RBL Loan Against Property

About RBL Bank

RBL Bank is one of India’s oldest banks which was incorporated in 1943. It offers an array of specialized services and banking products in the wholesale and retail sector. It has a network of 197 branches across India.

RBL Bank Loan Against Property

Not everyone is financially settled in life. Everyone, at some point or the other, needs that much needed support in the form of a loan, credit card etc. Unexpected situations can crop up any time of your life - be it loss of a job, or to fund a business. With a Loan against Property from RBL Bank, you can now source funds at a cheaper cost than taking a personal loan.

RBL Loan Against Property Features

Loan amount

You can avail a maximum loan of up to Rs. 10 Crores by pledging your property with RBL, subject to property value, your income etc.

Loan Tenure

Enjoy flexible loan tenures of up to 180 months.

Collateral

Both residential and commercial properties are accepted as collateral for availing a loan against property.

RBL Loan Against Property interest rates

Enjoy fixed rate of interest at competitive rates in the market.

Balance transfer facility:

You can transfer your existing Loan Against Property from any other financial provider to RBL and avail of additional refinance along with a better interest rate.

RBL Loan Against Property Fees and other Charges

• Processing Fees - 1.5% of loan amount (Minimum Processing Fee of Rs.7500/-)
• Charges for late payment of EMI - 2% additional interest per month on overdue EMI amount
• Issue of Duplicate Interest & Principal Certificate - Rs.250
• Duplicate no due certificate / NOC - Rs.250
• Cheque swapping charges - Rs.250
• Bounce Cheque Charges - Rs.250
• Charges for CIBIL™™ report - Rs.50
• Part Pre-Payment Charges (For Individual Borrowers) - NIL
• Part Pre-Payment Charges (For Non Individual Borrowers) - No pre-payment charge up to 15% of outstanding principal in one year. Prepayment above 15% of outstanding will be charged at 2% of amount paid
• Foreclosure charges (For Individual Borrowers) - NIL
• Foreclosure Charges (For Non Individual Borrowers & Fixed Rate LAP) - 3% on principal outstanding
• Conversion from Fixed to Floating rate - 2% on principal outstanding
• Conversion from Floating to Fixed rate - 2% on principal outstanding

RBL Loan Against Property Eligibility

The following people or groups can avail a loan against property:

• Salaried/ self-employed individual
• Self-employed professional
• Sole proprietorships
• Partnership firms
• Private Limited Companies (including closely-held public limited companies.)

The Applicant should be a Resident Indian

Eligibility criteria for Salaried Individuals:

• Minimum gross salary should be Rs. 150,000 per annum.
• Minimum age at loan sanction – 23 years. Maximum age at loan maturity – lower of 60 years or retirement age, whichever is earlier.

Eligibility criteria for Self-Employed Individuals and Professionals

• Minimum net profit as per latest year ITR / Financials should be Rs. 150,000.
• Minimum age at loan sanction – 23 years. Maximum age at loan maturity – 65 years.

RBL Loan Against Property - Documents Required

For the Salaried:

• PAN Card
• Identity Proof – Voter ID / Driving License / Passport (Any one can be submitted)
• Address Proof – Voter ID / Driving License / Passport / Telephone Bill / Electricity Bill / Registered Lease Deed or Sale Agreement / Bank Statement (Any one can be submitted)
• Last 2 years Income tax returns / latest 3 months salary slip / latest Form 16 issued by the employer.
• Six months bank statement (where salary is credited)
• Passport Size Photographs as required

For Self-Employed Individuals / Sole Proprietorships:

• PAN Card
• Identity Proof – Voter ID / Driving License / Passport (Any one can be submitted)
• Address Proof – Voter ID / Driving License / Passport / Telephone Bill / Electricity Bill / Registered Lease Deed or Sale Agreement / Bank Statement (Any one can be submitted)
• Latest audited ITR and financials for the last 3 years (Balance Sheet, Profit & Loss A/c., Computation of Income along with all schedules), duly attested by a CA
• Bank statements from the borrower's main account/s for last 6 months and 3 months of all other bank accounts mentioned in the Balance Sheet.
• Business Continuity Proof – Bank Statement / Sales Tax Challans / IT Returns / Shops & Est. Certificate / COI / Partnership Deed (Any one document to be submitted; it should be dated 5 years old)

