An In-Depth Manual on RBL Home Loans: All the Information You Require

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Discover the nuances of RBL Home Loans, a well-regarded financial institution in India recognized for its reliable offerings. Whether you are employed, self-employed, or an NRI, RBL offers a range of customized home loan solutions to suit your needs.

Within this resource, you will gain a comprehensive understanding of RBL's home loan details, including interest rates, eligibility criteria, the application process, and other relevant aspects. Obtain the information needed to make well-informed decisions for your home loan journey.

RBL Home Loan Details

RBL's home loan options come with appealing features and adaptable choices, making it easier to pursue your affordable homeownership goals. Let's now delve into the essential details surrounding RBL Home Loans:

  • Target Group: Salaried class, businessmen, professionals, self-employed individuals, and pensioners can apply.
  • Entry Age: Applicants must be at least 18 years old.
  • Purpose of Loan: Use the loan for purchasing, constructing, renovating, or taking over a home loan. Various options are available for different needs.
  • •Employment/Business Experience: Salaried individuals need a minimum of 3 months' salary statement. Non-salaried individuals require 3 years of business, professional, or self-employment experience.
  • Quantum of Loan: The loan amount depends on the Net Take Home Pay criteria. Income determines eligibility for different loan amounts.
  • Margin: Loan margin varies based on the loan amount, starting from 10% for loans up to Rs.30 lakhs.
  • Repayment Period: General Home Loan: Up to 30 years. Takeover or Balance transfer can extend beyond the original period, but not exceeding 30 years.
  • Repayment Types: Choose from Equated Monthly Installment (EMI), Progressive Monthly Instalment (PMI), or Negotiated Repayment options.

RBL Home Loan Interest Rates

SchemeInterest Rate Range
Secured Home Loan 9.10% onwards
Balance Transfer Home Loan 9.10% onwards
NRI Home Loan 9.10% onwards
Self-Employed Home Loan 9.10% onwards
Senior Citizen Home Loan 8.90% onwards
Green Home Loan 9.10% onwards

RBL Home Loan EMI Calculator

The EMI calculator functions by calculating the monthly payment necessary for your RBL home loan, which includes both the principal loan amount and the interest. This computation takes into account the interest rate and the repayment duration to establish your monthly installment.

You can calculate your RBL home loan EMI. To calculate your EMI, you can use the following formula:

EMI = (P x R x T) / (100 x 12)

Where:

• P = Loan amount

• R = Interest rate

• N = Repayment period in years

RBL Home Loan Schemes

Within its array of home loans, the bank offers competitive interest rates that are influenced by the specific loan scheme and chosen repayment duration, resulting in variations. Here is an overview of the different RBL Home Loan Schemes:

Secured Home Loan:

This is the most common type of home loan, and it is secured against the property being purchased.

    Applicant Type:

    • Salaried and self-employed borrowers

    Eligibility

    • Age: 24 years - 70 years
    • Monthly income: INR 15,000 - INR 25,000.
    • Employment Type: Salaried or self-employed.

    Loan Tenure:

    • Up to 30 years

    Maximum Loan Amount:

    • Up to 15 Crores

    Interest Rate:

    • 9.10% onwards

    Processing Fees:

    • 1.5% of the loan amount + GST

    Balance Transfer Home Loan:

    This loan allows borrowers to transfer their existing home loan from another lender to RBL Bank. This can be a good option for borrowers who are looking for a lower interest rate or a more flexible repayment plan.

      Applicant Type:

      • Salaried and self-employed borrowers

      Eligibility

      • Age: 21 years - 65 years
      • Monthly income: Minimum INR 30,000
      • Employment Type: Salaried or self-employed.

      Loan Tenure:

      • Up to 30 years

      Maximum Loan Amount:

      • Up to 30 lakhs

      Interest Rate:

      • 9.10% onwards

      Processing Fees:

      • 1.5% of the loan amount + GST

      NRI Home Loan:

      This loan is specifically designed for non-resident Indians (NRIs) who want to purchase a property in India. RBL Bank offers NRI home loans of up to INR 15 crores with a flexible tenure of up to 30 years.

