RBL Bank Home Loan Interest Rates

RBL Bank Home Loan Interest Rate

The Ratnakar Bank was set up in 1943 in Mumbai and has a large presence in the western part of India, particularly Maharashtra.  RBL Bank provides a wide range of banking and financial services that include commercial, institutional, retail, agricultural and development banking. RBL Bank also has a presence in the financial markets.

The retail banking sector also includes retail loans and RBL Bank offers a wide variety of Housing loans. The different housing loans offered by RBL bank include the home purchase loan, home improvement loan, home construction loan, home purchase loan, home improvement loan, home construction loan, joint home loan, land purchase loan, home loan balance transfer, home top up loan and Loan against property. RBL Bank charges application fees in addition to processing fees and these charges are Rs 6500. There is a discount for Mumbai applicants and the application fee for them is Rs 5000.

Charges for various Services of Home loans

Interest Rates on RBL Bank home loans

There are different rates of interest for RBL Bank home loans. Fixed interest is applied for the first three years and thereafter the floating rate based on the Bank’s MCLR is applied. The criteria and the interest slabs have been tabulated below

Interest rates of RBL Bank

MCLR (Marginal cost lending rate) by RBL Bank

  Tips to applicants to keep interest rates low

• The first tip for applicants is to keep the CIBIL credit rating as high as possible, preferably 750 and above. All banks like applicants with high credit rating as this means a lower risk to bankers. Applicants can negotiate with RBL Bank executives for lowering home loan interest after raising their CIBIL score.
• A higher loan amount would be a good negotiating tool for lowering the interest rate. Applicants need to ensure they are eligible for a higher loan amount.
• One of the biggest advantage loan applicants can have is to select property in a prime locality in a metro or tier I city, preferably a residential campus with modern amenities whose cost is likely to appreciate in the near future. Such property is considered a low risk mortgage by RBL bank and they can be negotiated with in order to lower the interest rate.
• The best way to reduce interest on an RBL Bank loan is to have high income along with stable income. A regular job with a multinational corporation where the applicant has a good standing and a good reputation can earn applicants lower interest. Even business persons in a reputed highly profitable business which is doing well will be in a strong position to negotiate a lower interest rate on RBL Bank home loans.

RBL Bank home loan interest rates can be reduced and these include increasing the CIBIL score to above 750, opening a current account and linking it with the home loan account and have higher income and then negotiating with RBL Bank to reduce interest rates.

Applicants need to plan out their housing needs in such a way that the loan burden is kept at a minimum. This can be done by increasing the down payment and taking a top up loan at a later stage.

Applicants need to get all their documents ready and have them in order. A complete document submission with all documents in order also qualify for a rebate in interest rate on the home loan.   

FAQs

Does RBL Banks provide home loans under the PMAY scheme?

Yes. RBL Bank is one of the primary lending institutions nominated by the central Nodal agencies NHB (National housing Board) and HUDCO (Housing Urban development Company). RBL Bank will apply to the CLSS (credit linked subsidy Scheme) and put in an application on behalf of the applicants after verifying they are eligible for PMAY subsidy. Applicants belonging to the EWS, LIG and the MIG I and II categories can get a lona subsidy starting from RS 2.3 lakhs.

Is there any RBL Bank housing loan scheme that is linked to a current account for lower interest rates?

Yes. There is an RBL Easy Home loan which is linked to a current accounts that the applicants will need to open with the same branch of RBL Bank. The applicants will thereafter need to maintain a sizeable balance in the current account. Applicants can also transfer funds for part foreclosure from the current account. RBL Bank will monitor the current account and offer lower interest for ongoing home loan.

What is the income range required by RBL Bank for home loans?

The minimum income for employed persons with a regular income is Rs 120,000 per annum and Rs 150000 for professionals with their own practice and business persons with their firms or shops. Applicants, however, need to have a higher income than the base level to be eligible for a higher loan amount and lower interest. Moreover, there is a cutback limit of the net take home salary to be 40% of the gross income and applicants will be able to get a lower EMI or a lower loan amount.

Are there any RBL Bank home loans for NRIs (Non-Resident Indians) or PIOs (Persons of Indian Origin)?

All Home loans by RBL Bank are for Indian residents only. Any NRI who is familiar with RBL Bank can request the bank to open an NRI division.