| RBL Bank Home Loan Highlights |
|
| Interest Rate | 9.10% – 11.55% p.a. |
| Loan Tenure | Up to 25 years |
| Loan Amount | Up to Rs. 10 crore |
| Processing Charges | Up to 1.5% of the loan amount or up to Rs 15,000, whichever is higher + GST |
Note: Interest rates as of 6 December 2023
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Table of Contents
RBL Bank Home Loan Interest Rates
| Loan Amount | Rate of Interest (p.a.) | |
| For Salaried | For Self Employed | |
| Up to Rs. 30 lakh | 9.15% – 11.10% | 9.25% – 11.55% |
| Rs 30 lakh to Rs 75 lakh | 9.10% – 10.80% | 9.20% – 11.30% |
| Above Rs. 50 lakh | 9.10% – 10.80% | 9.20% – 11.30% |
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Compare Home Loan Interest Rate Offered by Various Banks & HFCs
| Name of Lender | Up to Rs. 30 Lakh | Above Rs. 30 Lakh to Rs. 75 Lakh | Above Rs. 75 Lakh |
| SBI | 8.40% - 10.15% p.a. | 8.40% - 10.05% p.a. | 8.40% - 10.05% p.a. |
| HDFC Bank Limited | 8.35% p.a. onwards | 8.35% p.a. onwards | 8.35% p.a. onwards |
| LIC Housing Finance | 8.40% – 10.35% p.a. | 8.40% – 10.55% p.a. | 8.40% – 10.75% p.a. |
| ICICI Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards |
| Kotak Mahindra Bank | 8.70% p.a. onwards | 8.70% p.a. onwards | 8.70% p.a. onwards |
| PNB Housing Finance | 8.50% - 14.50% p.a. | 8.50% - 14.50% p.a. | 8.50%-11.45% p.a. |
| Punjab National Bank | 8.45%-10.25% p.a. | 8.40%-10.15% p.a. | 8.40%-10.15% p.a. |
| Bank of Baroda | 8.40% - 10.65% p.a. | 8.40% - 10.65% p.a. | 8.40% - 10.90% p.a. |
| Union Bank of India | 8.35% – 10.75% p.a. | 8.35% – 10.90% p.a. | 8.35% – 10.90% p.a. |
| IDFC First Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards |
| L&T Finance Limited | 8.60% p.a. onwards | 8.60% p.a. onwards | 8.60% p.a. onwards |
| Bajaj Housing Finance | 8.50% p.a. onwards | 8.50% p.a. onwards | 8.50% p.a. onwards |
| Tata Capital Housing Finance | 8.70% p.a. onwards | 8.70% p.a. onwards | 8.70% p.a. onwards |
| Federal Bank | 8.80% p.a. onwards | 8.80% p.a. onwards | 8.80% p.a. onwards |
Also check home loan interest rates offered by various home loan lenders.
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RBL Bank Home Loan Processing Fee and Other Charges
| Particulars | Charges |
| Processing fees | For loans up to Rs 30 lakh: Up to 1.5% of loan amount or Rs 10,000, whichever is higher For loans above Rs 30 lakh & up to Rs 75 lakh: Up to 1% of loan amount or Rs 15,000, whichever is higher For loans above Rs 75 lakh: Up to 1% of loan amount or Rs 15,000, whichever is higher |
| Application fees | For Mumbai: Rs 6500 Other locations: Rs 5000 |
| Charges for late payment of EMI | 2% additional interest per month on the overdue amount |
| Issue of Duplicate Interest & Principal Certificate | Rs.250 per instance |
| Duplicate no due certificate / NOC | Rs.250 per instance |
| Cheque swapping charges | Rs.250 per instance |
| Bounce cheque charges | Rs.250 per instance |
| Charges for CIBIL report | Rs.50 per instance |
| Charges for changing from fixed to floating interest rates | 0.5% on principal outstanding |
| Charges for changing from floating interest rates to a fixed rate of interest | 0.5% on principal outstanding |
| Part Pre-payment Charges (For Individual borrowers with a purpose other than business) | NIL |
| Part Pre-payment Charges (For Individual borrowers with business purpose/ all Non Individual borrowers / fixed-rate loans) | No prepayment charge up to 15% of principal outstanding in one financial year Prepayment above 15% of principal outstanding at the start of the financial year will be charged at 3% of the amount paid |
| Foreclosure Charges (For Individual borrowers with a purpose other than business) | NIL |
| Foreclosure Charges (For Individual borrowers with business purpose/all Non Individual borrowers / fixed-rate loans) | 3% on principal outstanding |
| Rate Switch Charges (Floating to Floating rate / Fixed to Fixed rate) | 0.5% on principal outstanding or Rs 50,000/- whichever is lower |
Also check home loan processing fee by top banks and HFCs.
