You're sure you truly want to limit each VLAN to 500 Mbps? Reason I ask, generally, I would prefer to guarantee each VLAN would always received 500 Mbps, but could obtain up to the full gig.
Assuming you still want to limit, you can limit via shaping or policing. The former will buffer excess traffic, the latter drops excess traffic. Of the two, I generally recommend to shape.
Also, when choosing between shaping or policing (AKA rate-limiting), the former can only be done upon egress, the latter can be done upon egress or ingress.
Something to understand, we can "guarantee" neither VLAN will effectively obtain more than 500 Mbps, but we cannot truly guarantee either VLAN will obtain 500 Mbps from the Internet (we can guarantee 500 Mbps to the Internet, though).
A simple implementation of policing both VLANs to 500 Mbps, might be:
policy-map RateLimit500Mbps
class class-default
police average 500000000
interface TenGigabitEthernet0/0/1.11
service-policy input RateLimit500Mbps
service-policy output RateLimit500Mbps
interface TenGigabitEthernet0/0/1.101
service-policy input RateLimit500Mbps
service-policy output RateLimit500Mbps