        Applicant Type:

        • NRI borrowers

        Eligibility

        • Age: 23 years - 65 years
        • Monthly income: Minimum INR 1, 80,000 - INR 50,000.
        • Employment Type: Salaried or self-employed.

        Loan Tenure:

        • Up to 30 years

        Maximum Loan Amount:

        • Up to 15 Crores

        Interest Rate:

        • 9.10% onwards

        Processing Fees:

        • 1.5% of the loan amount + GST

        Self-Employed Home Loan:

        This loan is designed for self-employed borrowers who may find it difficult to get a home loan from other lenders. RBL Bank offers self-employed home loans of up to INR 15 crores with a flexible tenure of up to 30 years.

          Applicant Type:

          • Self-employed borrowers

          Eligibility

          • Age: 23 years - 65 years
          • Monthly income: INR 15,000 - INR 25,000.
          • Employment Type: Self-employed.

          Loan Tenure:

          • Up to 30 years

          Maximum Loan Amount:

          • Up to 15 Crores

          Interest Rate:

          • 9.10% onwards

          Processing Fees:

          • 1.5% of the loan amount + GST

          Senior Citizen Home Loan:

          This loan is specifically designed for senior citizens who want to purchase a property. RBL Bank offers senior citizen home loans of up to INR 15 crores with a flexible tenure of up to 30 years.

            Applicant Type:

            • Senior Citizen borrowers

            Eligibility

            • Age: 60 years and above
            • Monthly income: Minimum monthly income requirement is not specified
            • Employment Type: Employment type is not specified

            Loan Tenure:

            • Up to 20 years

            Maximum Loan Amount:

            • Up to 30 lakhs

            Interest Rate:

            • 9.10% onwards

            Processing Fees:

            • 1.5% of the loan amount + GST

            Green Home Loan:

            This loan is designed to encourage borrowers to purchase and construct green homes. RBL Bank offers green home loans of up to INR 15 crores with a flexible tenure of up to 30 years.

              Applicant Type:

              • Salaried and self-employed borrowers

              Eligibility

              • Age: 21 years - 60 years
              • Monthly income: Minimum INR 25,000.
              • Employment Type: Salaried or self-employed.

              Loan Tenure:

              • Up to 30 years

              Maximum Loan Amount:

              • 90% of the property value

              Interest Rate:

              • 9.10% onwards

              Processing Fees:

              • 1.5% of the loan amount + GST

              By understanding the interest rates linked to various home loan schemes offered by RBL, borrowers can make well-informed decisions. This empowers them to select the most suitable solution that matches their financial objectives and repayment capacity.

              RBL Home Loan Eligibility

              To qualify for an RBL Home Loan, certain criteria must be met, and these eligibility conditions may differ depending on the loan scheme and applicant category. RBL evaluates the following key factors to determine eligibility for a home loan

              Age

              You must be at least 24 years old and not older than 70 years old at the time of loan maturity.

              Income

              Your monthly income must be at least INR 25,000.

              Employment type

              You must be employed in a permanent job with a regular income. Self-employed individuals may also be eligible for a home loan, but they will need to provide additional documentation to prove their income.

              Credit score

              You must have a good credit score of at least 750. A credit score is a number that lenders use to assess your creditworthiness. A higher credit score will make you eligible for a lower interest rate on your home loan.

              Property documents

              You must provide documents such as the Sale agreement/approved plan, Title deed/sale deed, Valuation report and Architect's certificate. And other property documents as required.

              LTV ratio

              RBL Bank offers home loans with LTV ratios ranging from 60% to 90%. The specific LTV ratio that you qualify for will depend on your individual circumstances, such as your credit score, income, and debt-to-income ratio.

              Tenure

              The maximum tenure for RBL home loans is 25 years.

