Home Loans India

Affordable Housing Loan -Rural [AHL- R]

1.

Purpose

  • Purchase of Ready built House/Flat/ flat under construction
  • Construction of House.
  • Undertaking extension/repairs/renovation/upgradation.
2

Eligibility

Areas covered: Any other areas not falling under the Statutory Town definition of Pradhan Mantri Awas Yojana-Urban for the following beneficiaries:

  • Individuals belonging to weaker section as defined in the RBI’s priority
    sector guidelines* and/ or
  • Annual household income not exceeding Rs.3 lacs and/or
  • Women – Property in their names, either singly or jointly.

* which includes scheduled caste and scheduled tribes, Minority communities as may be notified by Govt. of India from time to time, persons with disabilities.

3

Security

Mortgage of the property being financed.
 4

Rate of interest

Prevailing card rate.
5

Repayment

Maximum term up to 30 years subject to maximum age of 70 years of applicants.
6

Other conditions

  • The scheme is applicable to individual housing loans sanctioned on or after 01/04/2017 and falling under Rural category.
  • ROI is fixed for an initial period of 7 years. ROI would automatically shall be converted to variable interest rate for the respective risk category.
  • 2% plus applicable GST where the loan accounts are on fixed interest rate in case the loans are taken over by other banks/financial institutions. However, no pre closure charges will be collected if the borrowers close the loans out of their own funds.
7

Margin

  • Up to Rs. 20 lac - 15%.
  • Above Rs. 20 lac up to Rs. 75 lacs - 20%.
  • Above Rs.75 lacs-25%.
8

Rate of interest

Prevailing card rate.


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