RBL Bank Home Loan Interest Rate

Ratnakar Bank Limited was founded in 1943 and is headquartered in Mumbai, Maharashtra. The bank has a substantial presence in Mumbai. Corporate banking, institutional banking, commercial banking, retail banking, agriculture and development banking, and financial markets are all services provided by the bank.

Characteristics of the RBL Bank Home Loan

The following are the essential aspects of RBL Bank's house loan-

  • Home loans of up to Rs.10 crores are available.
  • Flexible tenure of up to 25 years is available.
  • Minimal paperwork and quicker approvals.
  • There is an easy home loan available in which you can save interest by keeping a balance in a linked account.

RBL Home Loan Interest Rate 2022

Here are the tables for the RBL Bank home loan interest rates-

1) RBL Home Loan Interest Rate (Prime Housing Rates)

Loan Amount

RBL Housing Loan Interest Rate

Rs. 30.01 – 50 lakh

8.95% - 9.10%

More than Rs. 50 lakhs

8.85% - 9.00%

2) Rbl Bank Home Loan Rate of Interest for Affordable Homes

Loan Amount

Interest Rates

Up to Rs. 15 lakh

11.10% - 12.00%

Rs. 15 – 30 lakh

10.60% - 11.55%

3) Affordable Home Interest Rates 2.0

Loan Amount

Interest Rates

Up to Rs. 15 lakh

10.75% - 11.60%

Rs. 15 lakh to Rs 30 Lakh

10.30% - 11.15%

Other Charges Associated with the RBL Home Loan 

Processing Charges - 1.5% (excluding GST)

Types of RBL Bank Home Loan Schemes

There are various kinds of loans that cater to different motives, and they are-

1) RBL Bank Home Loan Scheme

This is a loan scheme for only Indian residents. You can also buy, renovate, construct, repair, and extend a unit of residence. This loan could be availed for a balance transfer. The repayment tenure for this loan is 25 years. The maximum amount that you can take from this scheme is Rs. 10 crores.

2) RBL Bank Affordable Home Loan Scheme

The RBL Bank Affordable Home Loan is a scheme that only Indians can take benefit of. You can use this loan scheme to buy, plot purchase, self-construction, extension, and more for a residential unit. This loan will also come with a top-up and a balance transfer opportunity. The tenure of the loan is up to a period of 20 years for a home loan and 15 years for a top-up loan. The maximum that an individual can get from this home loan scheme is Rs. 30 lakhs.

How to Apply for an RBL Bank Home Loan?

Simply go to RBL Bank's official website and click on 'Apply Now.' The screen will then display a page titled 'Loan Application Form.' Before completing the application, you must select 'Home Loan' from the list of goods and provide certain personal and professional information. 

The bank will then dispatch a team of executives to conduct legal and technical inspections of the property. The market value of the property will be determined after examining its age and condition. As a result, the bank will disburse a loan amount equal to a specified proportion of the market value.

Who is Eligible for an RBL Bank Home Loan Scheme?

The bank's eligibility standards varied for different types of applicants, such as salaried professionals and self-employed persons.

To be qualified for the RBL bank house loan, each category must match the criteria. The qualifying requirement must be met in order to be eligible for an RBL Bank home loan. This becomes a key deciding factor for the quantity of your loan. Examples include-

  • Income
  • Salaried persons, Self- Employed Professionals, or a Businessman
  • Age
  • Co-Applicants Income
  • Assets, Stability, Liabilities, and Continuity of Occupation of the borrower
  • Qualifications
  • Savings History
  • Number of dependents

Furthermore, the loan eligibility will be determined by the value of the property you choose. The close assessment of the worth of the property, the ability to repay the loan amount, and many other factors in determining potential borrowers will be the deciding factors of the loan amount that would be awarded to you.

Documents Required

For the Salaried-

  • Application
  • ID Proof
  • Address proof
  • Bank statement
  • Form 16 and ITR
  • Title documents

For the Self-employed-

  • Application form
  • ID proof
  • Address proof
  • ITR
  • Bank statement
  • Deeds
  • Title documents

Tax Benefits of the RBL Bank Home Loan

Income tax laws in India provide certain advantages to taxpayers who take out a home loan. Such taxpayers are entitled to a deduction for interest paid on such dwelling property up to Rs 2 lakhs. 

In the case of a self-occupied house in the particular Assessment Year (AY), they can claim the total interest paid during the AY as a deduction, with no limit, if the property was rented out. Furthermore, up to Rs 1.5 lakhs, the principal component of such loan repayment, could be claimed as a deduction from whole income under Section 80C.

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