Buying a home is a major financial and emotional decision, often made in consultation with family. While loved ones may encourage you to invest in property at an early age, it's essential to focus on your income, savings, and financial liabilities rather than just age. If you're earning Rs 50,000 or more per month with minimal obligations, you may qualify for a substantial home loan. However, financial experts recommend keeping your EMI between 20% to 30% of your take-home salary to avoid strain on your monthly budget.
RBL Bank offers flexible and customer-friendly home loans to help individuals purchase their dream property. Borrowers can avail loans of up to Rs 15 crore, depending on eligibility, income, repayment capacity, and credit profile. RBL Bank simplifies the home loan process with minimal paperwork, quick approvals, and a maximum repayment tenure of up to 30 years. Whether you’re a salaried professional or self-employed, RBL Bank home loan features are designed to make homeownership a seamless and affordable journey.
RBL Bank Home Loan Interest Rate Details
Here are the important and latest RBL Bank Home Loan interest rates with important highlights of the loan -
| Basis | Details |
|---|---|
Interest Rate | 9% p.a. onwards |
Loan Amount | Up to 15 crores |
Tenure | 30 Years |
Types of RBL Bank Home Loans
Each type of home loan is designed for a specific purpose, so it's essential to assess your requirements carefully before selecting the most suitable option. Below are the most common types of home loans available in India:
- Home Purchase Loan
This is the most common type of home loan used to buy new or resale residential properties. The loan amount is based on the property's value, your income, and credit score.
- Home Construction Loan
Ideal for individuals who already own a plot and wish to build a house on it. The loan is disbursed in stages based on the progress of construction.
- Home Improvement Loan
This loan is meant for renovating, repairing, or upgrading an existing home, including interiors, plumbing, painting, or furnishing.
- Balance Transfer Loan
Enables borrowers with an existing home loan to transfer the outstanding loan amount to another lender offering a lower interest rate or better terms.
- Home Extension Loan
Suitable for financing the expansion of an existing home, such as adding a new room on the floor, to accommodate a growing family or changing needs.
Eligibility Criteria for RBL Home Loan
The bank offers home loans to salaried individuals, self-employed individuals and self-employed professionals. The bank offers home loans to Indian residents only.
Eligible Applicants:
- Salaried Individuals
- Salaried NRIs
- Self-Employed Individuals
- Self-Employed Professionals
For Salaried Individuals:
- Minimum Net Income: Rs 1,80,000 per annum
- Age Criteria:
- Minimum: 21 years at the time of loan sanction
- Maximum: 65 years at the time of loan maturity (or as per borrower category)
- Work Experience: Minimum 3 years
- If employed for less than 1 year in the current job, a confirmation letter is required
For Self-Employed Individuals/Professionals:
- Minimum Net Annual Income: Rs 1,50,000 (as per latest ITR/financials)
- Age Criteria:
- Minimum age requirement: Applicant must be at least 23 years old
- Maximum age limit: The Applicant should not be older than 65 years
- Business Continuity: At least 3 years in the same line of business/profession
Documents Required for RBL Home Loan
1. Identity & Address Proof (For All Applicants)
- PAN Card – Mandatory for Individuals, Partnership Firms, and Companies
- Identity Proof (any one):
- Voter ID
- Driving License
- Passport
- Address Proof (any one):
- Voter ID / Driving License / Passport
- Telephone or Electricity Bill
- Registered Lease Deed or Sale Agreement
- Latest Bank Statement
- A valid government-issued photo identification from either the Central or State Government
- Passport Size Photographs
2. Business Continuity Proof (For Self-Employed)
- Any one document dated at least 5 years old:
- Bank Statement
- Sales Tax Challans
- Income Tax Returns
- Shops & Establishment Certificate
- Certificate of Incorporation (COI)
- Partnership Deed
3. Income Proof
For Salaried Individuals:
- Last 2 years’ ITRs or
- The latest 3 months’ salary slips or
- The latest Form 16 issued by the employer
For Self-Employed Individuals:
- Latest audited ITR and financials for the previous 2 years:
- Balance Sheet
- Profit & Loss Account
- Computation of Income with all schedules
- Bank Statements:
- Latest audited ITR & financials for the last 2 years (including Balance Sheet, Profit & Loss Account, and Income Computation with schedules)
- Bank statements: 6 months of main account(s) and 3 months of other accounts listed in the balance sheet
Professional Qualification Documents: Degree and certification proof for professionals such as Doctors, Architects, Chartered Accountants, etc.RBL Bank Home Loan Calculator
How Can You Calculate EMI for RBL Bank Home Loan?
Suppose you are interested in availing a loan of Rs. 40,00,000 from RBL Bank for 25 years at the rate of 9% per annum, then what would be your EMI? Are you interested in knowing that? If yes, you can easily calculate the same with the help of Wishfin RBL Bank Home Loan EMI calculator.
