilities, credit score, tenure of the loan, cost of the proposed property, previous credit history.
Margin for RBL Bank Home loan ranges from 10% to 25% of the loan amount. It depends upon the scheme and loan amount availed by the borrower.
The repayment of RBL Bank Home Loan can be done in Maximum 30 years or upto 70 years of the age of borrower, whichever is earlier.
Being it a secured loan, the borrower is required to do Equitable | Registered Mortgage of the Property in question in favour of the bank. However, the bank may ask for other security also based on the case.
Sr No | Scheme | Brief Description |
---|---|---|
1 | RBL Bank Home Loan | Regular and most demanding scheme |
2 | RBL Bank Pradhan Mantri Awas Yojana (PMAY) | Subsidised home loan for eligible beneficiaries |
3 | RBL Bank Balance Transfer of Home Loan | Transfer home loan from other institution to RBL Bank |
(1) RBL Bank Home Loan: This is a regular and most demanding home loan scheme that offers Housing Loan at attractive rates and ensure a house for all.
Important Features:
Loan Amount | Interest Rate (p.a.) |
---|---|
Upto Rs. 25 Lakhs | 10.45% |
Above Rs. 25 Lakhs | 11.80% |
(2) RBL Bank Pradhan Mantri Awas Yojana (PMAY)- EWS/ LIG & MIG-I/ MIG-II: This scheme offers Housing Loan to Individuals from Economically Weaker Section (EWS), Low Income Group (LIG) and Middle Income Group (MIG) I and II category at attractive rates.
Important Features:
Particulars | EWS | LIG | MIG-I | MIG-II |
---|---|---|---|---|
Interest Subsidy (% p.a.) | 6.5% | 6.5% | 4% | 3% |
Maximum loan tenure (in years) | 20 | 20 | 20 | 20 |
Eligible Housing Loan Amount for Interest Subsidy (Rs.) | 6 lakhs | 6 lakhs | 9 lakhs | 12 lakhs |
Max. Dwelling Unit Carpet Area | 30 Sq. m. | 60 Sq. m. | 120 Sq. m. | 150 Sq. m. |
Maximum Subsidy Amount(Rs.) | 2,67,280 | 2,67,280 | 2,35,068 | 2,30,156 |
Loan Amount | Interest Rate (p.a.) |
---|---|
Upto Rs. 25 Lakhs | 10.45% |
Above Rs. 25 Lakhs | 11.80% |
How to apply home loan from RBL Bank under Pradhan Mantri Awas Yojana (PMAY)?
First of all, you apply for home loan from RBL Bank and along with your loan application, you need to fill the Pradhan Mantri Awas Yojana (PMAY) Form and submit it with your loan application form with the bank. Bank will take care of its processing. Bank will check your eligibility and if you are eligible in the category you have applied for like EWS/ LIG/ MIG-I/ MIG-II, then accordingly the interest subsidy would be credited in your bank account.
(3) RBL Bank Balance Transfer of Home Loan : This scheme enables a customer to transfer home loan from any other institution to RBL Bank.
You can pay off any existing balance of home loan with RBL Bank Home Loan Balance Transfer at a lower rate of interest. Retain your home on terms and conditions that suits your needs.
You can also top-up the existing loan to get ready cash for any of your needs.
Avail RBL Bank Home Loan Transfer, if:
Important Features:
Loan Amount | Interest Rate (p.a.) |
---|---|
Upto Rs. 25 Lakhs | 10.45% |
Above Rs. 25 Lakhs | 11.80% |
There are two types of tax benefits associated with home loan for Resident Indians:
Repayment of the Principal Amount: One can get a Tax rebate under section 80C of the Income Tax Act on whole amount repaid by him in a financial year, maximum upto Rs. 1,50,000/- each financial year (Increased from 1 Lakh to Rs. 1.5 Lakh in Budget 2014).
Repayment of the Interest on Home Loan: Tax Benefit on Home Loan for payment of Interest is allowed as a deduction under Section 24(1) of the Income Tax Act. One is eligible for a Tax Rebate of maximum of Rs. 2 lakh per financial year for home loan interest paid by him/her during that financial year.
After April 1, 2016, all bank loans (including home loans) are linked to the bank's MCLR with or without a mark-up or spread (bank margin). Earlier, they were linked to the bank's base rate. All banks are required to disclose their MCLR each month.
