Which Bank Provides The Home Loan In Gram Panchayat?
People in rural areas strive their entire lives to get a home of their own. In such a situation, the gram panchayat home loan scheme provided by numerous banks and non-banking cooperatives assists rural residents in obtaining their dream home.
Like urban municipalities, the Indian government has separated agricultural and non-agricultural lands under gram panchayat, granting complete authority to the local governing body. This site attempts to cover all necessary aspects, simplifying the research process.
The banks listed below are the best providers of house loans in gram panchayat.
HDFC Rural Housing Finance
HDFC Rural Housing Finance is an attractive option for obtaining a housing loan. This approach is created exclusively for horticulturists, agriculturists, planters, and dairy producers to buy an existing or even under construction rural or urban residential plot.
Anyone between the ages of 21 and 65 may apply, but they must be Indian citizens.
Features
The following are some of HDFC Rural Housing Finance's features:
- The annual interest rates begin at 6.70 percent.
- Both self-employed and salaried persons can utilize the HDFC Rural Housing Finance service.
- It has customized repayment alternatives.
- There are no hidden fees associated with HDFC home loans.
- To qualify for this financing, farmers need not mortgage their agricultural land.
- The loan is available for a term of twenty years.
- The most recent six months of bank statements, copies of documentation showing ownership of the agricultural land and crops grown, and an Adhaar card as proof of identity for both applicants and co-applicants.
SBI Gram Niwas
A home loan for gram panchayat land, also referred to as SBI Gram Niwas, is popular among rural and semi-urban residents of India who wish to purchase their residence.
This arrangement's primary selling point is its minimal documentation requirements, flexible terms, and cheap interest rates. Anyone between the ages of 18 and 70 is eligible to apply for this loan.
Features
Listed below are some of the most important SBI Gram Niwas characteristics.
- The range of available interest rates is between 6.70 and 7.15 percent.
- In addition to purchasing land, applicants can build, repair, restore, and buy new dwellings in rural and semi-urban areas.
- The maximum available loan amount is 5 lakhs.
- There is no processing fee levied.
- 15 years is the maximum duration of the payback period.
- To qualify for an SBI home loan for gram panchayat property, the applicant must be a citizen of India.
IndiaBulls Rural Home Loan
India Bulls Rural Home Loan is advantageous as it provides loans to rural and semi-urban Indians at their doorstep.
The borrowed funds can be utilized to remodel or enlarge an existing home with additional Income Tax deductions. With India Bull, the loan approval amount is between 2 lacs and 50 lacs and can be tailored to the user's needs.
Features
Below are some characteristics covered by the India Bulls Rural Home loan.
- The India Bulls Rural Home Loan program features a variable interest rate.
- While applying for a new loan with India Bulls, applicants are not required to provide their previous repayment history.
- The process of disbursing funds is directly related to the construction phase of a particular project.
- A specialized support executive assists with administrative tasks. The entire system is ISO-accredited.
- Transparency is maintained throughout, and there are no hidden fees.
- According to section 24, the paid interest of up to Rs.200,000 can be claimed as a deduction for completed properties.
- According to section 80C, the principal sum of Rs. 150,000 can be claimed as a tax deduction.
Conclusion
Possessing one's own home is a source of enormous soul satisfaction and pride. It can also be passed down to future generations as a family heirloom or tangible object with sufficient resale value.
Initially, only Gramin Co-operatives provided rapid loans to the rural populace, but as time progressed, other banks and NBFCs from urban areas began to show substantial interest.
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