RBL Bank Home Loan

About RBL Bank

RBL Bank is one of the oldest private sector banks in India, headquartered in Kolhapur region, Maharashtra. The Bank currently services approximately 3.15 million customers and has a total business size of over INR 64,000 Crores. It offers a range of banking products and services categorized largely in 5 verticals – Corporate and Institutional Banking, Commercial Banking, Retail Banking , Agriculture &amb; Development Banking and Financial Markets.

What Is a Home Loan?

Home Loan is offered to individuals who wish to construct or buy a house. The property bought or about to be constructed is mortgaged as collateral until the repayment of the loan is completed with full interest. The repayment of the loan generally depends on the capacity of the borrower. Normally, the home loan tenure ranges between 5 to 30 years. The borrower can opt either for floating type of interest or fixed interest rate. Home loan provides tax benefits to the borrowers.

An Introduction to RBL Bank Home Loans

RBL Bank offers a wide range of services in the personal loan segment. It is the most preferred bank by all kinds of people for any financial service. RBL Bank provides customised home loan solutions for purchase of a house, construction and extension of dwelling units. Packed with exclusive benefits, RBL Bank Home Loans are tailor made, catering to the needs of various customers.

Advantages of RBL Bank Home Loans

• Attractive interest rates with floating and fixed type based on your preference
• Low processing fees
• Less paperwork
• No prepayment charges
• Easy home loan balance transfer
• Transparent application process
• Flexible repayment options

Key Highlights

Objective:

RBL Bank home loan aims to help millions of people achieve their dream of owning a house.

Loan Amount:

Up to 10 crores

Loan Tenure:

Up to 25 years of repayment period is available under RBL Bank home loan scheme.

Prepayment Charges:

No penalty is levied on prepayment in case of floating interest type.

Processing Fees:

The fee ranges between INR 5000 to INR 15,000

Interest Type:

Floating and Fixed

Home Loan Transfer:

You can transfer your home loan from other bank to RBL Bank at ease.

Top Up Home Loan

RBL Bank allows you to get additional funding over your existing home loan. It can be used to renovate your house, fund your child’s education, new home theatre system etc.

Interest Rate on RBL Bank Home Loan

The interest rate ranges between 10.30% - 11.65%. However, it is subject to change at the sole discretion of the bank.

Eligibility Criteria:

To avail the home loan from RBL Bank, you need to have the following eligibility criteria.

• You should be over 24 years of age.
• Minimum income of 1,20,000 per annum
• Minimum of 2 years of work experience at the current job

Documents Required to Apply for RBL Bank Home Loans

Important documents to be submitted while applying for home loan with RBL Bank

• Completed loan application
• 3 Passport size photographs
• Proof of identify (photo copies of Voters ID card/ Passport/ Driving licence/ IT PAN card)
• Proof of residence (photo copies of recent Telephone Bills/ Electricity Bill)
• Statement of Bank Account/ Pass Book for last six months
• Form 16/IT returns for the last two financial years for salaried employees
• IT returns for the three years for self-employed professionals
• Property tax receipt
• Proof of business address for non-salaried individuals
• Personal assets and liabilities statement

For guarantor (wherever applicable):

• Personal Assets and Liabilities Statement
• 2 passport size photographs
• Proof of identification as above
• Proof of residence as above
• Proof of business address as above
• Signature identification from his/her present bankers

EMI Payment Methods

Your RBL Bank home loan can be repaid in following three ways.

Standing Instruction (SI):

If you are an existing account holder with RBL Bank, Standing Instruction is the best mode of repayment. Your EMI amount will be debited automatically at the end of the monthly cycle from the RBL Bank account you specify.

Electronic Clearing Service (ECS):

This mode can be used if you have a non-RBL Bank account and would like your EMIs to be debited automatically at the end of the monthly cycle from this account.

Post-Dated Cheques (PDCs):

You can submit post-dated EMI cheques from a non-RBL Bank account at your nearest RBL Bank Loan Centre. A fresh set of PDCs will have to be submitted in a timely manner. Please note Post Dated Cheques will be collected non-ECS locations only.It is recommended that you opt for either the SI or ECS mode of payment for faster and less prone to error than the use of PDCs.

How to Apply for RBL Bank Home Loan?

You can either apply online or visit a nearby RBL Bank branch for the application. You can also download the home loan application form from the RBL Bank official website, complete the form and submit it the bank representative.

You can also check your eligibility for a home loan through CreditMantri and apply for it.

Summary of RBL Bank Home Loans

With attractive interest rates and low processing fees, RBL Bank caters to the needs of various sections of people. Floating and fixed type of interest rate are available according to the preference of the customers. The borrowers can prepay the RBL Bank home loan without any penalty. RBL Bank home loan is the best option to buy or construct your dream house.

RBL Bank Home Loan FAQs

1. What are processing fees on RBL Bank Home Loans?

The processing fee ranges between INR 5000 to INR 15,000.

2. Is there penalty for prepaying the RBL Bank Home Loan?

No penalty is levied for prepaying the RBL Bank Home Loan.

3. Can I top up my existing Home Loan?

Yes, you can get additional funding on your existing home loan.

4. What is the maximum loan repayment period for RBL Bank Home Loans?

The maximum repayment period is 25 years.

5. How Can I apply for RBL Bank home loan?

You can either apply online or visit a nearest RBL Bank branch and take the help of the bank’s representative.

6. What is the maximum loan amount provided by RBL Bank?

The maximum loan amount is 10 crores.

7. Does RBL Bank facilitate balance home loan transfer?

Yes, you can transfer your existing home loan to RBL Bank.

8. Can I get tax benefits from RBL Bank Home Loan?

As per Section 80C read with section 80CCE of the Income Tax Act, 1961 the principal repayment up to INR 150,000 on your home loan will be allowed as a deduction from the gross total income subject to fulfilment of prescribed conditions.