Rural Housing Loan

If you are an Agriculturists, Planters, Horticulturists, Dairy Farmers looking for a dream home in the rural or in urban areas, we make it easy to fulfill your dream. We also are providing the rural housing loans to farmers, agriculturists and planters for purchase and construction of a residential property.

Features & Benefits of Rural Housing Loan

  • The loan is available at very competitive rates of interest, currently available in the industry.
  • Option for different EMI amounts for different periods during tenure of loan to suit customer’s repayment capacity
  • Loan to NRIs as well as Persons of Indian Origin.
  • Simplified application form/procedures for convenience of customers, and speedy approvals.
  • Repayment upto 70 years also allowed to salaried employees having assured post retirement income.
  • Prepayment of Loan permitted. No prepayment charges under floating rate option.
  • Interest is calculated on daily balance basis which is of great advantage to customer as it results in lower interest amount.
  • Life Insurance Cover to borrowers for Loan Protection(optional).
  • Highly flexible - maximum 30 yrs. Loan to be normally repaid before date of retirement in case of salaried persons and before attaining 70 years of age in case of others.

Availing a home loan may grant you to the following tax benefits -

  • The repayments (EMIs) towards the principal loan amount availed are eligible for a tax deduction upto Rs 1.5 lakh, under section 80C of the Income tax Act 1961. While Section 24(b) of the Income Tax Act 1961, provides for a deduction on the interest portion of home loan EMIs up to Rs. 2 lakh per annum. However if the house purchased is a “let out property” i.e. is rented out. The deductions can apply for the entire interest payable.
  • Additionally first time home buyers may be eligible for further deductions under Section 80EE, upto Rs.50,000/- per annum after they’ve exhausted the limit for interest per Section 24(b).

Pradhan Mantri Awas Yojana Scheme

  • First time home owners can benefit from the PMAY a Credit Linked Subsidy Scheme and get a subsidy of up to Rs. 2.67 lac on your home loan amount. PMAY for purchase/ construction/ improvement of house to cater Economical Weaker Section(EWS)/Lower Income Group(LIG)/Middle Income Group (MIG).

Documents Required For Salaried & Self Employed -

CategoryAgriculturist/Dairy Farmer
Proof Of Identity (Any One)
  • PAN Card/ Voter ID Card / Aadhar Card / Valid Passport.
Proof Of Residence (Any One)
  • Aadhar Card / Utility Bills/ Voter ID Card/ Valid Passport/ Driving License.
Proof Of Income
  • J Form for last 3 years.
  • 2 years latest Form 16 (if available)
  • 1 year bank account statement.
  • Proof any additional Income (If available).
Property Related Documents
  • Title Deeds of the Property.
  • Estimate for construction assessed by a Civil Engineer/ an Architect.
  • Encumbrance Certificate.
  • Photocopy of the plan sanctioned by Local Authorities.
Other Documents
  • The detail of ongoing loans statement (if any).
  • 15 years revenue record of agricultural land.
  • Processing fee cheque favouring the bank/financial institution.
  • Duly filled application form affixed with passport size photographs of all the applicants/co-applicants and signed across.

Home Loan Calculator

  • Monthly Home Loan EMI per lakh is Rs. 741, which is one of the lowest EMI offered by banks. Housing loan EMI is calculated based on loan amount, loan tenure and interest rate.
Loan Amount 10 Year Loan 15 Year Loan 20 Year Loan
₹ 20 Lakh
₹ 24,372/-
₹ 19,229/-
₹ 16,854/-
₹ 30 Lakh
₹ 36,558/-
₹ 28,843/-
₹ 25,281/-
₹ 50 Lakh
₹ 60,929/-
₹ 48,072/-
₹ 42,134/-
* Terms & Conditions Apply.