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RBL Bank Home Loan Interest Rate, Processing Fee, and Charges

RBL Bank usually provides home loans with different interest rates, which vary based on the amount you borrow. For housing loans from RBL, check out the interest rates here.


 

by Kavitha

Updated Apr 02, 2024

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RBL Bank Home Loan Interest Rate, Processing Fee, and Charges

RBL Bank Home Loan 

Purchasing a home is a dream that can be fulfilled with RBL Bank's Home Loan. They provide housing loans with easy processing and simple documentation. This helps to purchase your dream home at lower interest rate. So, move into your dream home with a housing loan from RBL Bank.

RBL Bank generally offers home loans with varying interest rates, which typically differ with the amount you get from the bank. RBL offers housing loans up to Rs 10 crore with an interest rate of 8.90 p.a. onwards for up to 25-year tenures.

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RBL Bank Home Loan Interest Rate

The tabular column below represents the loan interest percentage for different loan amounts.

Loan Amount

Interest Rate Range

Up to Rs. 50 lakhs

8.85%–9.10%

More than Rs. 50 lakhs

8.85%-9.00%

Up to Rs. 15 lakhs

11.10%–12.00%

Rs. 15 lakhs to Rs. 30 lakhs

10.60%–11.55%

Up to Rs. 15 lakhs (Affordable Home Interest Rates 2.0)

10.75%–11.60%

Rs. 15 lakhs–Rs. 30 lakhs (Affordable Home Interest Rates 2.0)

10.30%–11.15%

These are the interest rate ranges offered by RBL Bank for different loan amounts.

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Processing Fee and Charges

The processing fee is something important you need to consider while applying for a home loan with any bank. RBL fixes the processing fee at 1.5% of the loan amount of Rs 30 lakhs, excluding GST, and for amounts between Rs. 30 lakhs to 75 lakhs, it is 1%. This processing fee is used for administrative costs and back-office paperwork. This fee is separate from the interest rate and is a one-time payment.

Depending on the location the additional fees vary. For Mumbai, it takes up to Rs. 6500 and for other locations, it costs up to Rs. 5000. Obtaining a CIBIL report costs a charge of Rs.50 per instance. If you want to switch between fixed or floating interest you need to pay 0.5% on the principal amount.

Pre-payment: For individuals, if they got the loan for non-business purposes, there is no need for any charges to be received. But if the person has the purpose of business, they face no charge up to 15% payment, but if it exceeds 15%, there's a charge of 3% on the outstanding principal.

Not just with RBL, but it is advisable to look after and inquire about all the additional charges while applying for the loans during the loan processing stage itself.

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Eligibility Criteria for the RBL Bank Home Loan

Eligibility is very crucial for these loans; without passing these eligibility criteria, one cannot apply for a home loan. These criteria might be different with RBL and other banks. The basic criteria for RBL are as follows:

  • Income: Your income plays a crucial role when it comes to loan sanctioning.
  • Age: This is to make sure you have enough years to earn money and pay back the loan.
  • Co-Applicant Income: If you're applying with another person, like your spouse, their income is considered too. This helps to increase your loan eligibility.
  • Financial stability: Your financial stability will be checked to make sure you can repay the loan or not.
  • Savings: The bank will check your savings history.

These are the very important criteria you need to clarify to the bank for processing your application.

Required Documents for the RBL Bank Home Loan

The tabular column showcases the required documents to apply for a home loan.

For Salaried Individuals

For Self-Employed Individuals

Application Form

Application Form

ID Proof

ID Proof

Address Proof

Address Proof

Bank Statements

Bank Statements

Form 16 and Income Tax Returns (ITR)

Income Tax Returns (ITR)

Title Documents

Deeds

These documents are necessary for the loan application process and help the bank assess your eligibility and financial credibility.

RBL Bank Home Loan Age Limit 

For RBL Bank Affordable Home Loan:

  • Salaried individuals should not be older than 60 years by the time the loan matures.
  • Self-employed individuals should not be older than 65 years by the time the loan matures.

For RBL Bank Home Loan:

For salaried individuals:

  • The minimum age to apply for the loan is 24 years.
  • The maximum age at the loan's maturity is either 60 years.

For self-employed individuals:

  • The minimum age to apply for the loan is 24 years.
  • The maximum age to apply for the loan is 65 years.

 

Types of RBL Home Loans

There are two types of home loans provided by the RBL bank, which are as follows:

RBL Bank Home Loan:

It’s a type of loan provided for people who live in India to buy, build, or renovate their homes. RBL welcomes people who have already received a home loan from another finance company or bank.

RBL Bank Affordable Home Loan:

This loan is also provided for people who live in India, but the amount they can borrow is up to Rs. 30 lakhs, and the tenure period is also up to 20 years, which is shorter than a regular home loan.

RBL Bank Home Loan Interest Rate - FAQs

1. What are the interest rates for RBL Bank Home Loans?

RBL Bank charges different interest rates depending on how much money you borrow. For example, if you borrow less than Rs. 50 lakhs, the interest can be between 8.85% to 9.10%.

2. What is the processing fee for RBL Bank Home Loans?

RBL Bank charges a processing fee of 1.5% of the loan amount. This fee helps cover paperwork and other costs but doesn't include GST.

3. What are the eligibility criteria for RBL Bank Home Loans?  

To get a home loan from RBL Bank, you need to have a stable income, be a certain age, and show that you're financially stable. If you apply with someone else, like a spouse, their income also counts.

4. What documents are necessary to apply for an RBL Bank Home Loan?  

You'll need documents like ID proof, address proof, bank statements, income tax returns (ITR), and title documents. These help the bank check if you're eligible for the loan.

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