The Royal Bank Of Scotland has a proud history of 300 years. Royal Bank Of Scotland are good at their service in which they provide service to individuals, businessmen and corporate houses. In the year 2007 they have overtook ABN AMRO to enlarge their business. The Royal Bank Of Scotland is into the business of home loan financing. There are various categories in the Royal Bank Of Scotland Home Loan Scheme.

RBS Home Loan is available in the following categories.

• Home Loan available for Purchase Or Construction of a Home
• Royal Bank of Scotland Home Loan Residential Home Equity
• Royal Bank of Scotland Home Loan Secured Overdraft

The Royal Bank Of Scotland home loan has a few criterion according to which they provide loans to salaried and self employed individuals. The individual would need to produce the following documents to be eligible for the Royal Bank Of Scotland Home Loan Scheme.

Rbs Home Loan Interest Rate:

The Rbs home loan interest rate is floating rate at 11%. The Rbs home loan interest rate is 12%. The rbs home loan rate at floating rate are reset on 1^st of Jan, 1^st of April, 1^st of July and 1^st of October. The prime lending rate at rbs home loan rate is reset on 1^st Jan and 1^st July.

rbs home loan eligibility

According to the rbs home loan review all individuals be a salaried person or self employed person who has a regular source of income and repayment capacity can avail the loan.

rbs home loan eligibility for salaried 

The latest salary certificate or the salary slip which shows deductions.

Form No. 16 of last two years

Appointment and increment letter if any.

rbs home loan eligibility for self employed individuals

Income tax return for last two years which is duly attested by a Chartered accountant

Last two years profit and loss account and balance sheet duly attested by a Chartered accountant.

Memorandum and Article Of Association of the company/Partnership Deed of the company/Details of clients and suppliers.

The rbs home loan rate is available for a tenure of of 3 to 20 years for home loan. The Royal Bank Of Scotland Home Loan Scheme is payable by the customer on a monthly basis by a direct deduction from the customers account. People go for this loan as it is easy to qualify and the customer requires four days to get his loan processed. The current rates in the market is 11% floating rate and 12% home prime lending rate.

According to the rbs home loan review the documentation requiered are :

Common documents

Residence Proof

Income Proof

Filled Application Form

Two photographs

rbs home loan documentation for salaried:

Form 16

Latest salary slip

Bank Statement

rbs home loan  documentation for self employed:

IT return

Bank Statement

Proof of business

Profit and Loss account/ Balance Sheet.

Procedure And Options To Apply For The Loan:

The customer needs to submit duly filled form and attach related documents and submit it to the bank authorities for processing. The form is available at the branches or can be downloaded from the official website of the bank.

Maximum And Minimum Tenor Of The Loan:

 As per the rbs home loan review one can get a maximum repayment period of 25 years.

What would be the repayment options/facilities?

The customer can pay back his loan in equated monthly installments.

Pre Closure Process: In case a customer of rbs home loan wishes to close his loan before the agreed period or term is termed as pre closure.

The Royal Bank Of Scotland allows customers to make a part payment once the customer has completed one year of payment. A pre closure is allowed on the Royal Bank Of Scotland Home Loan Scheme

The First Year penalty is 6%

The Second Year penalty is 4%

The years post that penalty is 3%

BTF customers penalty is 10%

Tax Benefits: One can get tax benefits on the principal and the interest paid according to the Income Tax Act 1961 which varies yearly according to the changes made by the Government.