RBL Bank Loan Against Property (LAP) Calculator
RBL Bank Loan Against Property Calculator Overview
The monthly payment that the borrower must make to the bank or NBFC from which they have obtained a loan is known as the EMI or equated monthly instalment. The Loan Against Property EMI calculator RBL Bank helps estimate a loan's interest and principal. The EMI for a loan from RBL Bank secured by real estate is determined by the loan amount, interest rate, and duration you select.
RBL Bank loan against property EMI calculator helps to have all the required information regarding the repayment option needed every month.
RBL Bank LAP EMI Calculator- Why Use It?
You might have a loan amount, interest rate, and tenure in mind, but when you compute the EMI, you might be shocked at what you must pay. To assist you in determining the appropriate loan amount, interest rate, and tenure that you are comfortable with, you must use the RBL Bank lap EMI calculator or the RBL Bank loan against property EMI calculator provided by Urban Money.
It is essential to use the RBL Bank Loan Against Property Calculator. The reasons may be stated as follows: With the help of this calculator, you can compute whether you are eligible for a loan against property the bank or not.
The loan borrower's monthly payment to the bank or NBFC from which a loan is known as the EMI or equated monthly instalment. This is because the interest and principal on a loan are combined to form an EMI. For example, the EMI for a loan from RBL Bank secured by real estate is determined by the loan amount, interest rate, and duration you select. So it is essential to calculate the EMI through the LAP EMI Calculator to have a fair idea about the monthly repayment option.
EMI Estimation Using the RBL Bank LAP EMI Calculator
The Mortgage Loan EMI Calculator or RBL Bank lap EMI calculator helps to estimate the EMI amount payable per month. It has become easy to calculate the EMI through the RBL Bank LAP loan calculator and have an estimated amount of EMI For a Loan Against the Property.
The calculator works seamlessly, where you have to choose the amount, interest rate, and tenure. This will automatically help you see the monthly EMI payable on your home loan amount. It will also show you a break-up of the interest you will pay throughout the tenure and the principal amount. You can also calculate the total amount you pay for your home loan, i.e. by adding the interest cost to the principal amount.
Factors Affecting RBL Bank Property Loan EMI
The following factors affect the RBL Bank Property LAP EMI-
The Credit Score of the Borrower
The credit score is the most important factor deciding the loan approval and EMI. Therefore, any bank that receives a loan or credit card application will check the applicant's credit report, which is kept on file by the country's credit agencies.
The credit score is determined by how consistently you pay your loan or credit card bills. RBL Bank will start by screening your application in this manner. Your loan application will be turned down if your credit score is low. Credit score and credit health are closely related. They reflect your prior borrowing information. In addition, it is crucial that banks closely monitor the borrower's credit history because they are aware that a significant amount of repayment depends on the previous credit history.
Late payment or discrepancies on your credit report
A credit report details all of the loans and credit cards you have ever used and your overall payment history, including any late payments that may have occurred. Your loan application will be denied if you have the terms "settled" or "written off" on any credit account. These terms signify that you have defaulted on your loan and that the lender has settled the account after understanding that you could not repay the balance.
Borrower’s employment history
Your application can be denied if you apply for a loan immediately after starting a new job. Banks want applicants for the loans to have steady employment, which will not be the case if you are new to the business, making you a risk. Holding off on applying for a mortgage for at least six to twelve months after starting new employment is preferable.
Salary is an important deciding factor in the case of a loan application. Your loan application may be rejected if you do not meet the salary criteria.
The other possibility is that your application might be turned down despite having a more significant income. This is due to the chance that you have less disposable income and thus may not be able to meet the loan EMI to salary balance ratio. After paying your monthly EMI, you do not have enough salary remaining.
Not in the lender list of approved employers
You might be employed by a business that banks have not approved as an employer. In these situations, the banks believe that you will not be able to repay the loan because of an unstable job. To ensure that your application is accepted and you receive favourable loan terms, look into banks and NBFCs that list your company.
The property has legal issues
When applying for a property loan, all the original documents pertaining to the property need to be submitted to RBL Bank. This is because your property acts as the collateral for the loan. If there is no proper documentation or if the property is under some legal action, then there is a chance that the loan will be rejected.
High level of debt or is already a loan guarantor
Property loans are high-value investments, so that the EMI will be considered monthly. The loan application might be turned down if the applicant already has debts that must be paid back.
RBL Bank Loan Against Property Amortisation Calculator
The LAP Amortisation Calculator can provide you with lots of information regarding the total amount payable to the bank. This portion is the principal interest payment, including the principal payment and the outstanding loan balance.
A loan is said to be amortised when interest and principal payments are consolidated into a single, regular payment, and the amounts are the same for each payment cycle. Yet one of the most intriguing aspects of an amortised loan is that the amount of interest and principal paid varies with each payment.
RBL Bank Loan Against Property Fees and Charges
Below are the RBL Bank Loan Against Property Fees and Additional Charges:
- Processing fees are 1.5 per cent of the loan amount, with a minimum fee of Rs. 7500.
- The 2% extra interest per month is added to the overdue EMI amount as a penalty fee for late EMI payments.
- Duplicate Interest and Principal Certificate Issue: 250 Rupees
- Duplicate NOCs are available for Rs. 250.
- Charges for switching checks: Rs. 250
- Bounce Cheque Fees: 250 rupees
- Fees for the CIBIL report are Rs. 50.
- Part Paying in Advance Fees (For Individual Borrowers) - NIL
- Pre-Payment Costs for Non-Individual Borrowers) - There are no pre-payment penalties up to 15% of the remaining debt in a year. Pre-payment exceeding 15% of the balance due will incur a 2% fee.
- Repossession fees (For Individual Borrowers) - NIL
- Inheritance Taxes (For Non-Individual Borrowers & Fixed Rate LAP) - 3% of the outstanding principle
- Change from Fixed to Variable Rate: 2% of Outstanding Principal
- Conversion from Floating to Fixed rate - 2% on principal outstanding
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Frequently Asked Questions (FAQs)
How much loan can I get against my property from RBL Bank?
Property loans up to Rs 10 crores are available from RBL Bank at 11.50% p.a. for terms up to 15 years. Additionally, it provides unique mortgage loans for low-cost homes, including for people who receive their pay in cash.
What is a loan's interest rate against property in RBL bank?
RBL Bank offers Loan Against Property @9.50% p.a. onwards for loan amounts of up to Rs 10 crore and repayment tenures of up to 15 years.
Is an RBL Bank loan against my property available in my city?
Yes, an RBL Bank loan against my property is available in the metro cities. The only criterion is that the applicant should be a Resident Indian.
How is the interest rate on loan against property calculated in RBL bank?
The monthly instalment is the monthly payment that the borrower should pay to the bank or NBFC from which an applicant has taken a loan. An EMI is the sum of the interest and the principal amount of the loan. For example, for an RBL Bank loan against property, the EMI is calculated on the loan amount, interest rate, and tenure you chose.
What is the tenure of the LPA loan in RBL bank?
The total tenure of the LPA loan in RBL Bank is 15 years or 180 months.
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