Banks generally hike MCLR, whenever there is a hike in Repo Rate by the RBI. Banks may increase MCLR due to surging bond yields and higher provisioning requirements, even when the RBI has not hiked Repo Rate.
Home Loan Interest Rate can be equal to the MCLR or have a 'margin' or 'mark-up' or 'spread' but can never be lower than MCLR.
"Home Loan Interest Rate is linked to the bank's MCLR. If MCLR goes up, the home loan rates will also go up. Home Loan Interest Rate will not be impacted by hike in MCLR only if banks reduce the mark-up (margin) in the home loan. If MCLR goes down, the home loan rates will also go down."
For MCLR-linked home loans, the rate is reset after 6 or 12 months according to the agreement between the borrower and the bank. The interest rate applicable on the reset date will become the new rate on which the future EMI's will be calculated.
Home Loan Interest Rate of old home loan borrowers (who had taken home loans before April 1, 2016) are linked to the base rates of the banks. Hence the EMI which they are paying is also linked to base rate. Banks have always remained very sluggish for passing on the benefits of RBI rate cuts to the borrowers.
Now after April 1, 2016, Home Loan Interest Rate is linked to MCLR (Marginal Cost of funds based Lending Rate) for home loan borrowers in order to resolve the problems of the Base Rate regime.
It will be beneficial for them to switch to MCLR linked rate if the difference between what they are paying (under base rate) and what the bank is offering (under MCLR) is significant. So they must switch to MCLR linked rates, if outstanding loan is high and the remaining tenure is also long.
In that situation, Base Rate Borrowers have following two options:
(1) Switch to MCLR linked home loan with the same bank: It is beneficial, in case the bank is charging a nominal switching fee such as 0.50% or less on outstanding amount.
(2) Transfer the loan to another bank on MCLR: It is feasible, if new bank has waived off processing fee (which they generally do in order to attract the customer and increase their business) or is charging very less processing fee and legal and transfer costs.
The borrower must compare both the above-mentioned options and opt for the one which is more beneficial to them in terms of money saved. It will result not only in reduction of future EMIs but also a huge amount of interest will be saved during remaining tenure.
One may as well continue the loan on base-rate especially if the maturity is near and need not go through the process of conversion.
Further, the Reserve Bank (RBI) is going to link the base rate for loans given by banks to the MCLR from April 1, 2018. Once it happens, the base rate will automatically increase or decrease along with the MCLR without any specific action required for adjustment. This will be very beneficial for the home loan borrowers whose rates (EMIs) are still linked to the base rate.
You can repay RBL Bank home loan in any of the following methods:
(1) Electronic Clearing Service (ECS): Electronic Clearing System is preferred for faster payments and collections. If you have an account with other bank than RBL Bank then you can use ECS for loan repayment. You will have to fill up a form and submit the same with your bank for debiting EMI every month from your account. In this case, your EMI will be automatically debited every month from your bank account and credited to RBL Bank towards loan repayment instalment.
(2) Standing Instruction (SI): If you maintain your account with RBL Bank, then you can use this method. Under this method, you will have to issue a Standing Instruction to RBL Bank to debit your EMI amount on a due date every month from your RBL Bank account and credit to RBL Bank loan account towards loan repayment instalment. You save a lot of time and energy by giving standing instructions to the bank to carry out the transaction on your behalf each time.
(3) Post-Dated Cheques (PDCs): In this method, you need to submit post-dated EMI cheques to RBL Bank for a certain period of time, which are deposited by the RBL Bank on the due date. This alternative is cumbersome and time-consuming and involve a manual procedure of visiting the RBL Bank in a timely manner.
Points to Note Regarding EMI Payment Methods
One can pre-pay RBL Bank Home Loan without any prepayment charges as it allows prepayment at nil charges in case of floating rate home loans. If the borrower makes a prepayment, the outstanding balance of principal amount of his home loan reduces. Then in that case he has following 2 options:
Out of above 2 options, first option is more beneficial for the borrower as he pay less interest to the bank as the pay off home loan will be faster.
RBL Bank Home Loan is available for purchase of Residential Property only.
Yes. You can transfer your existing Home Loan from any other financier to RBL (Balance Transfer) and avail of additional refinance.
For loan amount of less than 20 lakhs the loan to value ratio is 90%. For loans between 20 lakhs and 75 lakhs the loan to value ratio is 80% while for loans greater than 75 lakhs the loan to value ratio is 75%.
