RBL Bank Home Loan Calculator

Are you considering obtaining a mortgage to purchase a home and want to estimate the financial obligation that comes along? With the increased demand for affordable housing, many new options for home loans emerged in the market. In this scenario, the RBL bank home loan EMI calculator can be a super useful tool for making informed financial decisions.

This blog post goes into detail about what this calculator is and how to use it. You will also learn about the features of RBL bank home loans and the benefits it offers. So, let’s get started!

What is the RBL Bank Home Loan EMI Calculator?

The RBL bank home loan EMI calculator is a digital tool that assists you in calculating the Equated Monthly Installment (EMI) required to repay your house loan. This calculator considers various aspects, including loan amount, interest rate, and duration.

Given that interest rates for home loans can change, this calculator helps you review the loan alternatives you have at your disposal.

What are RBL Bank Home Loan Interest Rates?

RBL bank home loan interest rates are variable, starting at 9% per annum. Experts advise to stay up to date on the current rates to ensure productive financial planning.

What are the Types of RBL Bank Home Loans?

RBL bank provides different home loan solutions to satisfy a variety of needs. The primary types are:

• Regular Home Loans

This is the conventional home loan option available to anyone wanting to buy a house or refinance an existing mortgage. You can get up to ₹1,00,000,00 for a maximum of 25 years via regular RBL bank home loans.

• Affordable Home Loans

This option is aimed at first-time homebuyers and those with lower incomes. You can borrow up to ₹30,000,00 under this scheme. Affordable home loans provide competitive interest rates and lower EMIs, making the property more affordable. The maximum loan tenure offered for these loans is 30 years.

What are the Important Features of RBL Bank Home Loan?

When considering a home loan, it's important to evaluate the features that impact your loan experience. Here are some distinguishing qualities of RBL bank home loans:

• Extensive Loan Amount: RBL bank provides extensive financing alternatives, making it ideal for individuals seeking to invest in high-value properties.
• Tax Benefits: Sections 80C and 24(b) of the Income Tax Act allow you to claim tax deductions. This can result in large savings over time.
• Flexible Loan Amounts: The bank offers housing loans of up to ₹30.000.00 for a variety of purposes, including acquisition, self-construction, site purchase, or refurbishment.
• Balance Transfer Options: If you have an existing home loan from somewhere else, you can transfer it to RBL bank at competitive interest rates. You can also apply for a top-up loan to get additional money.
• Favourable Tenure: RBL bank offers flexible lending terms of up to 30 years for home loans and 15 years for top-up loans, allowing you plenty of time to repay without financial burden.

How to Use RBL Bank Home Loan EMI Calculator?

The RBL bank home loan EMI calculator is simple and user-friendly. Here's how to make the best of it:

Step 1: Enter the Loan Amount

Input the entire loan amount you want to borrow. This sum should be in line with your property's cost and financial capabilities.

Step 2: Enter Interest Rate

Enter the current interest rate, which begins at 8.90% per year for RBL bank home loans.

Step 3: Enter Loan Tenure

Choose the term for which you want to repay the loan—up to 30 years for home loans.

Step 4: Add if Any Pre-payment is Applicable

If you intend to make any pre-payments on your loan, include this amount to see how it impacts your EMI.

Step 5: Add the Processing Fee Amount

Consider any processing costs that may apply, as they can affect your total cost.

Step 6: Calculate Your EMI

Click the "Calculate" button to view your EMI breakdown.

Final Step: Review Your Results

Once you obtain your results, the following details are clearly displayed:

• Monthly EMI
• Principal amount
• Total interest payable
• Pre-payment
• The total payment includes the principal, interest, and pre-payment.
• Loan paid to date

How do you calculate RBL Bank Home Loan EMI?

For those who prefer a hands-on approach, you can calculate your EMI using the following formula:

The EMI calculation is based on a standard mathematical formula:

Where:

• PPP is the principal loan amount
• r is the monthly interest rate (annual interest rate divided by 12 and then by 100)
• n is the loan tenure in months (loan tenure in years multiplied by 12)

Explanation with an Example Let’s consider an example to illustrate the calculation:

• Loan Amount (P): ₹40,00,000
• Annual Interest Rate: 9%
• Loan Tenure: 30 years

Step 1: Convert the annual interest rate to a monthly rate:

Step 2: Convert the loan tenure to months:

n = 30 × 12 = 360

Step 3: Plug these values into the formula:

Step 4: Calculate the EMI:

So, the monthly EMI for a loan amount of ₹40,00,000 at an 9% annual interest rate over 30 years would be approximately ₹32,185.