              Documents Required for RBL Home Loan Application

              When applying for an RBL Home Loan, it's vital to furnish specific documents. The document requirements may vary depending on the applicant category and loan scheme. Below is a list of common documents that RBL typically requires for the home loan application process:

              1. Identity Proof

              • PAN Card
              • Aadhaar Card
              • Passport
              • Voter ID
              • Driving License

              2. Address Proof

              • Aadhaar Card
              • Passport
              • Voter ID
              • Utility Bills
              • Rental Agreement

              3. Income Proof

              • Salary slips
              • Bank statements
              • Income tax returns
              • Audited financial statements for self-employed individuals

              4. Property Documents

              • Sale agreement
              • Property title deed
              • Approved building plan
              • Property tax receipts

              5. Other Documents

              • Passport-size photographs
              • Bank statements
              • Employment proof

              Submitting accurate and complete documents is crucial for a smooth loan application process.

              How to Apply for RBL Home Loan

              The process of applying for an RBL Home Loan is straightforward, particularly with the convenience of online application options. Here, we present a detailed step-by-step guide to assist you with your RBL Home Loan application:

              1. Research:

              Understand the various RBL Home Loan schemes and choose the one that suits your needs.

              2. Check Eligibility:

              Use RBL’s online eligibility calculator to determine your loan eligibility.

              3. Gather Documents:

              Collect all the necessary documents as per the loan scheme and applicant type.

              4. Online Application:

              Visit the RBL’s official website or use reliable platforms like NoBroker to apply online. You can also check your RBL home loan status online via the official website.

              5. Fill Application Form:

              Provide accurate details and upload the required documents.

              6. Application Review:

              RBL will review your application and may request additional documents if necessary. Then you have to wait for the RBL home loan status.

              7. Loan Approval and Disbursement:

              Once the application is approved, the loan amount will be disbursed to your bank account.

              By following these steps, you can complete the RBL Home Loan application process conveniently and efficiently.

              RBL Home Loan Customer Care

              If you have any inquiries or require assistance regarding an RBL Home Loan, you can get in touch with their customer support team. Below are the contact details for RBL Home Loan Customer Care:

              Toll-Free Number (India)+91 22 6115 6300
              Emailcustomercare@rblbank.com
              AddressRBL Bank Ltd. Mahavir, Shri Shahu Market Yard, Kolhapur - 416005. Maharashtra State, India.

              Conclusion

              RBL Home Loans offer a fantastic opportunity for individuals to turn their homeownership dreams into reality. With competitive rates, flexible loan options, and a variety of schemes, RBL effectively meets the diverse needs of borrowers. This article has provided you with a comprehensive understanding of RBL home loan details, interest rates, eligibility criteria, the application process, and customer support options. Use the insights from here as you embark on your journey to homeownership through RBL Home Loans.

              FAQs
              1. What are the eligibility criteria for an RBL Bank home loan?
              To be eligible for an RBL Bank home loan, you need to be a salaried or self-employed individual with a minimum income of INR 30,000 per month. Additionally, you should have a minimum credit score of 750, a valid PAN and Aadhaar card, and be able to provide proof of income and identity. A security deposit is also required.
              2. What is the maximum loan amount that I can avail?+
              The maximum loan amount you can avail from RBL Bank depends on your income, credit score, and the value of the property you are buying. RBL Bank offers home loans of up to INR 15 crores.
              3. What is the interest rate on an RBL Bank home loan?+
              The interest rate on an RBL Bank home loan depends on the loan amount, tenure, and your credit score. The current interest rates start from 8.90% p.a.
              4. What is the loan tenure?+
              The loan tenure for an RBL Bank home loan can be up to 30 years.
              5. What are the processing fees and other charges associated with an RBL Bank home loan?+
              RBL Bank charges a processing fee of 0.5% of the loan amount. Additionally, there are other charges such as stamp duty, registration fees, and legal fees.
              6. How can I apply for an RBL Bank home loan?+
              You can apply for an RBL Bank home loan either online or through a branch. The online application process is quick and easy.
              7. What are the benefits of availing a home loan from RBL Bank?+
              Availing a home loan from RBL Bank comes with several benefits, including competitive interest rates, flexible loan tenures, quick processing, simple documentation, an easy online application process, and competitive processing fees and other charges.
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