About RBL Bank Home Loan
Buying a home is not just a personal decision, but in most of the cases, it is a family decision. At times, your family and relatives force you so much to invest in property or to own your home. Some even suggest you to own a home or book a home at an early age. There is nothing to do with the age only, but more importantly you need to focus on your salary and saving part. If you are earning a good salary and your income is more than Rs. 50,000 per month with nominal financial liability, most of the banks will offer you a loan of good maximum limit. The maximum loan amount also depends upon the tenure and your repayment capacity. For instance, if your salary is Rs. 50,000 per month and you want to borrow the loan for buying the home, then the ideal EMI for you should not be more than 20-30% of your total take home salary. If your EMI amount will go beyond that, it will create a burden on your monthly budget and there are high chances that you will be not able to cope up with the EMI and default your payment. So before taking the loan, don’t focus on how much amount can you borrow? Rather, consider your repayment capacity and ideal situation of repayment with other expenses.
RBL bank offers home loan to customers to buy their dream home. You can borrow the home loan of upto Rs. 10 crores. This maximum limit of borrowing a loan will depend upon your home loan eligibility criteria and other factors. You can’t get a loan in case you are not meeting all the criteria or there are any issues with your CIBIL score. CIBIL score is really an important factor of judging anyone’s financial status. Before lending the loan, banks verify various details about the customer and among these CIBIL score plays important role. The loan amount also depends upon the kind of property you have selected. As per RBI’s guidelines the banks can offer maximum of upto 90% of the loan amount for buying the property if your property value is not more than Rs. 20 lakhs. The bank understands the importance of home loan and related documents and procedure. Therefore, it tried to make the process simple and hassle free for customers. The maximum tenure for loan is upto 25 years. Here are some important details and features of RBL home loan to help you in understanding it more minutely.
RBL Bank Home Loan Details
| Basis | Details |
|---|---|
| Interest Rate | 9.10% - 11.55% |
| Loan Amount | Upto 10 crores |
| Tenure | 25 Years |
| Processing Fee | Rs.5,000-Rs.15,000 |
| Prepayment Charges | Nil |
Eligibility Criteria for RBL home loan
The bank offers home loan to salaried individuals, self-employed individuals and self-employed professionals. The bank offers home loan to Indian residents only.
Minimim eligibility for Salaried individuals
- Your minimum net income should not be less than Rs. 120,000 lakhs per annum.
- You should not be below the age of 24 years. Maximum age at loan maturity should not be more than 60 years.
- You should have minimum 1 year experience at present job and 2 years of total experience. If current job is less than 1 year, then 3 years of total experience required.
Self-employed individuals and professionals
- Your minimum net income should not be less than Rs. 150,000 as per latest year ITR/Financials.
- You should not be below the age of 24 years. Maximum age at loan maturity should not be more than 65 years.
- Business continuity of last three years in the same field.
Documents Required for RBL Home Loan
- PAN card details: For Individual/Partnership Firm/Company
- Identity proof: Voter Id/valid driving licence/ passport (any one)
- Address proof: Voter id/valid driving licence/passport/telephone bill/electricity bill/registration lease deed/sale agreement/bank statement (any one)
- Business continuity proof: Any one document dated 5 years old (Bank statement/sales tax challan/IT returns/shop & est. Certificate/ COI/partnership deed)
- Any other valid photo Id card issued by central or state government
List of Financial Documents
| Salaried | Self-employed | Self-employed professionals |
|---|---|---|
| Last 2 years Income tax returns | Latest audited ITR and financials for the last 2 years | Latest audited ITR and financials for the last 2 years |
| Latest 3 month salary slip | Balance Sheet, Profit & Loss A/c., computation of Income along with all schedules | Balance Sheet, Profit & Loss A/c., computation of Income along with all schedules |
| Latest Form 16 | Bank statements of main account/s for last 6 months and 3 months of all other bank accounts mentioned in the Balance Sheet | Bank statements of 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 |
RBL Bank Home Loan Calculator:
Suppose, you are interested in availing a loan of Rs. 40,00,000 from RBL Bank for 25 years at the rate of 10.65% per annum, then what would be your EMI? Are you interested in knowing that? If yes, you can easily calculate the same with the help of an EMI calculator. Yes, this calculator allows you to know your EMI by doing all the calculations for you. This tool takes into the account, your loan amount, interest rate and tenure, and gives you the results in return. You just need to enter these fields into a calculator, it will give you the results instantly. Well, to make you understand, check out the calculation made below.
| Fields | Rate |
|---|---|
| Loan Amount | Rs. 40,00,000 |
| Tenure | 25 years |
| Interest Rate | 10.65% p.a. |
| Monthly Instalment (EMI) | Rs. 38,197 |
| Total Interest Amount | Rs. 74,58,980 |
| Total Amount (Principal + Interest) | Rs. 1,14,58,980 |
RBL Bank Home Loan Application Form
You can visit the website or go to the nearest branch of RBL Bank to apply for a home loan. The RBL Bank will take around a week to sanction the loan based on your documents. But discrepancy in document submission can delay the sanctioning of a home loan. Post sanctioning, the surveyor of RBL Bank will visit the house property you are looking to purchase. The surveyor will then prepare the legal and technical report of property and submit to the bank. Based on the report and the market value, the property’s valuation will be decided by the bank. RBL Bank will then offer 60%-80% loan on the property value.
RBL Bank Home Loan Interest Rate
When it comes to home loan, RBL bank offers you a floating interest rate ranging between 10.35%-11.70%. If you want to avail a home loan from this bank, it will charge you this much of interest till the time you repay your loan to the bank.
RBL Bank Home Loan Online Apply
When it comes to applying for RBL Bank home loan, the process is quite easy and fast. Yes, with the reliable services offered by the bank, you can easily apply online or visit the branch near you. The process of applying for home loan at this bank is quite easy and simple. You just need to know your eligibility and then you just need to click on Apply Online to proceed your loan application further. By doing so, an online form will come on your screen, you then need to fill your personal details followed by income and loan requirement details. After you click on submit, within few seconds, your online loan application will reach to the bank.
RBL Bank Home Loan Statement:
If you have taken a home loan from RBL bank, it is obvious that you also want to get the monthly statements for the same. Don’t worry, with RBL bank home loan, you will surely get your monthly statements on a regular basis. With these statements, it is easy to check and monitor each and every activity related to your home loan. Now, you don’t have to call the bank or visit the branch near you so as to get your statements. They will automatically reach to your inbox, giving detailed information of your home loan.