Rural Home Loan

Rural Home Loan is a secured loan offered to help individuals and families in rural areas construct or purchase a home, or renovate/extend their own house. Designed specifically for rural buyers, these loans offer tailored solutions for facilitating homeownership in rural areas. Various loan options are offered to suit different needs and financial situations. These programmes aim to promote prosperity and improve the quality of life in rural areas by making homeownership more accessible.

Features And Benefits:

1. Customised Offerings: Rural Home Loan offers substantial loan amounts based on the property's value and the borrower’s income.
2. Flexible Repayment Terms: Borrowers can repay the loan up to 180 months, which is the maximum tenure offered. They do have the flexibility to choose a suitable loan tenure that aligns with their financial requirements and repayment ease.
3. Multipurpose Use: The funds can be utilized for diverse purposes such as:
   • Self – construction
   • Purchase of a ready property
   • Purchase of an under-construction property
   • Renovation/Extensions/Home improvement
   • Composite loan (Plot + construction)
   • Balance transfer and top-up

Interest Rates & Loan Amount offered:

SMFG India Credit offers Rural Home Loans with interest rates ranging from 14.5% to 23%.

The applicable interest rate is determined based on multiple factors, including net income, employment or business stability, existing loan obligations and the type (or) purpose of the loan.

The maximum loan amount offered under Rural Home Loans is INR 20 Lakhs.

Documentation: (Salaried & Self - Employed)

Please note that in case of co-applicants, basic documents such as PAN, KYC documents, etc., will also be required. 

The above list is indicative. Depending on the specific loan product, your profile, and our policy at the time of loan application, additional documents may be requested.

Note:

• Originals of address proofs, ID proofs, and other documents are required for onsite verification; exceptions may apply in cases of digital KYC.
• One of the Deemed OVDs may be submitted if the address proof provided does not mention the applicant’s current address. Click here for the complete list.
• An OVD with the customer’s updated address must be furnished within three months of submitting the address proof document.

Eligibility Criteria: Salaried and self-employed individuals must meet the following criteria to be eligible for a Rural Home Loan:

In addition to the above-mentioned criteria, the following professions based on income profiles are considered eligible for availing a loan:

Salaried Profiles:

Salaried individuals would include all those employed in Government, Non-Government, and Private institutes (Companies, Partnership, and Proprietorship firms).

Self Employed Professionals (SEP) Profiles:

This category would include individuals such as Doctors, Engineers, Company Secretaries (CS), and Chartered Accountants (CA) serving in the rural branch catchments.

Self Employed Non-Professionals (SENP) Profiles:

This category would include primarily regular livelihood business profiles in target catchment areas with permanent establishments.

Agriculturists & Allied Profiles:

• Agriculturists: Farmers who own land holdings or take them on lease and would be cultivating crops along with agri-allied income (dairy, poultry, fishery, piggery, goat rearing, etc.)
• Allied Agriculture: Farmers who may or may not own land holdings and would be engaged in activities such as cattle rearing, sheep or goat rearing, or poultry, which would constitute allied agriculture.

In combination cases i.e., where both salaried and self-employed applicants are involved in the loan structure, the case is to be structured under the applicant with the higher Income.

Fees And Charges:

In addition to the interest, the following are some of the basic fees and charges applicable when applying for a home loan from SMICC.

At SMFG India Credit, we offer this product exclusively to rural customers at our rural branches. Thus, if you wish to apply for this product, please contact us or visit your nearest branch. To plan your branch visit better, you are advised to contact our customer care.