People in rural areas strive to get a house of their own throughout their lives. In such a scenario, the gram panchayat home loan system offered by various banks and non-banking cooperatives helps people of rural areas to avail of a house of their dreams. Like urban municipalities, the Government of India has also segregated both agricultural and regular lands under gram panchayat, offering full rights to the local governing body. This blog tries to cover up all the required aspects, making your research process a lot easier.
Which Banks Provide Home Loan in Gram Panchayat?
Below-mentioned are the top banks providing home loans in gram panchayat.
HDFC Rural Housing Finance
HDFC Rural Housing Finance serves as an attractive choice to avail of home loans. This particular system is specifically designed for horticulturists, agriculturists, planters and dairy farmers to purchase an existing or under construction residential plot either in rural or in urban areas. Anyone above 21 years and below 65 years of age can apply but has to be an Indian citizen.
Features
Some of the HDFC Rural Housing Finance features are as follows:
SBI Gram Niwas
A home loan for gram panchayat property , also known as SBI Gram Niwas, is popular among the people residing in rural and semi-urban parts of India to buy a house of their own. Features like minimum documentation, flexible tenure and low-interest rates are the prime attraction of this arrangement. Anyone above 18 years and below 70 years of age can apply for this loan.
Features
Below listed are some of the essential SBI Gram Niwas features
IndiaBulls Rural Home Loan
India Bulls Rural Home Loan comes in handy, providing loans to the rural and semi-urban Indian population directly at their doorstep. The fund availed can be used to renovate or extend the existing residence backed by additional Income Tax benefits. The loan approval amount stands between 2 lacs to 50 lacs with India Bull and can be customised as per users need.
Features
Below listed are some of the features covered under the India Bulls Rural Home loan
Owning a house of your own is somewhat a matter of pride and brings immense satisfaction to one’s soul. It can also be transferred to the future generation as a family heirloom or a physical asset with adequate resell value. At first, it was only the Gramin Co-operatives providing instant loans to the rural population, but with time several banks and NBFCs from the urban world also started to showcase significant interest.