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  2. Rural Home Loans

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

Maximum Loan Amount Offered & ROIs:

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

SMFG India Credit offers a fixed interest rate on Rural Home Loans which starts at 15%.

The lowest interest rate is determined based on several factors, including net income, employment or business stability, existing monthly obligations, and the type or purpose of the Home Loan.

Documentation: (Salaried & Self - Employed)

Type of Document

Salaried

Self-employed

Proof of Identity (any one)
  • PAN/Form 60
  • Voter’s ID
  • Valid Passport
  • PAN/Form 60
  • Voter’s ID
  • Valid Passport

Proof of Income (any one)
  • Salary slip / certificate
  • Last 3 months’ bank statement
  • 100% of the income declared in Form-16
  • Income Tax Return (ITR)
  • Last 3 months’ bank statement
  • Business registration proof is mandatory

Proof of Residence (any one)
  • Electricity bill / House tax receipt / Water tax receipt (any one)
  • Letter issued by the National Population Register containing details of name and address.
  • Electricity bill / House tax receipt / Water tax receipt (any one)
  • Letter issued by the National Population Register containing details of name and address.

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

Factor

Salaried

Self-Employed

Age

Between 21 and 60 years

Between 21 and 65 years

Occupation Stability
  • Total employment: Minimum 5 years.
  • Employment experience in the same job: Minimum 1 year.

 
  • Total business stability: Minimum 5 years.
  • Business experience in same line of business: Minimum 3 years.

 

CIBIL Score

700+

700+

Location of Business/Work/Residence/Property
  • The customer's work, residence, or property must be within the branch catchment of 35 km radius from the branch.
  • This can be expanded to 50 km based on internal proposal and approvals.
  • The customer's work, residence, or property must be within the branch catchment of 35 km radius from the branch.
  • This can be expanded to 50 km based on internal proposal and approvals.

Minimum Property Area

400 Sq.ft +

400 Sq.ft +

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.

Type of Charges/Fees

Charges/ Fees Applicable

Processing Fees

Up to 2% of the Loan amount

Loan Cancellation and Rebooking Charges

Rs. 1500/- if Loan is cancelled at the request of the Borrower after disbursement of the Loan, but before encashment of Loan disbursal cheque. If cancellation of Loan is requested after encashment of Loan amount cheque or disbursement of Loan amount by online mode (NEFT, RTGS, etc.) directly into Borrower’s bank account by SMFG India Credit, Prepayment conditions shall apply.

Cheque/ECS Dishonour Charges/Bounce Charges

Rs. 300/- per Cheque/ECS per instance, can be recovered by SMFG India Credit up on occurrence of the specified
event.

Prepayment Charges (No foreclosure charges/ pre-payment penalties will be applicable on any floating rate term loan sanctioned for purposes other than business to individual borrowers, with or without co-applicant(s))
  1. No part pre-payment of the Loan shall be allowed until the Borrower has paid the first six (6) EMIs fully.
  2. No part-prepayment charges shall be applicable for part pre-payment upto a maximum of 25% of the outstanding Loan amounts once in a given financial year.
  3. Customer triggered part prepayment to be allowed only once in a year.
  4. Any part pre-payment in excess of twenty five (25) percent of the outstanding Loan amounts or a full prepayment of the loan shall attract prepayment charges as follows:
    • After payment of first seven (7) EMIs & till payment of first twenty four (24) EMIs: 4% of the Principal loan amount outstanding on the date of prepayment;
    • After payment of first twenty five (25) EMIs & till payment of first sixty (60) EMIs: 3% of the Principal loan amount outstanding on the date of prepayment;
    • After payment of first sixty one (61) EMIs & till payment of first eighty four (84) EMIs: 2% of the Principal loan amount outstanding on the date of prepayment;
    • NIL charges post payment of the first eighty four (85) EMI’s or such other amount as may be specified SMFG India Credit from time to time.

If you are interested in applying for a rural home loan from SMFG India Credit, please visit your nearest branch or contact us.

* Please note that loans are disbursed at the sole discretion of SMFG India Credit. Final approval, loan terms and disbursal process will be subject to SMFG India Credit's policy at the time of loan application. If you are an existing customer and wish to foreclose your loan, please note that foreclosure terms and charges will be applicable as per our policy at the time of loan foreclosure.

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