RBL Bank offers home loans to eligible customers at affordable interest rates starting at 8.90% p.a., with a repayment period of up to 30 years. However, you will get a loan only if the bank deems you eligible.
Here’s how to check your RBL Bank home loan eligibility.
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RBL Bank Home Loan Eligibility Checklist
| Criteria | Details |
|---|---|
| Age | 24 years – 70 years |
| Employment Type | Salaried, Self-Employed (Professionals and Non-Professionals) |
| Income | Salaried: Rs. 5,00,000 p.a. Self Employed: Rs. 7,50,000 p.a. |
| Work Experience | Salaried: 3 Years Self Employed: Business continuity of last three years |
| Nationality | Residents of India and NRIs |
Factors Affecting RBL Bank Home Loan Eligibility
Several factors affect your eligibility for a RBL Bank housing loan, including:
| Factor | Impact on Eligibility |
|---|---|
| Age of the applicant | Younger applicants get longer repayment tenures |
| Financial position | Strong financials improve eligibility |
| Repayment record | Also good repayment history boosts eligibility |
| Credit score | Higher scores increase chances of approval |
| Existing liabilities | Higher liabilities reduce eligibility |
| Applicant’s profile | Stable profiles are favored |
| Property specifications | Newer, well-located properties have better eligibility |
| Loan guarantor status | Being a guarantor to another loan can affect eligibility |
Eligibility Based on Age
The eligibility for a home loan is often determined by the applicant’s age, which directly impacts the maximum loan tenure.
Younger applicants can enjoy longer repayment periods, while older applicants may have shorter tenures based on their age. Here’s a breakdown:
| Applicant Age | Maximum Eligible Tenure |
|---|---|
| 23 – 45 years | 30 years |
| 46 years | 29 years |
| 47 years | 28 years |
| 48 years | 27 years |
| 49 years | 26 years |
| 50 years | 25 years |
| 51 years | 24 years |
| 52 years | 23 years |
| 53 years | 22 years |
| 54 years | 21 years |
Eligibility Based on Property Value
The value of your property also influences your loan eligibility. Here’s how:
| Property Value | LTV Ratio |
|---|---|
| Up to Rs.30 lakh | 90.00% of the property cost |
| From Rs.30 lakh to Rs.75 lakh | 80.00% of the property cost |
| Above Rs.75 lakh | 80.00% of the property cost |
Eligibility Based on Credit Score
Your credit score is a crucial factor in determining your eligibility.
| Rating | Credit Score |
|---|---|
| Good | 750 and above |
| Average | 600 – 750 |
| Poor | Below 600 |
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Eligibility for Women
RBL Bank is dedicated to empowering women on their path to homeownership by offering equal eligibility criteria for all applicants. In addition, women benefit from a special advantage:
- Interest Rate Concession: Women applicants are eligible for a 0.05% interest rate concession on the home loan. This concession not only reduces the overall cost of the loan but also makes monthly EMIs more affordable, easing the financial burden and promoting financial independence among women.
Tips to Improve RBL Bank Home Loan Eligibility
- Maintain a High Credit Score: Ensure timely repayment of existing debts and keep credit utilization low to boost your credit score.
- Reduce Existing EMIs: Paying off existing loans or reducing their tenure can free up more of your income for the new home loan.
- Choose a Longer Tenure: While tenure may increase the total interest payable, it can lower your monthly EMIs, enhancing affordability.
- Opt for a Co-applicant: Including a co-applicant with a stable income can increase your eligibility amount.
Conclusion
The RBL Bank Home Loan Eligibility Calculator helps you assess your borrowing capacity instantly, making home loan planning easier and more informed.
For expert assistance, Credit Dharma is here to guide you through every step of the process. Enjoy the convenience of managing your entire home loan journey online, from application to disbursement. Book a FREE call with Credit Dharma for a seamless and hassle-free home loan
Frequently Asked Questions
Home loan eligibility is the maximum loan amount a borrower can avail from a lender based on factors like income, age, credit score, and employment status. Lenders use this information to assess the borrower’s repayment capacity and determine the amount they can sanction.
Lenders typically calculate home loan eligibility for salaried individuals based on their monthly income, existing liabilities, and loan tenure.
For self-employed individuals, home loan eligibility is calculated based on their annual income, profit earned, existing liabilities, and tax returns. Lenders may consider the average income from the past two or three years to determine the eligible loan amount. .
If your monthly salary is ₹50,000, your home loan eligibility will depend on various factors, including current liabilities and loan tenure. Assuming no other loans, you may be eligible for a loan of approximately ₹25 to ₹35 lakhs, with the exact amount varying based on the interest rate and loan tenure. Lenders usually cap the EMI at around 50% of your salary, which would be ₹25,000 per month.
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