RBL Bank - 10.50% for Loan Against Property - Loan Against Commercial Property

RBL Bank Loan Against Property:

RBL Bank is one of the largest private bank in the country that offers the lowest rates on loan against property.

Currently the bank offers the loan starting from 10.5% p.a. onwards* with the quick approval and easy process.

The bank offers the special offers and attractive income for different income and occupation group.

Interest rates

10.5% p.a. onwards

Loan amount

LAP: Up to Rs 10 crore

Overdraft: Up to 5 crore

Repayment tenure

LAP: Up to 15 years

Overdraft: Up to 10 years

LTV Ratio

Up to 80% of property value

Processing fee

1.25% of loan amount + GST

                   

Amount

Rate of Interest

Rs 10 to Rs 20 Lakh

18.50% p.a.

Rs 20 to Rs 30 Lakh

15.75% p.a.

Rs 30 to Rs 40 Lakh

14.25% p.a.

Rs 40 to Rs 75 Lakh

12.30% p.a.

Rs 75 Lakh to Rs 2 Crore

11.20% p.a.

Above Rs 2 Crore

10.50% p.a.

 

Taking a loan from RBL Bank has the following benefits:

1. The loan can be availed as a term loan as well as a drop-line overdraft facility.

2. The loan will be sanctioned against residential as well as commercial property.

3. A loan up to 80% of the market value of the property will be provided.

4. Simple documentation and quick approval.

5. The rate of interest will be reasonable.

6. The processing charges and pre-payment charges are reasonable.

7. Hassle-free loan procedure.

 

RBL Loan against Property:

Apply:

If you want to get a loan against property from RBL, the process to get the loan is fairly easy.

All you need to do is to apply for a home loan at Apnarupee.com.

We are a channel partner of all top banks in India including HDFC, SBI, Axis Bank, ICICI, etc.

Your loan application will be processed and RBL (Loan against Property) Loans representatives will get in touch to begin the process of getting a home loan.

You will also be assisted by Apnarupee.com housing loan advisor to ensure that all the lending process is smooth, quick and you get the best loan against property from RBL Bank.

You can also do a comparison of RBL Loan against property rates and other charges using the Apnarupee.com comparison tool.

Once you apply online, you can check the real-time status of your loan against property in your customer account section of Apnarupee.com.

 

Factors Affecting RBL Loan against Property Interest Rates:

Loan amount: 

Property loan rates in RBL depend upon the loan amount you apply.

 

Your Net Monthly Income: 

Income helps you in identifying your rate of interest. Higher the income, higher will be your repayment capacity increasing your eligibility for higher loan amount.

 

Type of loan opted for: 

RBL offers differential rates for customer’s different profiles and also fixed and floating rate schemes.

Loan against property interest rates may be higher or lower for special loan products.

 

Type of property: 

Typically, loans against prime residential properties are easier to get and can be availed at the lowest rates compared to loans against commercial and industry properties.

Your profession: 

RBL may charge a higher interest rate on a mortgage loan to a salaried person than a self-employed professional or a businessman.

A self-employed professional or businessman is expected to deploy loan proceeds for productive purposes in his occupation or

business compared to salaried people who will most likely take a mortgage loan for his personal purposes.

 

RBL Loan Against Property Documents Required:

For Self-Employed:

1. Filled up loan application form

2. 2 Passport Size Photo

3. ITR of last 3 years

4. Identity Proof - Passport/ Driving License/ Voter ID/ PAN

5. Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (up to 3 months old), Passport

6. Business proof such as VAT/ service tax registration, incorporation details in case of companies,

business address proof, profit and loss account and balance sheets certified by CA, copy of partnership deed and proof of business existence and business profile

 

For Salaried employee:

1. Filled up loan application form

2. 2 Passport Size Photo

3. ITR of last 2 years

4. Identity Proof - Passport/ Driving License/ Voter ID/ PAN

5. Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (up to 3 months old), Passport

6. Income Documents – 6 months’ pay slip, 2 years Form 16, 6 months bank statement showing salary credit and any EMI debit

 

Property documents:

1. Registered Sale Deed/ Conveyance/ Lease Deed

2. Past Sale Deeds Chain (each transaction in respect of this property since first allotment

3. Latest House Tax Return/ Receipt

4. Approved Building Plan from Municipal Corporation

 

RBL Loan against Property: Types:

1. Loan against Property

Purpose: The loan can be utilized for any personal needs like debt consolidation, renovation/

Repairs of the existing property, for medical expenses, for planning a wedding, for a foreign trip, for the higher education of children, etc.

and also for business purposes like a working capital requirement, for business expansion, etc.

Security: Equitable mortgage of the property against which the loan is granted.

Repayment: The maximum repayment period provided is 15 years

Quantum: 

A loan will be provided up to 10.00 Crores depending upon the income, repayment capacity and the market value of the property.

The maximum quantum will be up to 80% of the value of the property with a maximum of 10.00 Crores.

 

2. Overdraft facility against property

Purpose: The Drop-line overdraft facility can be used only for the working capital requirements of the business

Security: Equitable mortgage of the property against which the loan is sanctioned.

Repayment: The maximum repayment period will be 10 years

Quantum: The limit sanctioned will be up to 80% of the value of the property with a maximum of 5.00 Crores.

 

Frequently Asked Questions:

 

Q. What are the variants under the RBL Bank LAP?

Ans. The variants under the RBL bank LAP Scheme are:

Loan Against Property

Overdraft facility against property.

 
Q. What is the rate of interest applicable to the RBL Bank LAP?

 Ans. The rate of interest for Loan against Property will range from 10.25% to 11.50% p.a. and for the Overdraft against the Property, the rate of interest will range from 10% to 11% p.a.

 

Q. What is the maximum repayment period stipulated for the RBL Bank LAP?

Ans. The maximum repayment period for Loan against Property is 15 years and for the Overdraft against Property it is 10 years.

 

Q. What are the documents required to apply for RBL Loan against property?

Ans. Three types of documents required to apply for an RBL mortgage loan- KYC documents, financial documents and property documents

1. KYC Documents- photo identity proof, residence address proof, office address proof, to meet these requirements a borrower can provide Aadhaar Card, PAN Card, shop and establishment certificate etc.

2. Financial document for self-employed borrowers- Audited report, ITR, Balance sheet for latest 3 financial years, banks statements of all the accounts for last 1 year, business profile etc.

Financial document for salaried borrowers – latest 3 month’s salary slips, latest 2 years ITR, bank statement of salary account for 1 years and details of all the loans.

3. Copy of property documents

 

RBL Bank Loan Against Property News -March 2023: 

 

2021-06-24: Revised MCLR For RBL Bank.

RBL Bank revised its MCLR the overnight MCLR is 7.75%.

The rate for one month and three months is 7.80% and 7.85% respectively.

Further the MCLR for six months and one year is 8% and 8.45%. The revised rates are effective from June 22.

 

2021-06-24: RBL Bank planning the branch expansion

RBL Bank plans aggressive branch expansion over the next few years and target to open at least 75 new branches annually.

The expansion will help the bank to increase its loan and deposits portfolio.

 

2021-06-24: RBL Bank posted Q3 net profit of Rs.174 crore

RBL Bank reported a 110% rise in its net profit year-on-year at Rs.147 crore in the quarter ended December 31, 2020.

In the corresponding quarter, the bank posted a net profit of Rs. 6995 crore.

The banks total revenue backed by home personal loans along with business and Mudra loans.