RBL Bank Home Loan for Self Employed

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RBL Bank offers a home loan product specially designed for Self Employed Individuals and Professionals. The RBL Bank home loan for Self-Employed applicants has many features, including low-interest rates, flexible repayment options, and the ability to apply jointly with a family member. The loan amount can be used for purchasing a new home, renovating an existing one, or even purchasing a plot of land. Moreover, the loan can also be used to pay for an existing home loan from another bank.

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Table of Content

1. RBL Bank Home Loan for Self Employed Highlights

2. RBL Bank Home Loan for Self-Employed Fees and Charges

3. RBL Bank Home Loan for Self-Employed Documents Required

4. RBL Bank Home Loan for Self-Employed Eligibility Criteria

Read more

RBL Bank Home Loan for Self Employed – Highlights 

Feature Description
Interest Rate 8.90% onwards
Loan Amount up to Rs.15 Crores
Tenure up to 30 years
Any Hidden Charges No hidden charges

RBL Bank Home Loan for Self-Employed – Fees and Charges 

Here are the major fees and charges associated with the Self Employed home loan from RBL Bank.

Particulars Charges/Fee
Application fees (Non-refundable) Rs.3,000/- + applicable taxes
Documentation fees
  • For loans up to 30 Lacs 

1.50% or Rs.10,000/- + applicable taxes, whichever is higher

  • For loans Above 30 Lacs 

1.00% or Rs.15,000/- + applicable taxes, whichever is higher
Late Payment/Penal Charges/Default 2% + applicable taxes per month on overdue amount
Part / Pre-payment charges / Foreclosure Charges
  • NIL for Floating-rate loans
  • 2% on Principal Outstanding for fixed-rate loans
  • Nil prepayment charges on Home Loan Interest Saver
Repayment Mode Swap Changes Rs.500/- + applicable taxes per swap per instance
Instrument Return Charges (Bounce Charges) Rs.500/- + applicable taxes per instance
Physical statement of Account Rs.250/- + applicable taxes per instance
Physical Repayment Schedule Rs.250/- + applicable taxes per instance
Duplicate Interest Certificate (Provisional/Actual) Issuance Charges Rs.250/- + applicable taxes per instance
Duplicate NOC/ No Due Certificate Rs.250/- + applicable taxes per instance
Credit Bureau Report Charges Rs.100/- + applicable taxes per report
Loan cancellation/Rebooking Rs.2000/- + applicable taxes per instance (additionally franking/stamping norms as per actuals if applicable)
Charges for List of Document Rs.500/- + applicable taxes per instance
Cersai Charges Rs.100/- + applicable taxes per report
Documents Retrieval / Issuance of Photocopies of Property Documents Rs.500/- + applicable taxes per instance
Switch charges (Floating to the prevailing fixed rate only if the bank permits the same at the time of request) 0.5% on principal outstanding or Rs.50,000/- + applicable taxes, whichever is lower
Switch charges (Fixed to prevailing floating rate only if the bank permits the same at the time of request) 0.5% on principal outstanding or Rs.50,000/- + applicable taxes, whichever is lower
Conversion charges (Higher Floating rate to lower floating rate, only if the bank permits the same at the time of request) Upto Rs.10,000/- + applicable taxes
Other Statutory / Mortgage creation charges, e.g. Stamp duty, MOD, MOE, etc. As per actuals
Legal, Repossession & Incidental Charges As per actuals

RBL Bank Home Loan for Self-Employed – Documents Required

Here is a list of the RBL Bank home loan documents required for self-employed applicants.

Basic Mandatory Documents

  1. PAN Card: For Individuals/Partnership Firm/Company
  2. Identity Proof (Any one)
  • Voter ID
  • Driving License
  • Passport

Address Proof (Any one)

  • Voter ID
  • Driving License
  • Passport
  • Telephone Bill
  • Electricity Bill
  • Registered Lease Deed or Sale Agreement
  • Bank Passbook

Business Continuity Proof (Any one document dated 5 years old)

  • Bank Statement
  • Sales Tax Challans
  • IT Returns
  • Shops &Establishment. Certificate
  • Certificate of Insurance (COI)
  • Partnership Deed

Any other valid Photo ID card issued by the Central or State Government 

Additional Financial Documents

For Salaried (any one)

  • Last 2 years of Income tax returns 
  • Latest 3 month salary slip 
  • Latest Form 16 issued by the employer

For Self-Employed Individuals

  • The latest audited ITR and financials for the previous 2 years (Balance Sheet, Profit & Loss A/c., Computation of Income, and 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

  • Professional qualification certificate and Degree certificate for professionals
  • The latest audited ITR and financials for the previous 2 years (Balance Sheet, Profit & Loss A/c., Computation of Income, and 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.

RBL Bank Home Loan for Self-Employed – Eligibility Criteria

Applicants must fulfil the following RBL Bank home loan eligibility for self-employed to apply for the loan.

Self-Employed Individuals and Professionals Criteria

  • Minimum net income (as per latest year ITR/Financials)– Rs. 1,50,000 per annum.
  • Minimum age at loan sanction: 24 years
  • Maximum age at loan sanction: 65 years 
  • Business continuity of last three years in the same field.
Written By
Thejus KS
Thejus KS
Content Writer
A mechanical engineer turned history buff with a sprinkle of financial brilliance. Thejus’s expertise comes with a unique blend of engineering precision, timelines, and the power of numerals. He knows that numbers are the pulse of our globe. Attention to detail and extensive research are the key elements of his writing.
Reviewed By
Piyush Bothra
Piyush Bothra
Co-Founder & Chief Financial Officer, Square Yards
Piyush Bothra is the Chief Financial Officer at Square Yards, bringing over two decades of rich experience in finance and leadership. He is an MBA graduate from the prestigious IIM Lucknow and holds a BE in Information Technology from Sardar Vallabhbhai Patel Institute of Technology. He has played pivotal roles in scaling businesses and driving financial strategies. At Square Yards since 2015, Piyush is known for his strategic vision, strong financial knowledge, and valuable financial insights, significantly contributing to the company's growth and success.

Last Updated: 26th September 2024

Frequently Asked Question (FAQs)

What is the repayment term for RBL Bank home loan for self employed?

The maximum repayment term for self-employed applicants is 30 years.

What is the minimum age for RBL Bank home loan for non-salaried person?

Self-employed applicants aged as young as 24 can apply for an RBL Bank Home Loan.

What is the Tenure limit for RBL Bank home loan to non-salaried?

RBL Bank offers a tenure limit of up to 30 years for non-salaried applicants.

What is the minimum and maximum RBL Bank home loan amount for non-salaried person?

Non-salaried applicants can apply for a RBL Bank home loan for self employed up to Rs. 15 Crore.

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