RBL Bank offers a home loan with easy documentation and faster processing so that a dream house can be bought without any delays. Normally, the loan amount is 80-90% of the value of the house. The interest is charged for the loan amount which the borrower will pay along with the principal borrowed in the form of EMI. To help customers in the calculation of EMI, loan tenure, and loan amount, RBL Bank provides them with a Home Loan EMI calculator.
EMI Calculator is an easy-to-use tool that helps in planning the EMI of the home loan. Also, it has now become easier with RBL Bank Home Loan EMI Calculator. Whether it is a 1 Crore Home Loan EMI for 25 years or a 5 Crore Home Loan EMI for 20 years, EMI Calculator can be used to know the home loan interest rates and the EMI amount.
| Basis | Details |
| Interest Rate | 9.10% – 11.55% |
| Loan Amount | Up to 10 crores |
| Tenure | 25 Years |
| Processing Fee | INR 5,000- INR15,000 |
| Prepayment Charges | Nil |
Eligibility Criteria
Below mentioned are the eligibility criteria to apply for RBL Home Loan:
- Salaried Individuals
- Minimum net income of Rs.120,000 per annum
- Minimum age at loan sanction – 24 years. Maximum age at loan maturity – 60 years or superannuation whichever is early
- Work experience of minimum 1 year at current job and 2 years of total experience. If the current job is less than 1 year, then 3 years of total experience required
- Self-Employed Individuals and Professionals
- Minimum net annual income as per latest year ITR / Financials of Rs.150,000
- Minimum age at loan sanction – 24 years. Maximum age at loan sanction – 65 years
- Business continuity of last three years in the same field
Interest Rates
Below mentioned are the interest rates charged to apply for RBL Home Loan:
| Loan Amount | Rate of Interest (p.a.) | |
| For Salaried | For Self Employed | |
| Up to INR 30 lakh | 9.15% – 11.10% | 9.25% – 11.55% |
| INR 30 lakh to INR 75 lakh | 9.10% – 10.80% | 9.20% – 11.30% |
| Above INR 50 lakh | 9.10% – 10.80% | 9.20% – 11.30% |
Processing Fees & Charges
Below mentioned are the processing fees & charges to apply for RBL Home Loan:
| Particulars | Charges |
| Processing fees | For loans up to INR 30 lakh: Up to 1.5% of the loan amount or INR 10,000, whichever is higher For loans above INR 30 lakh & up to INR 75 lakh: Up to 1% of the loan amount or INR 15,000, whichever is higher For loans above INR 75 lakh: Up to 1% of the loan amount or INR 15,000, whichever is higher |
| Application fees | For Mumbai: INR 6500 Other locations: INR 5000 |
| Charges for late payment of EMI | 2% additional interest per month on the overdue amount |
| Issue of Duplicate Interest & Principal Certificate | INR 250 per instance |
| Duplicate no due certificate / NOC | INR 250 per instance |
| Cheque swapping charges | INR 250 per instance |
| Bounce cheque charges | INR 250 per instance |
| Charges for CIBIL report | INR 50 per instance |
Documents Required
Below mentioned is the list of documents required to apply for an RBL Home Loan:
- PAN Card – For Individual / Partnership Firm / Company
- Identity Proof – Anyone (e.g. Voter ID / Driving License / Passport)
- Address Proof – Anyone (e.g. Voter ID / Driving License / Passport / Telephone Bill / Electricity Bill / Registered Lease Deed or Sale Agreement / Bank Statement)
- Business Continuity Proof – Any one document dated 5 years old (Bank Statement / Sales Tax Challans / IT Returns / Shops & Est. Certificate / COI / Partnership Deed)
- Passport Size Photographs
- Any other valid Photo ID card issued by the central or state government
Below mentioned is the list of financial documents required to apply for an RBL Home Loan:
- For Salaried
- Last 2 years’ Income tax returns or Latest 3 month’s salary slips or the Latest form 16 issued by the employer
- For Self-Employed Individuals
- Latest audited ITR and financials for the last 2 years (Balance Sheet, Profit & Loss A/c., and Computation of Income along with all schedules.)
- Bank statements from the borrower’s main account/s for the last 6 months and 3 months of all other bank accounts mentioned in the balance sheet
- For Self-Employed Professionals
- Latest audited ITR and financials for the last 2 years (Balance Sheet, Profit & Loss A/c., and Computation of Income along with all schedules.)
- Bank statements from the borrower’s main account/s for last 6 months and 3 months of all other bank accounts mentioned in the balance sheet
- Professional qualification certificate and Degree certificate for professionals (Doctors, Architects, Chartered Accountants, etc.)
Benefits of Home Loan EMI Calculator
Below mentioned are the benefits of the RBL Bank Home Loan EMI Calculator:
- It is safe, quick, and easy.
- It is available free of cost to the customers.
- It helps in simplifying the calculations which saves the time to compute the EMI.
- It provides the exact amount of EMI to help borrowers calculate their spending on the loan.
- It saves time that might be consumed while calculating manually.
- It provides results with accuracy.
Also Check: 5 Crore Home Loan EMI
Step-by-Step Process to Calculate EMI in RBL Bank EMI Calculator
Step 1: Enter the total loan amount, interest rate, and tenure of the loan.
Step 2: As the tenure is to be entered in the months, hence it is advisable to either enter it manually or with the help of a calculator, multiply the number of years by 12 to get the exact number of months.
Step 3: Click on “Calculate”. It will then provide with EMI amount, total interest payable amount, and total amount i.e. Principal + Interest.
What is a Home Loan EMI Calculator?
Once a home loan is availed, the repayment is to be done in monthly installments which are known as Equated Monthly Installments (EMI). As taking a home loan is a long-term commitment it is always advisable to have a better understanding of the repayment scheme. An EMI component includes both the principal loan amount and the interest component, hence the Home Loan EMI Calculator eases such calculations online.
RBL home loan EMI calculator works on the below-mentioned formula
EMI = [P x R x (1+R) ^ N] / [(1+R) ^ (N-1)].
Where:–
- P is the principal or the loan amount.
- R is the rate of interest calculated per month.
- N is the loan tenure in months.
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