For Self-Employed Professionals:

• PAN Card
• Identity Proof – Voter ID / Driving License / Passport (Any one can be submitted)
• Address Proof – Voter ID / Driving License / Passport / Telephone Bill / Electricity Bill / Registered Lease Deed or Sale Agreement / Bank Statement (Any one can be submitted)
• Latest audited ITR and financials for the last 3 years (Balance Sheet, Profit & Loss A/c., Computation of Income along with all schedules), duly attested by CA
• Bank statements from the borrower's main account/s for last 6 months and 3 months of all other bank accounts mentioned in the Balance Sheet.
• Professional Qualification Certificate and Degree Certificate for professionals. (Doctors, Architects, Chartered Accountants etc.)
• Business Continuity Proof – Bank Statement / Sales Tax Challans / IT Returns / Shops & Est. Certificate / COI / Partnership Deed (Any one document to be submitted; it should be dated 5 years old)

For Partnership Firms / Private Limited Companies

• PAN Card Identity Proof – Voter ID / Driving License / Passport (Any one can be submitted)
• Address Proof – Voter ID / Driving License / Passport / Telephone Bill / Electricity Bill / Registered Lease Deed or Sale Agreement / Bank Statement (Any one can be submitted)
• Latest audited ITR and financials for the last 3 years (Balance Sheet, Profit & Loss A/c., Computation of Income along with all schedules)
• Bank statements from the main account/s for last 6 months and 3 months of all other bank accounts mentioned in the Balance Sheet.
• Partnership Deed and partnership authority letter for partnership firms.
• Memorandum and Articles of Association and Board Resolution from the company.
• Certificate of Incorporation (COI) for companies.
• Latest shareholding patterns for Private Ltd. / Public Ltd. companies.

RBL Bank Loan Against Property FAQs

What kind of property can I pledge in order to avail Loan Against Property from RBL Bank?

Both Residential and Commercial property can be pledged for Loan Against Property from RBL. The property may be self-occupied or rented. Mixed use property is also acceptable. Keep in mind that the title deed of the property should be in your name.

What is the loan amount that can be disbursed as a proportion of the value of the property?

The loan amount would depend on the type of property, its use, as well as prevailing market rates. For a Self-Occupied Residential property, up to 65% of the market value of the property would be disbursed after successful verification and approval.

Is there an option to prepay Loan Against Property earlier? What are the charges?

The loan can be prepaid after you have paid 6 EMIs. No foreclosure is allowed before that. Standard foreclosure charges apply plus service taxes.

Are there any benedit to having a Current/Saving Account with RBL Bank for my Loan Against Property?

Yes, you get the benefit of easier documentation and faster approval process since you are already an existing customer. You can also avail of the convenience of paying your EMIs through Standing Instructions to debit your RBL Bank Account.

RBL Loan Against Property Review

RBL simplifies the processing formalities in order to facilitate loan borrowings with ease. It offers an array of finance products to suit every need and budget, and facilitates quick completion of the formalities of the loan application.

How to Get Loan Against Property from RBL Bank - Apply for RBL Loan Against Property

You can apply for RBL Bank Loan Against Property by approaching the bank to have a representative contact you with details. You can also call the 24 hours customer service number.

Alternatively, you could walk into an RBL Bank branch and complete the application process. You can also fill in the RBL Bank Loan Application form online to have a bank representative call you with suitable options. In order to do your RBL loan against property status check, you can contact any of their branches. Keep your application number handy.

Alternatively, if you think you need help with your loan application and advice on loan eligibility, CreditMantri can guide you through the entire process and match you with the loan offer that best suits your profile.