RBL Bank, formerly known as Ratnakar Bank Ltd. is a scheduled commercial bank that offers banking and financial products and services to its customers. Home loans by RBL bank starts with interest rate of 10.30% wherein the amount of loan available can then be used for various purposes mentioned below:
- For the purchase of a new flat or house or the construction of a house or flat
- To purchase a plot of land and construction of house (both) thereon
- To purchase an existing (old) house or flat or for the extension of an existing house
- For the purchase of a plot only
- Repairing or renovating an existing house or flat.
RBL Bank Home Loan Interest Rate 2019
|Interest Rate||10.30% onwards|
|Processing Charges||Min. Rs. 5000 of loan amount + applicable GST|
|Loan Tenure||Upto 25 years|
|Loan Amount||Rs. 10 crore|
|Prepayment or Foreclosure Charges||Nil if floating, upto 3% for fixed rate|
Note: The mentioned interest rates, fees and charges are subject to change and depend on the sole discretion of the bank and RBI. GST and service tax shall be levied extra on the mentioned charges
6 months MCLR defined at 9.95%
Key features of RBL Bank Home Loan:
- Maximum amount of loan that borrower can avail is Rs.10 crore.
- This loan is available to individuals who are in between the ages of twenty-four and sixty.
- The loan applicants must have a fixed regular income from a reputed company and self-employed professionals or businesspersons who have been working for minimum three years in their field of activity.
- Repayment tenure for loan is up to 25 years. An individual availing the loan can choose any term until 25 years for paying off the loan. With such a long tenure, paying off the home loan becomes easier for a customer. The longer tenure of repayment also ensures lower EMIs as the instalments are spread over a longer time frame making them affordable.
- The borrower may add a co-applicant while applying for the home loan. This co-applicant may or may not be the co-owner of the property. Co-applicants are usually husband or wife, father, mother, son, daughter, etc.
- Residents of India are eligible for tax benefits on the principal and interest components of a housing loan.
- Borrowers of the RBL Bank Home Loan can save interest by maintaining balance in a linked account.
- There are no pre-closure charges in case the borrower wishes to close the loan before estimated closing period.