An In-Depth Manual On RBL Home Loans: All The Information You Require
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 Interest Rates
| Scheme | Interest 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 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 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 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 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 |
| customercare@rblbank.com | |
| Address | RBL 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.
