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Loan Against Property

RBL Bank, which used to be called The Ratnakar Bank, was founded in 1943 with headquarters in the state of Maharashtra in the Kolhapur region. It is one of the oldest and leading private sector banks in India. RBL Bank is a scheduled commercial bank that has over five lakh happy customers across the country. The Bank first established a strong presence in Maharashtra and Karnataka, and thereafter it strengthened its presence across India by expanding its network of branches and ATMs.

Ratnakar Bank’s services undertook a transformational journey under a new and brilliant expert management team in 2010, launching on a vital growth plan based on a strong platform of professional governance, technology infrastructure, relationships, geographic expansion and high quality capital. The status of the bank as of March 2016 was that it had grown to a network of 201 branches and 365 ATMs across 16 Indian states and union territories.
The objective and long term vision of the bank is to become the bank of choice of Indians by nurturing and creating enduring relationship of trust and respect with its customers, employees and partners. This enduring relationship can only be achieved by engaging and understanding customers need, and extending best in class services and products to them.

RBL Bank offers loan against property where its customers get a higher amount of loan by keeping any property as collateral. The amount of loan available can then be used for any personal or business needs.

Features of the RBL Bank Loan Against Property

  • The Ratnakar Bank offers loan against both residential property and commercial property. So, you can put your residential property in which you reside or in which you wish to reside in future as collateral. Moreover, if you have a commercial property, i.e. a property in which you carry out your business, that can also be secured as collateral for availing the loan.
  • This loan against property in RBL Bank is extended to salaried individuals, sole proprietorships, partnership firms, self employed professionals, private limited companies and closely held public limited companies, to help them realise the true value of his / her / their property and meeting their personal and business needs.
  • The bank charges interest rates, which are completely competitive and fair in keeping with the rates charges by other institutions. The rates being competitive, the bank makes sure to attract customers to the loan offered by it rather than going anywhere else.
  • The Bank offers the facility of a fixed interest rate for the first three years to its borrowers under this loan against property scheme.
  • RBL Bank property loan offers a long-term convenient repayment period of 180 months or in other words, 15 years.
  • The repayment period offered with the loan is longer in term. Added to it the attractive interest rates make the EMIs lower so that any individual can afford the avail a loan and also be able to pay it back without the risk of default.
  • The minimum age required for the applicant is 23 years while the maximum age has to be lower than 60 years or retirement age. For self employed professionals and individuals, the minimum net profit as per latest year that is financials and ITR should be Rs. 150,000. He or she should be of at least 23 years of age while the maximum age at loan maturity should be 65 years.
  • RBL Bank offers its Loan against Property for a maximum of amount Rs. 10 crore.
  • Property loan from RBL Bank asks for minimum documentation for verification and proof before approving / rejecting the loan application. The documents required are told at once to the applicant so that there is no delay and he or she will receive the loan in a short period, so long as the basic documents are available and the applicant fulfils the required criteria.
  • The RBL Bank property loan applicant will have to provide a co-applicant for the loan as it is mandatory.
  • The Ratnakar Bank offers a free ATM Card to the borrowers of this loan.
  • RBL Banks offers flexible loan pre-payment options to its borrowers.
  • The borrower can maintain a zero balance savings bank account at no charge.
  • Salaried customers get their property loan from Ratnakar Bank automatically fast tracked.

Loan Criteria and Eligibility

Drop line overdraft against property loan can be availed by self-employed professionals and individuals, sole proprietorships, partnership firms and private limited companies including all the closely held companies.
 

  • Drop line overdraft loan against property facility can be offered to Indian residents only
  • Minimum net profit as per latest year ITR / financials of Rs. 150,000
  • Minimum age at which this drop line overdraft loan can be sanctioned is 23 years and maximum age is 65 years
     
  • Eligibility Criteria :
     

Both salaried individuals and self-employed ones are eligible for loan against property, provided they fulfil certain criteria of eligibility:
 

  • Individuals who are under employment have to earn a gross salary of at least of Rs. 150,000 per year. The loan applicant has to be at least 23 years old when the loan is sanctioned, while at the time that the loan against property matures the loan applicant will have to at retirement age or not more than sixty years old.
  • Individuals who are self –employed or professionals need to have a minimum net profit of Rs. 150,000 as per their latest ITR/Financials. The minimum age at which they can avail of this loan is 23 years while the maximum age at the time of loan maturity is 65 years.
     
