RBL Bank Home Loan

Table of Contents

• RBL Bank Home Loan Interest Rates
• Eligibility Criteria for RBL Bank Home Loan
• RBL Bank Home Loan Schemes
• RBL Bank Home Loan for NRI or PIO
• How to Apply for RBL Bank Home Loan
• Document Checklist for RBL Bank Home Loan

Introduction

RBL Bank has established a pan India presence offering key banking services through six verticals. Their home loan product is offered in the Retail Asset vertical in keeping with their vision of meeting the customer’s needs with best in class schemes. Bridging the fund gap of one’s own contribution and the cost of the property to be acquired is the primary aim of any home loan. RBL Bank aims to be the bank of choice offering tailor made home loan solutions for a wide range of necessities.

RBL Bank boasts an impressive client base of over 6.5 million which they service through their 324 branches and 993 Business Correspondent outlets pan India.

RBL Bank Home Loan Interest Rates

Interest Rates are as of 2019

The cost of capital is determined primarily by the application of interest on the loan and other charges imposed during the tenure of the loan. It is to be understood that some of the fees are also recovered upfront.

So being aware of the impact of interest, it is imperative to understand the interest pricing mechanism in RBL Bank.

Accordingly the following the pricing grid shows the rate applied at RBL Bank for their Home Loan products effective from 16th July 2019 are:

Eligibility Criteria for RBL Bank Home Loan

As it follows, the next step in your endeavor to land a suitable home solution for yourself lie in scanning the eligibility norms and ascertain where exactly you fit in the parameters defined at RBL Bank that also matches your capacity to service the proposed loan.

RBL Bank Home Loan Schemes

Even at the cost of repetition, it is imperative to recall the various home loan schemes offered by RBL Bank. There are basically two home loan solutions – Home Loan and Easy Home Loan. While the former provides for a term loan, the latter is in the form of an overdraft facility where you benefit from maintaining your fund in the linked account reducing the outstanding loan principal to the extent of balance in the linked account,. Since the interest is applied on reducing balance on monthly rests, you stand to benefit by being burdened with lower interest accrual.

It is also important to remember that there are two types of applicable interest regime in the bank – floating and fixed, with their pros and cons. It is incumbent upon you to weigh your preference and arrive at an informed decision. While the floating rate varies along with the movement in the MCLR, the fixed rate remains unchanged during the entire tenure of the loan.

At this stage it is also important to take a snapshot of all the fees and charges that are applied at RBL Bank that directly or indirectly impacts your funds outflow at different times in the course of the currency of the loan and various activities involved with it.

Types of RBL Bank Home Loan

The home loan solutions offered by RBL Bank have the assurance of simple documentation process and faster processing so that you are able to use your property without delay. In its offers of home loan solutions, all the factors that can make you use the fund for home ownership of your choice have been factored in.

Main Home Loan by RBL Bank

Home Loan: It is the all – encompassing home loan solution from the RBL Bank bouquet. Let us summarize the salient features of the scheme to refresh what has been learnt so far.

• The maximum loan amount is limited to Rs.10C
• The rates of interest are both floating and the fixed type.
• The loan types offered by the bank are term and overdraft
• The age eligibility is minimum 24 years and the upper limit is 60 years for the salaried and 65 years for the self employed.
• The applicants must have a regular source of income.
• The salaried must be permanent employees of reputed organization with minimum experience of 2 or 3 years as the case may.
• In the case of self – employed professionals, the continuity in the same business is required to be minimum 3 years.
• The tenure of the loan is flexible up to 25 years maximum.
• With Easy Home Loan, your interest burden is reduced by parking your idle funds in a linked account.
• You can opt for a co-applicant who is a blood relative and resides in the same locality.
• Both the principal repayment and the interest component enjoy tax benefits under relevant sections of the Income Tax Act, 1961.

RBL Bank Home Loan for NRI or PIO

The NRI clientele in the RBL Bank is quite significant and thus the bank provides them with an array of services customized to their needs. Some of the vital services provided to them are in sync with the provisions for the NRIs in the country. The basic services to them are in accounts customized for various needs – Deposits and Remittances. In fact RBL Bank has a gamut of offer for them fully customized for them to make the most out ofit, subject to RBI guidelines and FERA regulations. However, as of now, RBL Bank does not offer the NRIs any credit facilities in general and home loan in particular.

Housing Loan for High-net-worth Individuals

When it comes to HNWI clients, RBL Bank has provided for their signature Insignia Service to this premier class of clients. Let us see what Insignia is all about.

Insignia defines the contours of the privileged segment of clients, the basis of which is personal attention and primacy. They are recognized for personalized exclusive banking services in a three pronged approach as:

1. It offers an exclusive  professionally managed platform
2. To offer financial solutions in sync with the standing and shifting priorities.
3. To offer services anywhere, anytime promptly with customized solutions.

Insignia is the symbol of exclusivity in tune with the trends in investment and evolving technology. It empowers the privileged few to cope with the emerging financial scenario with an aim to grow wealth. The basis is the team working to achieve your goals. The hallmark attributes of the team are:

• Professional Relationship Managers
• Dedicated Insignia Service Manager
• Product and Segment specialists

Eligibility Criteria: The criteria to be a part of the exclusive class of Insignia Preferred Banking Program, you need the following:

• You must have a deposit portfolio value called Total Relationship Value (TRV) of at least Rs.30L across all your Savings and Term Deposit accounts; or
• Average monthly balance of Rsd.10L in your Current Account.

Credit Facility: The Insignia members are offered a host of loan options with attractive interest rates and prompt processing assurance. The various loans on the horizon for them help to fulfill your dreams with generous features.

Privileges: It goes without saying that the exclusive Insignia Program will endow the members with privileges that make them special. A glimpse at them is in order:

• Choice of personal account number
• Get a dedicated relationship team
• The family members also enjoy all the frills.
• Exclusive Insignia Lounges at select locations
• Complimentary MasterCard Insignia World Debit Card
• Cash withdrawals and POS transactions for Rs.2L and Rs.4L per day respectively.
• 25% discount on locker rents.

Amount that can be taken under this loan scheme

You are aware that the Insignia offers a host of credit facilities to its members including home loan. However, RBL Bank has not defined any special limit for home loan to the privileged class of Insignia members. The normal home loan maximum limit of Rs.10C applies to them as well.

RBL Bank Home Loan for NRI

The elaborate service range offered by this private sector lender does not cater for home loans for the NRIs. In fact the eligibility criteria defined for Home Loan by the bank is targeted towards Indian residents only, as of now.

How to Apply for RBL Bank Home Loan

There are primarily two modes to apply for home loan at the bank. The first is online where you evince your interest and authorize the bank representative to contact to take the process ahead.

Housing.com is an ideal portal for you to explore for the right home loan solution matching your needs.

Document Checklist for RBL Bank Home Loan

Note: The above list is only indicative and the bank shall decide on the actual documents required while processing the home loan application.