RBL Bank Home Loan for Self Employed

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.

RBL Bank Home Loan for Self Employed – Highlights 

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.

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.