  • Factors that can affect then loan applicants’ eligibility for the property loan from RBL Bank:
     
  • Loan applicants who earn high salaries have a better probability of their loans getting sanctioned for the simple reason that their repayment capacity is also higher. Lower earning individuals may have more trouble repaying the loan.
  •  Loan from RBL Bank checks all the loan applicants CIBIL Scores prior to either rejecting or approving the loan application for a loan against property. CIBIL is the acronym for Credit Information Bureau Limited, and is India’s first credit information company set up in the year 2000.
  • Loan applicants who are of a younger age may have some difficulty in getting their loan application sanctioned as RBL Bank may see them as unsteady or unstable with their employment. Loan applicants on the cusp of retiring also face some difficulty as the bank will take into consideration that the applicants’ capacity for repayment diminishes after retirement.
  • Those loan applicants having a stable employment history are viewed favourably by the bank, as RBL Bank will consider their stability of employment as a sign of reliability.
  • If the loan applicant bears the load of an existing debt, it may affect their eligibility as that debt could impede the loan applicant’s capacity to repay the loan against property.
  • Regular, permanent employees are favoured by RBL Bank over temporary employees.

Overdraft Against Property Loan

This one of the best ways to manage your fund and capital requirements for business or any other needs and pay only for what you use. This facility of overdraft on the loan scheme is exclusively available only with property loan from RBL Bank. Drop line overdraft against property is an overdraft facility against mortgage as collateral for self-employed individuals. Following are the product features:
 

  • Drop line overdraft limit of up to Rs. 5 crore
  • Both residential and commercial property is accepted as collateral under this scheme.
  • Drop line overdraft regime of up to 10 years
  • Interest charged only amount utilised
  • Minimum documentations and fast authorisation
  • Attractive and lucrative interest rates

List of Financial Documents Required

There are certain financial documents which are required to avail this drop line overdraft loan against property facility:
 

  • For sole proprietors and self-employed individuals:
     
    • The bank statements from the borrowers main account for the last 6 months and for 3 months for all other bank accounts mentioned in the balance sheet
    • Latest statement of financials and income tax return for the last 3 years including the balance sheet, profit and loss account and computation of income along with all schedules
       
  • For self-employed specialists:
     
    • Latest audited copy of income tax return and financials for the last 3 years. This includes the profit and loss account, balance sheet, computation of income along with all schedules
    • Statement of all the latest transaction from the borrowers main bank account for the last 6 months and 3 months for all other accounts
    • Degree certificates and professional qualification certificates for doctors, chartered accountants, engineers, architects, etc. who are self employed

For private limited companies and partnership firms:
 

  • Partnership authority letter and partnership deed for partnership firms
  • Memorandum and articles of association of the company and board resolution from company’s directors
  • Certificate of incorporation for the companies
  • Current shareholdings patterns of private and public companies
  • Bank statement from the borrowers main account for the last 6 months and for 3 months of all the other bank accounts
  • Income tax returns and financials for the last 3 years. This includes the profit and loss account, balance sheet and computation of income along with all schedules
     
  • Documents required for availing loan from RBL Bank:


The documentation criterion is different for salaried individuals and that for self-employed individuals. The following list gives a complete set of documents required by both salaried and self-employed individuals:


For salaried applicants following documents are required to avail loan from RBL Bank:
 

  • Passport size photographs
  • Proof of Residence which can be a copy of any one of the documents like Ration Card, Telephone Bill, Electricity Bill and Voters Card.
  • Proof of Identity which can be a copy of any one of the documents like Voter’s Card, Driver’s License, PAN Card and Employer’s Card.
  • The latest Bank Statement or Passbook that shows the salary or income being credited in the account for the last 6 months.
  • Salary Slip of the last 6 months with deductions shown.
  • Form 16 of the last 2 years.
  • Copies of all the relevant Property Papers of the property which the applicant chooses to pledge as collateral for the loan.

