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

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.

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.

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

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.