20 Lakh Home Loan RBL Bank

RBL Bank's 20 lakh home loan is available to customers who dream of purchasing their home at a very reasonable interest rate. With interest rates starting at 8.90% p.a. and a loan tenure of up to 30 years, this dream of owning a home can be met without worrying about EMIs. An applicant can avail of a home loan of up to 15 crores. An additional perk of RBL Bank's 20 lakh home loan is that the applicant can benefit from a tax exemption of up to 3.5 lacs. Read more about the home loan and EMIs to be paid for 10 or 20 years of RBL Bank’s home loan tenure.

20 Lakh Home Loan RBL Bank – Highlights

The main features of an RBL Bank 20 lakh home loan are outlined in the table below:

20 Lakh Home Loan EMI For 5 Years RBL Bank

Let us calculate the EMI of RBL Bank’s 20 lakh home loan over the tenure of 5 years:

20 Lakh Home Loan EMI For 10 Years RBL Bank

EMI of RBL Bank’s 20 lakh home loan over the tenure of 10 years is mentioned in the table below:

20 Lakh Home Loan EMI For 15 Years RBL Bank

20 lakh home loan EMI of RBL Bank over the tenure of 15 years is given in the table below:

20 Lakh Home Loan EMI For 20 Years RBL Bank

The EMI details for a 20 lakh home loan from RBL Bank over a 20-year tenure are provided in the table below:

20 Lakh Home Loan EMI For 25 Years RBL Bank

The EMI for a 20 lakh home loan from RBL Bank over a 25-year tenure:

20 Lakh RBL Bank Home Loan – Fees & Charges

Several fees and charges should be noted when taking a 20 lakh home loan from RBL Bank. The processing fee is 1.5% of the loan amount or up to Rs 15,000, whichever is higher, plus GST.

Application charges differ based on location:

• Rs 6,500 for Mumbai residents and
• Rs 5,000 for residents of other areas.

If there are late EMI payments, a fee of 2% per month on the defaulted amount is charged. A cheque bounce incurs a fee of Rs 250. Foreclosure charges are 3% of the outstanding amount, and legal charges are applied per actual costs.

20 Lakh RBL Bank Home Loan – Documents Required

The required documents for a 20 lakh RBL Bank home loan are as follows:

• PAN Card: Necessary for Individuals, Partnership Firms, and Companies.
• Identity Proof: Acceptable documents include Voter ID, Driving License, or Passport.
• Address Proof
• Business Continuity Proof: Must provide a document dated at least five years old

Salaried Individuals:

• The last 2 years of Income Tax Returns
• Latest 3-month salary slip
• Latest Form 16 issued by the employer

Self-Employed Individuals and Professionals:

• Latest audited Income Tax Returns and financials for the last 2 years (Balance Sheet, Profit & Loss Account, and Computation of Income with all schedules)
• Bank statements from the main accounts for the last 6 months and from all other accounts mentioned in the balance sheet for the last 3 months
• Professional qualification and degree certificates (for professionals like Doctors, Architects, Chartered Accountants, etc.)

20 Lakh RBL Bank Home Loan – Eligibility Criteria

Applicants can be residents, NRIs, self-employed individuals, or professionals. Salaried individuals require a minimum annual income of Rs 1,80,000, with a minimum age of 24 years, a maximum age of 70 years at loan maturity, and at least 3 years of work experience. For self-employed individuals, the minimum annual income should be Rs 1,50,000, with a minimum age of 24 years and a maximum age of 65 years at loan sanction, and they must have been in business for at least 3 years.