For Self-employed Professionals
 

  • Passport size photographs
  • Latest audited ITR
  • Certified Financial Statements for the last 3 years (balance sheet, profit & loss accounts, computation of income with all schedules).
  • Proof of Residence which can be a copy of any one of the documents like Ration Card, Telephone Bill, Electricity Bill and Voters Card.
  • Proof of Identity which can be a copy of any one of the documents like Voter’s Card, Driver’s License, PAN Card and Employer’s Card
  • Latest bank statement or Passbook which shows the salary or income being credited in the account for the last 6 months
  • Professional Qualification Certificate and Degree Certificate for professionals (Doctors, architects, chartered accountants, etc.)

For Self-employed individuals / Sole Proprietorships
 

  • Passport size photographs
  • Latest audited ITR
  • Certified Financial Statements for the last 3 years (balance sheet, profit & loss accounts, computation of income with all schedules).
  • Bank statements from the borrower’s main account/s for the last six months and three months of all other bank accounts that are mentioned in the Balance Sheet.

For Partnership Firms/Private Limited Companies
 

  • Latest audited ITR
  • Certified Financial Statements for the last 3 years (balance sheet, profit & loss accounts, computation of income with all schedules).
  • Bank statements from the borrower’s main account/s for the last six months and three months of all other bank accounts that are mentioned in the Balance Sheet.
  • Partnership deed and the partnership authority letter for partnership firms.
  • Memorandum and Articles of Association and Board Resolution from the company.
  • Certificate of Incorporation (COI) for companies.
  • Latest shareholding patterns for Public Ltd. / Private Ltd. Companies.

Why take a Loan Against Property from Ratnakar Bank?

In recent years, RBL Bank has emerged as a strong contender in the Indian banking, financial and loan market. It is a rapidly growing and much appreciated bank and this is evident in the many awards it has won in the recent past. In 2014, the World Economic Forum recognized it as a Global Growth Company; Business Today and KPMG conducted a study in 2012 where it recognized RBL Bank as India’s Best Bank (Growth) in the mid-sized bank category. In the years 2013 and 2014, it was awarded the title of India’s Fastest Growing Small Bank by PWC-Business World surveys. Furthermore, in 2014, RBL Bank was awarded the title of Best Bank-Priority Sector Lending (Private Sector) at the Dun & Bradstreet Banking Awards. As is evident from the numerous awards, RBL Bank has been highly successful in its aim not only for growth but also to be recognized for its excellent banking facilities and services. Among its different services and products, RBL offers a Loan against Property for customers. Customers can be assured of RBL Bank’s continued efficiency and excellence while going through the loan application process. At every step, customers are offered every assistance so that their experience should be a transparent, hassle-free and satisfactory one.

Going about applying online for RBL Bank’s Loan Against Property

RBL Bank has made applying for loan against property from RBL Bank an easy and almost effortless one by allowing potential customers to apply for it online through its website. Therefore, the loan applicant does not have to even leave the comfort of his or her home or office. Loan applicants can apply online for the loan on any day and at any time of day by visiting RBL Bank’s official website and following the steps for the online loan application. The result is an increase in the convenience for the customer and a marked reduction in hassles, no waiting in line and no unnecessary rush and headache.


To apply for the RBL Bank Loan against Property, the loan applicant may follow the process mentioned below:


Go to RBL Bank’s official website and click on the tab marked as ‘Loans’. Then the loan applicant should click on the tab named as ‘Loan against property’. It will open a page that summarizes the features and benefits of the loan against property extended by RBL Bank. By clicking on the button that says ‘Apply Now’, a new page will open where the loan applicant may fill in the details required.