RBL Bank Home Loan

RBL Bank gives home loans up to Rs 10 crore starting from an interest rate of 8.90% per year for up to 25 years. They also have special home loans for affordable housing, even if you receive your salary in cash. Read on to learn more about RBL Home Loans.

RBL Bank Home Loan Highlights
Interest Rate 8.90% p.a. onwards
Processing Charges Up to 1.5% of the loan amount or up to Rs 15,000, whichever is higher + GST
Loan Amount Up to Rs. 10 crore
Loan Tenure Up to 25 years

Pre Approved Home loan | Check Eligibility & Apply Online

Table of Contents
Compare Interest Rates offered by other Lenders
Interest Rates
Types of Home Loan by RBL Bank
Processing Fees & Charges
Eligibility Criteria
Documents Required
EMI Calculator
FAQs

Compare Interest Rates offered by other Lenders

Name of Lender Up to Rs. 30 Lakh Above Rs. 30 Lakh to Rs. 75 Lakh Above Rs. 75 Lakh  
SBI Bank 8.40% - 10.15% p.a. 8.40% - 10.05% p.a. 8.40% - 10.05% p.a. Apply Now
HDFC Bank Limited 8.40% p.a. onwards 8.40% p.a. onwards 8.40% p.a. onwards Apply Now
Kotak Mahindra Bank 8.70% p.a. onwards 8.70% p.a. onwards 8.70% p.a. onwards Apply Now
ICICI Bank 8.75% p.a. onwards 8.75% p.a. onwards 8.75% p.a. onwards Apply Now
Federal Bank 8.80% p.a. onwards 8.80% p.a. onwards 8.80% p.a. onwards Apply Now
L&T Finance Limited 8.60% p.a. onwards 8.60% p.a. onwards 8.60% p.a. onwards Apply Now
Bajaj Housing Finance 8.50% p.a. onwards 8.50% p.a. onwards 8.50% p.a. onwards Apply Now
LIC Housing Finance 8.35% - 10.35% p.a. 8.35% - 10.55% p.a. 8.35% - 10.75% p.a. Apply Now
PNB Housing Finance 8.50% - 14.50% p.a. 8.50% - 14.50% p.a. 8.50% - 11.45% p.a. Apply Now
Punjab National Bank 8.45% - 10.25% p.a. 8.40% - 10.15% p.a. 8.40% - 10.15% p.a. Apply Now
Bank of Baroda 8.40% - 10.65% p.a. 8.40% - 10.65% p.a. 8.40% - 10.90% p.a. Apply Now
IDFC First Bank 8.75% p.a. onwards 8.75% p.a. onwards 8.75% p.a. onwards Apply Now
Tata Capital Housing Finance 8.70% p.a. onwards 8.70% p.a. onwards 8.70% p.a. onwards Apply Now
Axis Bank 8.70% - 13.30% p.a 8.70% - 13.30% p.a 8.70% - 9.10% p.a. Apply Now
Godrej Housing Finance 8.55% p.a. onwards 8.55% p.a. onwards 8.55% p.a. onwards Apply Now

Also read: Best Home Loan in India

 

RBL Bank Home Loan Interest Rates 

The interest rates for RBL Bank home loans begin at 8.90% per year. However, the actual rate you get approved for will depend on factors like your credit score, the amount you borrow, your employment type, and more.

Types of RBL Bank Home Loan

RBL Bank Home Loan

  • Purpose: This home loan scheme from RBL Bank is for buying or building a house. You can also use it for home extension, renovation, or repairs. If you already have a home loan with another bank or HFC, you can transfer it to RBL Bank for lower interest rates with their Home Loan Balance Transfer facility.
  • Loan Amount: Up to Rs. 10 crore
  • Loan Tenure: Up to 25 years
  • Borrower Profile: Indian Residents only

RBL Bank Affordable Home Loan

  • Purpose: You can use this home loan scheme to buy or build a new house or flat. It's also available if you need a loan for renovating, improving, repairing, or extending your existing home.
  • Loan Amount: Up to Rs. 30 lakh
  • Loan Tenure: Up to 20 years (for home loans) and 15 years (for top-up loans)
  • Borrower Type: Resident Indians only

Also Read : Best Home Loan EMI Calculator

RBL Bank Home Loan Processing Fee and Other Charges

Particulars Charges
Application fees

For Mumbai: Rs 6500

Other locations: Rs 5000
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
Charges for changing from fixed to floating interest rates 0.5% on principal outstanding
Charges for CIBIL report Rs.50 per instance
Charges for late payment of EMI 2% additional interest per month on the overdue amount
Charges for changing from floating interest rates to a fixed rate of interest 0.5% on principal outstanding
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
Part Pre-payment Charges (For Individual borrowers with a purpose other than business) NIL
Foreclosure Charges (For Individual borrowers with a purpose other than business) NIL
Rate Switch Charges (Floating to Floating rate / Fixed to Fixed rate) 0.5% on principal outstanding or Rs 50,000/- whichever is lower
Foreclosure Charges (For Individual borrowers with business purpose/ all Non Individual borrowers / fixed-rate loans) 3% on principal outstanding
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

Also read: Best Home Loan Fees and Charges

RBL Bank Home Loan Eligibility Criteria

Age:

  • Min.: 23 years
  • Max.: 60 years upon maturity/super-annuation

Nationality: Indian residents only

Minimum income: Rs.1.20 lakh p.a. (net income)

Work experience:

  • 1 year at current employment and 2 years overall
  • Below 1 year at current employment: Overall work experience of 3 years
  • RBL Bank Home Loan Documents Required

Also Read : Best Home Loan Eligibility

RBL Bank Home Loan Documents Required

Salaried Individuals:

  1. Salary slips from the last 3 months.
  2. Proof of identity, address, and age.
  3. Bank statements from the past 6 months.
  4. Form-16 and details of Income Tax Returns (ITR).
  5. Title documents of the property.
  6. A completed application form signed and with photographs attached.

Self Employed Individuals:

  • Bank statements from the past 12 months.
  • A completed application form signed and with photographs attached.
  • Proof of identity, address, and age.
  • Income Tax Returns (ITR) and financial statements, such as balance sheet, profit & loss account, and schedules. These documents must be certified by a Chartered Accountant (CA).
  • 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 : Best Home Loan Documents Required

Frequently Asked Questions

RBL Bank has not disclosed whether borrowers can extend the tenure of their home loans. However, many lenders allow borrowers to extend their existing home loan tenures as long as it stays within the maximum tenure offered by the bank or the maximum age allowed at the time the loan matures.

All co-owners of the property must be co-borrowers in a home loan application. If one applicant doesn't have enough eligibility for the loan, they can enhance it by including a family member with a good repayment history as a co-applicant in the application. Also read: Best Home Loan Balance Transfer

Yes, according to Section 80C of the Income Tax Act, RBL Bank home loan borrowers can claim a tax deduction of up to Rs 1.5 lakh on the principal amount repaid in a financial year. Additionally, under Section 24(b), they can claim a tax deduction of up to Rs 2 lakh on the interest paid on the home loan.

Explore other Card Categories

Explore Cards from All Banks