Rural Housing Loan is a form of secured loan that is availed by a customer to purchase a house. The property can be an under-construction or a ready property from a developer, purchase of a resale property, to construct a housing unit on a plot of land, to make improvements and extensions to an already existing house and to transfer your existing Housing Loan availed from another financial institution to Bank. A housing loan is repaid through equated monthly installments (EMI) which consists of a portion of the principal borrowed and the interest accrued on the same.

You can avail a Bank rural housing loan online in 4 quick and easy steps:
1. Sign Up / Register
2. Fill in the rural housing loan application form
3. Upload Documents
4. Pay Processing Fee
5. Get Loan Approval
You can also apply for a rural housing loan online.

You are required to pay 10-25% of the total property cost as ‘own contribution depending upon the loan amount. 75 to 90% of the property cost is what can be availed as a housing loan. In case of construction, home improvement and home extension loans, 75 to 90% of the construction/improvement/extension estimate can be funded.

Rural housing loan eligibility depends on the income and repayment capacity of the individual. Please find details about rural housing loan eligibility criteria: Create Table here also

Yes. You may be eligible for tax benefits on repayment of the principal and interest components of your rural housing loan as per sections 80C, 24(b) and 80EEA of the Income Tax Act, 1961. Since the benefits may vary each year, please do consult your chartered accountant/ tax expert for the latest information.

You can take disbursement of your rural housing loan once the property has been technically appraised, all legal documentation has been completed, and you have made your down payment. You can submit a request for the disbursement of your loan online or by visiting any of our offices.

Some of the factors that determine your eligibility for a rural housing loan are:

• Income and Repayment Capacity
• Age
• Financial Profile
• Credit History
• Credit Score
• Existing Debt/EMIs

Bank will determine your rural housing loan Eligibility largely by your income and repayment capacity. Other important factors include your age, qualification, number of dependants, your spouse's income (if any), assets & liabilities, savings history and the stability & continuity of occupation.

You can apply for housing loans at any time once you have decided to purchase or construct a property, even if you have not selected the property or the construction has not commenced. You can even apply for a rural housing loan whilst you are working abroad, to plan for your return to India in future.

Yes. You can avail two rural housing loans at the same time. However, the approval of your loan depends on your repayment capacity. It is up to Bank to assess your eligibility and ability to repay the EMIs for two rural housing loans.properties which are free of encumbrances of any sort.

For your convenience, Bank offers various modes for repayment of your house loan. You may issue standing instructions to your banker to pay the installments through ECS (Electronic Clearing System), opt for direct deduction of monthly installments by your employer or issue post-dated cheques from your salary account.

EMI's begins from the month subsequent to the month in which disbursement of the loan is done. For loans for under-construction properties EMI usually begins after the complete rural housing loan is disbursed but customers can choose to begin their emi’s as soon as they avail their first disbursement and their EMI’s will increase proportionately with every subsequent disbursement. For resale cases, since the whole loan amount is disbursed in one go, EMI on the whole loan amount start from the subsequent to the month of disbursement

Pre-EMI is the monthly payment of interest on your rural housing loan. This amount is paid during the period till the full disbursement of the loan. Your actual loan tenure — and EMI (comprising of both principal and interest) payments — begins once the Pre-EMI phase is over i.e. post the house loan has been fully disbursed.

All co-owners of the property need to be co-applicants to the house loan. Generally, co-applicants are close family members.

Yes. You can prepay your rural housing loan (in part or in full) before the completion of your actual loan tenure. Please note that while there are no prepayment charges on floating rate rural housing loans unless the same availed for business purposes.

No. You don’t need to have a guarantor for your rural housing loan. You will only be asked for a guarantor in certain situations, namely:

• When the primary applicant has a weak financial standing
• When the applicant wants to borrow an amount that is beyond their eligibility.
• When the applicant earns less than the established minimum income criteria.

A rural housing loan provisional certificate is a summary of the interest and the principal amounts repaid by you towards your rural housing loan during a financial year. It is provided to you by Bank and is required for claiming tax deductions. If you are an existing customer, you can easily download your provisional rural housing loan provisional certificate from our online portal .

No. rural housing loan insurance is not mandatory. However, it is advisable that you buy insurance for protection against any unforeseeable circumstances.

Our Bank Reach Loans make home buying possible for micro-entrepreneurs and salaried individuals who may or may not have sufficient proof of income documentation. You can apply for a house loan with minimal income documentation with Bank Reach.

It is a loan for renovating (without altering the structure/carpet area) your home in ways like tiling, flooring, internal / external plaster and painting etc.