Housing Loans

224 Gruhalakshmi Rural housing Loan(GRHS)

Gruhalakshmi Rural housing Loan(GRHS)

Brief Terms & Conditions at a glance


Purpose of Loan

  1. Construction of house.
  2. Purchase of ready built house/flat.
  3. Purchase of flat under construction.
  4. Repairs/Renovation/up-gradation of house.
  5. Extension of house.
  6. Balance transfer/Takeover of housing loans. 


Who is eligible

  1. Allindividuals belonging to SC/ST/Minority community, who are salaried/professionals/businessmen/self-employed/NRI/Pensioners who have adequate repayment capacity.
  2. In the case of SC/ST/Minorities - Male or female who is the title holder with sufficient repayment capacity along with co borrower.
  3. Other than SC/ST/Minorities, Women title holder either singly or jointly with co-borrower and with sufficient repayment capacity.
  4. Rural men with income up to Rs. 2 lakhs per annum.



Other  conditions

Property to be financed should be located in rural area with population < 50,000/- as per 1991 census.


Quantum of loan

  1. For construction/purchase of house/flat  - Up to Rs. 15 lakhs only.
  2. For repairs/renovation/extension/up-gradation  - Rs. 5 lakhs only
  3. 80% of the project cost subject tomaximum ceiling mentioned above, repayment capacity and sufficient net take home income.


Repayment period

  1. For salaried individuals -  5 years to 30 years.
  2. For professionals -  5 years to 25 years.
  3. For NRI  - 5 years to 15 years.
  4. For business class -  5 years to 20 years.


Interest rate applicable

Rate of interest applicable as given below:

8.85% fixed for first three years and thereafter the prevailing roi, then.



In the case of purchase of house/flat, on the date of registration, and in the case of construction/repairs/renovation/up-gradation/extension, as per the progress of work.


Security for the loan

Equitable mortgage of the residential property being financed.


Collateral security

Depends up on case to case basis.


Stamp duty

As laid down in The State Stamp Act of the respective state government.

Note: For details regarding Processing charges, other charges and other Compliances, please contact your nearest branch.

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