Types of RBL Bank Home Loan
RBL Bank Home Loan
- Borrower Profile: Indian Residents only
- Purpose: It is a regular home loan scheme availed for financing costs incurred during house purchase and construction. Individuals seeking loan for home extension, renovation and repair can also avail this scheme. Home Loan Balance Transfer facility is offered to existing home loan borrowers for transferring their existing home loans from other banks/HFCs to RBL Bank at lower interest rates.
- Loan Tenure: Up to 25 years
- Loan Amount: Up to Rs. 10 crore
RBL Bank Affordable Home Loan
- Borrower Type: Resident Indians only
- Purpose: This home loan scheme can be availed for purchasing or constructing a new house/flat. The home loan product is also for those needing loan for house renovation/improvement, repair or extension.
- Loan Tenure: Up to 20 years (for home loans) and 15 years (for top-up loans)
- Loan Amount: Up to Rs. 30 lakh
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RBL Bank Home Loan Eligibility Criteria
- Salaried Individuals, Self-employed Individuals, and Self-employed Professionals
- Indian Residents only
Income Criteria
For RBL Bank Affordable Home Loan
Should have net salary / net business income of at least Rs. 7,000 per month
For RBL Bank Home Loan
For Salaried Individuals:
- Minimum net income of Rs. 1.2 lakh p.a.
For Self-Employed Individuals and Professionals:
- Minimum net annual income as per latest year ITR/Financials of Rs. 1.5 lakh
Age Limit
For RBL Bank Affordable Home Loan
- Maximum age for salaried at time of loan maturity: 60 years
- Maximum age for self-employed at the time of loan maturity: 65 years
For RBL Bank Home Loan
For salaried:
- Minimum age at loan sanction: 24 years
- Maximum age at loan maturity: 60 years or super-annuation, whichever is early
For self-employed:
- Minimum age at loan sanction: 24 years
- Maximum age at loan sanction: 65 years
Work Experience/ Business Continuity
For Salaried Individuals:
- Work experience of minimum 1 year at current job and 2 years of total experience. If the current job is less than 1 year, then 3 years of total experience is required.
For Self-Employed Individuals and Professionals:
- More than 3 years of business continuity in the same field
While the RBL Bank has not stated the minimum credit score requirements for availing home loans, lenders usually factor-in the applicants’ credit score for evaluating their home loan eligibility. Note, home loan applicants having credit scores of 750 & above have higher chances of home loan approval and at lower interest rates. In case, you are new to credit or have credit scores of less than 750, you can build or improve your credit score by using Step UP Credit Card – a secured credit card issued against SBM Bank fixed deposits.
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RBL Bank Home Loan Documents Required
Salaried Individuals
- Duly filled in and signed the application form with photographs
- Identity, address, and age proof
- Salary slip of last 3 months
- Bank statement of the past 6 months
- Form-16 and Income Tax Returns (ITR) details
- Title documents of the property
Self Employed Individuals
- Duly filled in and signed application form with photographs
- Identity, address, and age proof
- ITR and financial statements, including balance sheet, profit & loss account, schedules. (documents must be certified by a CA)
- Bank statement of the past 12 months
- For partnership firms: Latest partnership deed
For companies: Latest Memorandum and Articles of Association (CA certificate on profit sharing ratio/list of directors/shareholding partnership)
For Limited Liability Partnership: LLP Agreement - Title document of the property along with business address proof
Also Read: Documents required for home loan
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RBL Bank Home Loan EMI Calculator
Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395
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FAQs
1. Do I need a co-applicant to apply for a home loan from RBL Bank?
Ans. It is mandatory for all co-owners of the property to be co-borrowers in a home loan application. Loan applicants having insufficient home loan eligibility can also improve it by adding an earning member of their family with good repayment history as a co-applicant in their home loan application.
2. Do I get any tax benefits on RBL Bank home loan?
Ans. Yes, under Section 80C of the Income Tax Act, RBL Bank home loan borrowers can claim tax deduction of up to Rs 1.5 lakh on the home loan principal paid in a financial year; and under Section 24(b), they can claim tax deduction of up to Rs 2 lakh on the home loan interest paid.
3. Does RBL Bank allow tenure extension on existing home loans?
Ans. RBL Bank has not revealed whether its home loan borrowers can increase their home loan tenure. However, most lenders allow borrowers to increase tenures of their existing home loans, provided it remains within the maximum tenure offered by them or the maximum age allowed at the time of loan maturity.
Existing home loan borrowers of RBL Bank should know that applying for tenure increase with the lender would cause their credit score to decline, which further could reduce their chances of availing loans or credit cards in future. This is because loan tenure extension with the existing lender is considered as loan restructuring, which is regarded as a negative credit event by the credit bureaus. Thus, choosing longer tenure would lead credit bureaus to lower your credit scores.
Hence, to reduce the Home Loan EMI burden, existing home loan borrowers should consider availing home loan balance transfer facility. This loan facility will allow them to reduce their monthly payments by transferring outstanding dues of their existing home loans to another lender at lower interest rates. During the loan transfer process, borrowers can also choose to extend their loan tenure provided the lender considers you eligible for it.