Aryavart Rural Housing Loan Scheme
By Team CodeForBanks | April 20, 2024
Aryavart Bank offers Aryavart Rural Housing Loan Scheme to its customers who are looking for loan for purchase of house or renotating/repiaring existing house in rural areas.
So if you are an individual engaged in agricultural/business/professional activities in rural areas and looking for a dream home in the rural areas, Aryavart Bank provides financial assistance for the building of houses in rural areas by offering you its Aryavart Rural Housing Loan Scheme. Based on the agricultural land you own, Aryavart Bank extends you with the home loan under its rural housing scheme.
Features of Aryavart Rural Housing Loan Scheme
| Scheme Name | Aryavart Rural Housing Loan Scheme |
|---|---|
| Interest Rate | 10% to 10.50% |
| Loan Amount | Maximum up to Rs.3 lakhs |
| Tenure | Maximum 9 years |
| Age of Applicant | Should not exceed 60 years |
Eligibility Criteria: Who can apply for Aryavart Rural Housing Loan Scheme?
- Nationality:Applicant should be resident individuals
- Age:Age of the applicant should not exceed 60 years at the time of availing the advance
- Applicant Type:Applicant should be engaged in agricultural/business/professional activities in rural areas
- Income Criteria: Net Take Home Pay should be minimum 35% of gross monthly salary/income
- Margin:Minimum 25% of project cost
Tax Benefits on Aryavart Rural Housing Loan Scheme
Aryavart Rural Housing Loan Scheme borrower is eligible for availing income tax benefits on the repayment of principal and interest components of the Aryavart Rural Housing Loan.
Rate of Interest
| Tenure | Interest Rate |
|---|---|
| Up to Rs.1 lakh | 10% |
| Above Rs.1 lakh | 10.50% |
Documents Required
Outlined below are documents required to apply for a rural housing loan,
- Duly filled and signed application form
- Address proof: voter id, ration card, driving license, passport, etc.
- Age proof
- Income proof: Any of passport, PAN card, voter ID, etc.
- PAN proof, Aadhaar card
- Proof of business activity
- Agriculture land related documents
- Any other document as required by the bank
Security for Aryavart Rural Housing Loan Scheme
| Security | Description |
|---|---|
| Primary | For Loan Upto Rs.1 lakh: Charge under sec. 6(1) on agricultural land of borrower |
| Primary | For Loan Above Rs.1 lakh upto Rs.3 lakhs: Equitable mortgage (EQM) of house |
| Collateral | Third party guarantee required |
| Other Collateral | May be required depending on case to case |
Home Loan EMI Calculator
You can use Home Loan EMI calculator to calculate the amount which needs to be paid as EMI after you obtain the plot loan. In this calculator, you need to enter the loan amount, loan tenure and loan interest rate. It will show the EMI that needs to be paid by you.
Other Important Requirements for Aryavart Rural Housing Loan Scheme
| Requirement | Description |
|---|---|
| Margin | Maximum 25% of project cost |
| Co-Borrower | Required where agri-land owner is older than 60 years |
| Mode of Repayment | Half Yearly EMI |
Repayment Tenure
Maximum repayment can be done with in maximum 9 years including moratorium of 6 months in case of construction of house.
Quantum of Aryavart Rural Housing Loan Scheme
| Purpose | Max. Loan Amount |
|---|---|
| For Construction of House | Maximum Rs.3 lakhs where EQM is available or maximum Rs.1 lakh, where 6(1) of Agri Land is available |
| For Repair/Renovetion | Maximum Rs.50000 |
| Eligible Quantum of Loan | 4 times of gross annual income or maximum loan limit i.e. Rs.3 lakhs or Rs.1 lakh or Rs.0.50 lakh |
Features and Benefits of Aryavart Rural Housing Loan Scheme
- Flexibility: It has flexible repayment tenure.
- Lower interest rates: Attractive interest rates in the range from 10% to 10.50% per annum.
- Moratorium period: It offers a moratorium period of 6 months in case of construction of house.
- Longer Repayment Tenures: Tenure maximum of 9 years is available for the borrowers.
- Zero Prepayment Penalty: Zero prepayment penalty for floating rate loans.