What are the Benefits of the RBL Bank Home Loan EMI Calculator?

Using the EMI calculator is beneficial for various reasons, including the following:-

• Quick and Accurate Calculations: The calculator generates immediate results, allowing you to make swift judgements.
• User-Friendly Interface: It is designed for ease of use, making it accessible to those who aren't particularly financially aware.
• Financial/Budget Planning: It helps you organise your money by providing information about monthly payments, which can be helpful in establishing a budget.
• Time-Saving: Rather than manually navigating complex calculations, you can get quick results.
• Comparison of Other Loan Offers: You can compare different interest rates and loan terms to see which solutions are more advantageous.
• Amortisation Schedule: The calculator generates an amortisation schedule that shows how much of each payment goes to principal versus interest over time.
• Accessibility and Convenience: The calculator is a helpful tool because you can access it online at any time and from any location.
• Free to Use: The RBL bank home loan EMI calculator is free, so anyone can use it without making any financial commitments.

Eligibility Criteria for RBL Bank Home Loans

Understanding the eligibility criteria is critical for anyone looking into RBL home loan products. Here are the requirements.

For Salaried Individuals:-

• Maximum age upon debt maturity: 70 years or according to category.
• The minimum age for loan approval: 24 years.
• Minimum net income: ₹1,80,000 per year.
• Work experience: A minimum of three years is required. If you have been working for less than a year, a confirmation letter is required.

For Self-employed Individuals:-

• Maximum age for loan sanction: 65 years.
• Minimum net yearly income: Based on the most recent year's ITR/financials, a minimum of ₹1,50,000
• The minimum age for loan approval: 24 years.
• Business continuity: Must have worked in the same field for at least three years.

FAQs

Can foreigners apply for RBL bank home loans?

Yes, foreigners, NRIs and PIOs are typically eligible. However, eligibility is frequently determined by evidence demonstrating income and resident status. According to the Reserve Bank of India, NRIs can only get loans against properties in India.

Is there a pre-payment penalty for home loans?

RBL bank does not charge pre-payment fees on floating-rate home loans. However, with fixed-rate house loans, it is best to check the precise terms and circumstances, as policies can differ.

What is the maximum financing amount available through a drop-line overdraft against a property loan?

RBL bank offers a maximum lending limit of 50% of the property's worth.

Who is eligible for the drop-line overdraft against a property loan?

Numerous variables, including property ownership, income stability, and credit history, determine eligibility for RBL bank's drop-line overdraft against property loans. If you wish to get a drop-line OD against property, it is advisable to meticulously review these requirements and assess your financial standing before applying.

What are the foreclosure charges for RBL bank home loans?

RBL bank normally charges a foreclosure fee of up to 3% of the outstanding principal amount if you opt to settle the loan before the term is over.

What is the maximum tenure for the RBL bank EMI calculator?

RBL bank home loans normally have a maximum term of 30 years. So, you can enter the same maximum tenure in its calculator.

Does RBL Bank allow for tenure extensions on existing home loans?

Yes, RBL Bank does allow you to extend the term of an existing home loan.

Is there any tax benefit for an RBL bank home loan?

Yes, you can get considerable tax breaks when you get a house loan from RBL bank. Section 80C of the Income Tax Act allows you to claim a deduction of up to ₹1,50,000 on principal repayment. In addition, Section 24(b) allows you to deduct up to ₹2,00,000 in annual interest payments.

Do I need a co-applicant to apply for a home loan from RBL bank?

Having a co-applicant is not mandatory when applying for a home loan with RBL Bank. However, having a co-applicant can increase your chances of receiving a higher loan amount because pooled salaries can make the application more viable.

Is the RBL bank home loan EMI calculator free to use?

Absolutely, the RBL bank home loan EMI calculator is completely free to use.