RBL Bank Home Construction Loan

Before you apply for a construction loan, you should know everything about it. The RBL construction loan is available for people who want to construct a house on land that they bought. Based on the construction plan, the bank gives you a house construction loan. 

The bank pays the amount in instalments throughout the construction period. This is done to ensure that the borrower has sufficient money at every stage of the house construction. 

RBL Bank Construction Loan Interest Rates

The RBL Bank construction loan interest rate starts from 8.9%. The final rate of interest depends on different aspects like the credit score, loan amount, repayment schedule and the type of employment of the borrower. 

RBL Bank Construction Loan Fees and Charges

There are a few fees and charges that apply to the RBL Bank construction loan. Let’s have a look at them:

RBL Bank Construction Loan Eligibility Criteria for Salaried Applicants

The eligibility criteria for RBL Bank construction loan for salaried employees are:

• Should have a net income of at least Rs 1.2 Lakhs per annum
• Should be at least 24 years old but not more than 60 years

RBL Bank Construction Loan Eligibility Criteria for Self-employed Applicants

The eligibility criteria for RBL Bank construction loan for salaried employees are:

• Should have a net income of Rs. 1.5 Lakhs per annum as per the latest ITR
• Should be at least 24 years old but not more than 65 years

RBL Bank Construction Loan Documents Required for Salaried Applicants

The documents required for a salaried employee are:

• Duly filled and signed application form
• Passport-sized photographs
• Salary slips for the last 3 months
• Last 6 months’ bank statement 
• Address and age proof
• Form 16 
• Details of Income Tax Returns
• The title documents of the land where the construction is scheduled

RBL Bank Construction Loan Documents Required for Self-Employed

Self-employed individuals will have to submit the following documents for an RBL Bank construction loan:

• Duly filled and signed application form
• Passport-sized photographs
• Address and age proof
• Last 12 months’ bank statement 
• Title documents of the property along with the business address proof
• Partnership firms: Partnership deed

Companies: Articles and Memorandum of Association along with the CA certificate on the profit sharing ratio

Features of RBL Bank Construction Loans

Let’s have a look at the features of RBL Bank construction loans:

• The bank offers construction loans of up to Rs. 10 Crores
• The rate of interest starts from 8.9% per annum, depending on your credit score
• There are a few charges that are associated with RBL Bank construction loans. You should clarify these charges with your bank
• These loans are only available for Indian residents