RBL Bank Home Loan - Features of RBL Bank Home Loans

RBL Bank is one of the top emerging scheduled commercial banks of India offering various services, including housing loans.

Features of RBL Bank Home Loans

• RBL Bank Home Loans are available for both salaried and self-employed.
• The bank has special rates for its female customers.
• The maximum amount of loan that a borrower can avail from RBL Bank is Rs. 10 crores.
• The home loan is available to the individuals who come between the ages of 24 to 60 years.
• Salaried and self-employed loan applicants should have a regular flow of income to apply for RBL Bank home loan.
• The repayment tenure of the home loan is up to 25 years. An individual availing the home loan can choose any term until 25 years for repaying the loan. With such a long tenure, repaying the home loan becomes easier for a customer. It also ensures lower EMIs as the installments get divided over a longer time frame, making them affordable.
• The borrower can also add a co-applicant while applying for a home loan.
• The borrowers of the home loan can save interest by maintaining the balance in a linked account.
• There are no pre-closure charges if the borrower wants to close the loan before the estimated closing period.
  

Types of Home Loans Provided by RBL Bank

RBL Bank offers various types of loans which are particularly popular among individuals:

Home Purchase Loan

The applicant avails this loan for purchasing a home.

Home Improvement Loan

It covers repairs related expenditure of your home or even renovation.

Home Construction Loan

The applicant can avail this loan for building a new house.

Land Purchase Loan

This loan is used to buy a plot of land for constructing a  new house.

Home Extension Loan

It can be used to add another room, garage, bathroom or kitchen, or another floor to an existing home.

Joint Home Loan

Two or more people take this loan conjoined.

Home Loan Balance Transfer

This facility can be used to switch an existing outstanding loan amount to a different lender who is offering better terms and a lower rate of interest.

Top-Up Home Loan

This loan helps an applicant to borrow some extra money above the outstanding loan amount.

Charges in RBL Bank Home Loan

RBL Home Loan interest rates begins from 10.30% onwards.

Processing Fees   

• Up to Rs. 25 lakhs – Rs. 5000
• Rs. 25 lakhs-Rs. 75 lakhs – Rs. 10,000
• Rs. 75 lakhs and above – Rs. 15,000 (fixed amount)
  

Part pre-payment charges (at a floating rate of interest) – Nil

• Foreclosure charges (at a floating rate of interest) - Nil
• Part pre-payment charges (on a fixed rate of interest) - Above 15% of the outstanding amount will be charged
• Foreclosure charges(fixed rate) - 3%
• Charges for a credit report - Rs. 50
• Bounced check charges - Rs. 250
• Cheque swapping charges - Rs. 250
• Duplicate no due certificate/NOC - Rs. 250
• Issue of Duplicate Interest & Principal Certificate - Rs. 250
• Charges for late payment of EMI - 2% additional interest per month on the overdue EMI amount.
  

Home Loan Process

Either you can visit the official website or go to the nearest branch of RBL Bank to apply for a home loan. The bank will take almost a week to sanction the loan based on the verification of your documents. However, any discrepancy in document submission can delay the sanctioning of a home loan.

Post sanctioning, the investigator of RBL Bank will inspect the house or property that the customer is looking to purchase. The surveyor will then prepare a legal and technical report of the property and submit it to the bank. Based on the surveyor's report and its market value, the valuation of the property will be decided by the bank. RBL Bank will then offer a 60%-80% loan on the property value.

Apply for RBL Bank Home Loan Online

Following are the steps to get a hassle-free RBL Bank Home loan:

• Visit the RBL Bank website.
• Fill the application form and submit it with all supporting documents online.
• The bank will send you the sanction intimation once you will pass the eligibility criteria.
• The applicant needs to submit the property-related documents
• The legal and technical team of the RBL Bank will review the property before confirming the home loan.
• After all verification, the loan will be disbursed.
• The whole process of home loan would take around 15-20 days.