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 |
| 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 | ||
| 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
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.
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
| 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
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
Salaried Individuals:
- Salary slips from the last 3 months.
- Proof of identity, address, and age.
- Bank statements from the past 6 months.
- Form-16 and details of Income Tax Returns (ITR).
- Title documents of the property.
- 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
1. Does RBL Bank allow tenure extension on existing home loans?
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.
2. Do I need a co-applicant to apply for a home loan from RBL Bank?
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
3. Do I get any tax benefits on RBL Bank home loan?
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.
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