RBL Bank Loan Against Property - Features of RBL Loan Against Property

RBL Bank Loan Against Property Schemes

Dropline Overdraft Against Property Loan

The overdraft facility is one of the best ways to manage funds and capital requirements for your business and other needs by paying only for what you use. This loan scheme is available exclusively as RBL Bank loan against property. The following are the features of the scheme:

• Dropline overdraft limit of up to Rs. 5 crore
• Both residential and commercial properties are accepted as collateral
• Dropline overdraft tenure of up to ten years
• Interest is charged on the utilized amount only
• Minimum documentation and fast approval process
• Attractive interest rates
• This loan scheme is beneficial for self-employed professionals and individuals, sole proprietorships, partnership firms, and private limited companies.
• Dropline overdraft loan against property facility is offered to Indian residents only.
• Minimum net profit as per the latest year’s ITR/financials should be at least Rs. 150,000 to avail the scheme.
• The minimum age to apply for this loan is 23 years, and it goes up to a maximum of 65 years.
  

Features of RBL Loan Against Property

• RBL Bank provides competitive and lucrative interest rates to its customers, which makes the EMIs lower and more affordable.
• The bank also offers fixed interest rate facility for the first three years.
• The bank offers a long-term convenient repayment period of 180 months or 15 years.
• The customer can avail of a loan amount upto 80% of the property value.
  

Factors that affect the eligibility of the property loan from RBL Bank:

• Loan applicants who earn high salaries have a better probability of getting their loan sanctioned because their repayment capacity remains high.
• RBL Bank checks the credit score of applicants, which should be above 700 to be eligible.
• Applicants who are about to retire can face some difficulty, as the bank will consider the fact that the applicants’ capacity for repayment diminishes after retirement.
• Applicants having a stable employment history are viewed favorably by the bank, as their stability of employment is considered as a sign of reliability.
• If the loan applicant has an existing debt, it may affect their eligibility as the debt could impede the capacity of a loan applicant to repay.
• Banks generally favor permanent employees over temporary employees.