Yes, this calculator allows you to know your EMI by doing all the calculations for you. This tool takes into account your loan amount, interest rate, and tenure, and gives you the results in return. You just need to enter these fields into a calculator, it will give you the results instantly. Well, to make you understand, check out the calculation made below.
| Tenure | Interest Rate - 9% p.a. |
|---|---|
5 | Rs 83,033.42 |
10 | Rs 50,670.31 |
15 | Rs 40,570.66 |
20 | Rs 35,989.04 |
25 | Rs 33,567.85 |
Fees/Charges of RBL Bank Home Loan
Below are the fees/charges in addition to the home loan interest rate. Go through the table carefully before applying -
| Particulars | Charges |
|---|---|
Processing Fees | 1.25% of the loan amount |
Administrative Charges (Non-refundable) | Rs 2,500 |
Legal & Valuation Charges (Non-refundable) | Rs 7,500 (Mumbai), Rs 6,000 (Other locations) |
EMI Overdue Charges | 2% of the EMI amount |
CIBIL Report Charges | Rs 100 per report |
CERSAI Charges | Rs 100 per instance |
Physical Statement of Account | Rs 250 per instance |
Repayment Schedule (Physical) | Rs 250 per instance |
Duplicate Interest/Principal Certificate | Rs 250 per instance |
Duplicate NOC / No Due Certificate | Rs 250 per instance |
Cheque Swapping Charges | Rs 500 per instance |
Cheque/ECS/NACH Dishonour Charges | Rs 500 per instance |
Document Photocopy Retrieval | Rs 500 per instance |
List of Documents | Rs 500 per instance |
Prepayment Charges (Individuals / MSEs with own funds) | NIL |
Prepayment Charges (MSEs with takeover) | 3% of the prepaid amount |
Prepayment Charges (Others) | 4% of the prepaid amount |
Rate Switch/Change Charges | 0.5% of the outstanding principal or Rs 50,000 (whichever is lower) |
Property Swap Charges | 0.1% of the loan amount or Rs 10,000 (whichever is higher) |
Loan Cancellation Charges | Rs 5,000 + interest till cancellation date |
Legal, Repossession & Incidental Charges | At actuals |
Field Collection Charges | Rs 500 per visit |
Non-collection of Property Documents (post 60 days) | Rs 500/month until collection |
Non-submission of Post-disbursement Documents | Rs 5,000/month from the due date till submission |
Key Benefits of Taking a Home Loan
- Affordability: Home loans make property ownership more achievable by allowing you to pay a small down payment upfront, while the remaining cost is covered through EMIs.
- Tax Benefits: Enjoy tax deductions under Section 24(b) (on interest paid) and Section 80C (on principal repayment) of the Income Tax Act, helping you save significantly every year.
- Long Repayment Tenure: Home loans come with flexible and extended repayment terms, usually up to 30 years, resulting in lower EMIs and better financial manageability.
Tips to Consider Before Applying for an RBL Bank Home Loan
- Interest Rate: Choose between fixed and floating rates. Fixed rates stay constant, while floating rates may vary with changes in the repo rate as per RBI directives.
- Loan Tenure: Home loans offer flexible tenure options, typically ranging from 15 to 30 years. Longer tenures mean lower EMIs but higher total interest.
- EMI (Equated Monthly Installment): EMI includes both principal and interest. Utilize online EMI calculators to determine your monthly installment amount.
- Prepayment & Foreclosure: You can prepay or foreclose the loan. However, charges may apply based on the type of External Benchmark Rate (EBR) chosen.
Summary!
RBL Bank Home Loan is a reliable and customer-friendly financing option designed to help individuals turn their dream of owning a home into reality. With high loan amounts of up to Rs 15 crores, flexible repayment tenure of up to 30 years, and competitive interest rates, the bank ensures a smooth and affordable borrowing experience. Added benefits like minimal documentation, quick processing, balance transfer facility, and attractive prepayment terms make it a preferred choice among home buyers. Whether you're purchasing, constructing, or renovating a home, RBL Bank offers solutions that suit diverse needs, all backed by strong customer support and a hassle-free digital process.
FREQUENTLY ASKED QUESTIONS
1. What is the latest RBL Bank home loan interest rate?
The latest RBL Bank home loan interest rate starts from 9% p.a.
2. What is the maximum loan amount I can get for a home loan from RBL Bank?
You can avail of a home loan of up to Rs 15 crore, depending on your eligibility, income, credit score, and property value.
3. What types of home loans are available with RBL Bank?
RBL Bank offers:
- Home Purchase Loans
- Home Construction Loans
- Home Improvement Loans
- Balance Transfer Facility
- Home Extension Loans
4. Who can apply for a home loan from RBL Bank?
Salaried individuals, self-employed professionals, and NRIs are eligible. Applicants must meet minimum income and age criteria if they want to apply for RBL Bank Home loans.
5. Are there any processing fees for the RBL Bank Home Loan?
Yes, processing fees are generally up to 1% of the loan amount, subject to a minimum and maximum cap, plus applicable taxes under the RBL Bank Home loan.
6. What is the minimum income requirement for the RBL Bank Home Loan?
- Salaried individuals: Rs 1.80 lakh per annum
- Self-employed: Rs 1.50 lakh per annum as per the latest ITR/Financials
7. What documents are required to apply for the RBL Bank Home Loan?
Basic KYC documents, income proof (salary slips/ITR), bank statements, property documents, and other financial documents are required.