Clubbing of income is allowed between spouse and parents and also for the cases where one of the applicants is salaried and other applicant is self-employed, subject to maximum clubbing of income of three applicants. This clubbing of income will be allowed between individuals related to each other as defined in the bank's policy.
Yes. The loan eligibility will be calculated depending on the value of the property being purchased and the income of the customer.
There are no charges for pre-payment and foreclosure of floating rate home loans. For fixed rate loans charges are applicable as per the schedule of charges.
RBL Bank offers "Easy Home Loans" wherein the Home Loan is linked to a current account. The interest on the home loan is calculated after deducting the monthly average balance in the current account from the outstanding principal of the loan. If you maintain a good balance in the linked account then you can save interest on the Home Loan and reduce your repayment tenure.
RBL, you can opt for Automated Repayment and your EMIs will be directly repaid from your RBL Bank Savings Account, thus saving you the trouble of procuring, signing and tracking post-dated cheques.
Pre-EMI is an option in which the borrower has to pay only interest on loan amount during the progress on the construction of the project. The actual EMI payment will be started only after his/ her possessing the house.
Interest rates offered vary for women borrowers and others. Women borrowers are offered home loan at lower interest rate in RBL Bank.
The eligibility criteria for RBL Bank Home Loan is as follows:
Basis | Salaried Customers | Non Salaried Customers |
---|---|---|
Age | Minimum 24 years & Maximum 60 Years | Minimum 24 years & Maximum 65 Years |
Income | Regular source of income is needed | Regular source of income is needed |
Job/ Business Experience | 1 Year | 2 Years |
Age of Co-applicant | Minimum 18 years | Minimum 18 years |
RBL. Joint applicants can be made for RBL Bank Home Loans.
RBL, you can structure your RBL Ltd. Home Loan as Partly Fixed or Partly Floating as per your needs.
You can own as many properties as you want.
Down payment is the amount that is paid by the borrower on an up-front basis. Banks usually pay around 75% to 85% of the cost of the property, hence the rest amount the borrower needs to pay as down payment.
Home loans average tenure ranges generally between 3 and 25 years.
RBL. You can pre-pay your RBL Bank home loan with nil penalty for floating rate home loan.
The property purchased out of the loan is taken by RBL Bank as the security. However, if RBL Bank feels then it can ask for additional securities too.
NRI or Non Resident Indian is a citizen of India or a foreign national of Indian origin living outside India for the purpose of employment, business or any other vocation, which would indicate his intention to stay outside India for an indefinite period of time. An Indian would also be termed as an NRI if his stay in India is less than 182 days.
Generally, payments are made through NRI Account like NRO, NRE, NRNR and FCNR accounts. NRI home loan can be paid by way of direct remittances from abroad through normal banking channels or from other financial accounts as may be permitted by RBI.
You can either be a salaried employee or self-employed for obtaining this loan. However, the only condition is that you should be earning a regular income and should be able to furnish proofs of the same.
As per Section 80C of the Income Tax Act, in case of the principal amount, you can claim a deduction of upto Rs 1.5 lakhs while in case of interest, it is upto Rs. 2 lakhs.
It dependes on the financial status of the borrower. If he wants lower EMIs then Long-term loans, if not, then he can go with short-term loans with higher EMIs with the benefit of lesser interest.
No, you have the option to choose any kind of rate of interest you want to pay. You can pay floating rate of interest which is linked with the MCLR and keeps changing from time to time.
EMI increases with the increase in the rate of interest if you have opted for floating rate. You may ask your bank for increasing the loan tenure, if you want to get your EMI reduced or you can make some part pre-payment to your bank for reduction in EMI.
The EMI can be paid through various modes such as Post dated cheques, Electronic Clearing Service (ECS), Standing Instruction (SI), etc.
RBL, you can apply for home loan for any purpose such as buying a home, constructing a home, repairing of your home, home improvement, balance transfer and home renovation.
You repay your home loan through Equated Monthly Instalments (EMI), which includes principal and interest component. EMI repayment starts from the month subsequent to the month of final disbursement. Pre-EMI is only a simple interest, which you are required to pay every month till the loan is not fully disbursed.
Income Tax certificate will be despatched to your after the end of financial year by RBL Bank. You may also contact your nearest RBL Bank branch or your can also send a request through its website for the same.