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| Home > Priority
Sector > Agricultural Loans |
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Golden Jubilee Rural Housing Finance Scheme
Objective
|
To redress the problem of
rural housing through improved access to housing credit in rural areas, for construction
of house, purchase of house/flat under construction or purchase of newly built ready
house/flat/repair/renovation/extension etc. |
Eligibility
|
An individual customer
including joint loanees, salaried persons professional and self employed business men and
agriculturists having regular source of income. Promoters/Co-operative
Societies/Associations/Staff are not eligible under the scheme. |
Quantum of loan
|
There is no ceiling on the
quantum of loan provided by banks under the scheme. All loans extended by the banks in
rural areas for housing purposes be included under the captioned scheme.
However, it may be noted that refinance facility from NHB shall be limited up to a maximum
of Rs.15.00 lac per dwelling unit under the scheme. |
Documents
required
|
Along with the
loan proposal in the prescribed format the following major documents should be obtained. |
i. |
Blue Print of
sanctioned plan of the house with sketch map for reaching the site. |
ii. |
Agreement for
sale / Deed of conveyance / Title Deed with current land rent receipt. |
iii. |
Cost estimates
for construction of house. |
iv. |
Copy of
Agreement for Sale evidencing ownership of plot by promoters. |
v. |
Latest salary
certificate / slip (for employed persons) or Balance Sheet with P.L., account for the last
3 years (for professionals). Additional information sheet (for agricultural borrowers) in
the prescribed format. |
vi. |
Copy of IT
returns / assessment orders for last 3 years where income exceeds exemption limit. |
vii. |
Copy of ration
card / voter's identity card / identity card issued by employer etc. |
viii. |
Attested copy of
photograph of the loanee / loanees.
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Margin
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| In case of Individual |
... |
Minimum 15% of the total project
cost |
| In case of spouse being Co-borrower |
... |
Minimum 10% of the total project
cost |
Rate of interest
|
The rate of interest will be
at par with the fixed rate of interest as in case of United Housing Loan Scheme as
declared by the bank time to time. |
Security
|
| 1. |
For salaried people : |
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a) |
Mortgage of property |
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b) |
Employer's undertaking to deduct
EMI or to remit salary to Bank and to deduct (outstanding) balance from terminal benefits. |
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c) |
Third Party Guarantee |
| 2. |
For
Professional & Self-employed / Businessmen / Agriculturist |
| |
a) |
Mortgage of property |
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b) |
Liquid security to the tune of 25% |
| |
c) |
Third Party Guarantee |
| In case of loans up to Rs.50,000/-
for repair/renovation/extension 100% liquid security may be accepted in lieu of mortgage. |
Benefits for customer : IT rebate
available.
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