Purpose: Providing hassle free housing loans to farmers and other rural dwellers to construct new house / repair / renovate/ extend existing house (not older than 15 years) including the cost of work shed leading to income generating activities such as dairy shed etc.
Eligibility: All farmers, entrepreneurs, artisans, business people, employees etc (in the age group of 18 to 50 years) and members of SHGs can avail this personal loan.
Quantum of Loan: A maximum of 5 times the annual income (subject to maximum of Rs. 3 lakhs for new house and Rs. 1 lakh for repairs/renovation) is granted as loan.
Margin: 10% of the project cost is the margin for the loan.
Repayment: The repayment should be done within 15 years in EMI, quarterly, half yearly and yearly installments including moratorium period of 18 months from the disbursement of first installment or two months after completion of house which ever is earlier.
Security: Equitable/Registered Mortgage of house or any other tangible security including agricultural land to cover 100% of loan amount is required for loans above Rs.0.50 lakhs up to which only third party guarantee is required.
Other Documents Required: The building should be insured against all risks.