A "low interest" loan shouldn't mean you have very little interest in paying it back!
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    We found 43 Rural Home Loan
    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    8.6% - 8.95% Floating
    Up to 0.5% (min. ₹5900) One time fee
    5L Min
    1-30 Years
    Response Time : Within 30 minutes
    Rs.5,000 Amazon voucher free
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    8.40% - 8.85% Floating
    0.5% (max. ₹11,800) One time fee
    5L - 10Crs
    3-30 Years
    Response Time : Within 30 minutes
    Rs.5,000 Amazon voucher free Paperless approval available
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    8.35% - 8.60% Floating
    Up to 0.5% (max. ₹11,800) One time fee
    5L - 10Crs
    1-30 Years
    Response Time : Within 30 minutes
    Rs.5,000 Amazon voucher free
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    8.40% - 10.05% Floating
    Up to 0.5% One time fee
    2L - 3Crs
    1-30 Years
    Response Time : Within 30 minutes
    Rs.5,000 Amazon voucher free
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    8.35% - 9.25% Floating
    0.50% (min. ₹10,000) + applicable tax
    12L - 5Crs
    1-20 Years (10 yrs plot loan)
    Response Time : Within 30 minutes
    Rs.5,000 Amazon voucher free
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good To Know
    Eligibility Criteria
    8.35% - 11.75% Fixed/Floating
    0.50% (min. ₹10000) One time fee
    5L - 10Crs
    1-30 Years
    Response Time : Within 30 minutes
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    8.25% Floating
    5,000 + applicable tax One time fee
    40L - 5Crs
    1 - 25 Years
    Response Time : Within 30 minutes
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    11.5% - 13% Floating
    2% One time fee
    25L - 3Cr
    1-20 Years
    Response Time : Within 30 minutes
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good To Know
    Eligibility Criteria
    8.55% - 8.99% Floating
    ₹5,000 to ₹10,000 + applicable tax One time fee
    20L - 10Crs
    1-30 Years
    Response Time : Within 30 minutes
    Rs.5,000 Amazon voucher free
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    10.67% Floating
    1% One time fee
    5L - 5Crs
    1-30 Years
    Response Time : Within 30 minutes
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    8.40% - 8.50% Floating
    0.5%
    20L - 10Crs
    1-30 Years
    Response Time : Within 30 minutes
    Rs.5,000 Amazon voucher free
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good To Know
    Eligibility Criteria
    8.6% - 8.95% FIXED:3 years,FLOATING Thereafter
    Up to 0.5% (min. ₹5900) One time fee
    5L Min
    1-30 Years
    Response Time : Within 30 minutes
    Rs.5,000 Amazon voucher free
    What you'll love
    Documents
    Perks
    Fees & Charges
    Value Adds
    Rural Home Loan is Rated as "Great!" by 23561 Users

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    Home Loan BYTES FROM OUR KITCHEN

    Rural Home Loan

    Mahatma Gandhi once said, “The future of India lies in its villages”. Majorly an agricultural country, with over 7 lakh villages, India can see a development of real sense only when she sees her villages growing. The Government of India, sensing the need of the hour to develop housing in rural areas thus fueling development, came up with a multi-pronged approach to achieve “Affordable Housing to all”. Several private and public banks now offer exclusively crafted loan deals for people in rural areas and farmers. People who want to build a house or purchase a plot in their native place can also avail a rural home loan. Special features of rural housing loan include less or no processing fee, minimum documentation requirements and flexible income criteria.

    Eligibility and Documentation for Rural Home Loan:

    • Generally, Indian residents aged at least 21 years are eligible to apply for a rural housing loan.
    • Please note that different banks have different income requirements for rural home loans. However, the applicant must be earning a steady and regular income.
    • Individuals can apply for this loan either singly or jointly with immediate family members like father, mother, spouse or children.
    • Rural home loans can be availed by different sections of people like agriculturalists, entrepreneurs, businessmen, self-employed people and also salaried professionals.

    Documentation:

    • Applicants must submit a proof of income and a proof of identity. Valid passport, voter ID, Aadhar card, PAN Card and other KYC documents can be submitted.
    • Agriculturalists applying for a rural home loan must submit the last 6 months’ bank statements, copy of title documents of agricultural land as a proof of land holding and copies of title documents of agricultural land as a proof of crops being cultivated as income proof.
    • Salaried applicants must submit income proof like PAN card, last 3 months salary slips, latest IT returns, form 16 and also the last 6 months bank statement.
    • Self-employed applicants must submit PAN Card, IT assessment for the last 3 years, Profit and loss statement for the business, account statements for business and self as income proof.

    Documents required may vary depending on the applicant’s nature of income and type of employment. Do enquire with the bank offering the rural home loan about a comprehensive list of documents required before applying.

    Features and Benefits of Rural Home Loan:

    • Rural housing loan products that is designed specially to cater to the needs of farmers and other members of rural community come with no processing fee and an interest rate concession.
    • Some banks like SBI also offer free personal accident insurance cover along with rural home loans.
    • The margin requirements are comparatively low when compared to other loan products in the market. The loan margin requirements vary from 10% to 20% depending on the type of project and the cost.
    • Banks offering rural home loans also offer longer tenures and flexible repayment options.
    • For the benefit of weaker section, the banks also offer other services like personalized documentation assistance and door-to-door servicing.
    • There is no penalty for prepaying the loan.
    • Certain banks also offer a moratorium period of up to 18 months for rural home loans.

    Loan Tenure and Quantum:

    • For rural housing loans, most of the private and public sector offer a flexible tenure option where the borrower can choose to repay the loan in 3 to 20 years.
    • The quantum of rural home loan is between Rs.5 lakh and Rs.15 lakh depending on the income and repayment capacity of the applicant and also the project cost.

    Rural Home Loan Interest Rate:

    • Currently, banks like ICICI are offering loans up to Rs.15 lakh for rural community people at the base rate.
    • The base rate currently stands at 9.70% and generally, banks and home financing companies offer a floating interest rate of 9.75% for rural home loans.

    Interest rates may differ from bank to bank, depending on the housing loan scheme.

    Rural home loans comes as a boon for weaker sections of the society in rural areas. Rural borrowers can make use of this scheme to purchase, renovate or construct their homes.

    Rural Home Loan MCLR Rate:

    Currently, banks like ICICI are offering loans up to Rs. 15 lakh for the rural community at floating rates. The rate of interest is based on the Marginal Cost of Funds-based Lending Rate (MCLR) from April 1, 2016. ICICI’s MCLR is 9.2% for 1 year. Most banks have set a MCLR of around 9.2-9.5%.

    Interest rates may differ from bank to bank, depending on the housing loan scheme.

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  • Rural Home Loan Reviews

    • HDFC Limited Home Loan
      "i loved it "
      0.5 5.0/5 "Blown Away!"
      I am a customer of HDFC BANK and have been holding an account since 15years . As i applied for a home loan in HDFC LTD after checking my eligibility within a month i got the approval and also it was a hassle free loan process and the only thing I am considered was that rate of interest was little bit higher than the others banks for WOMEN it was something around 8.35% where as in HDFC LTD i was getting a rate of interest of 8.50% was all about it . Rest everything was super fine .
      Was this review helpful? 0
      , chennai
      Reviewed on Sep 18, 2017
    • Bank Bazaar Home Loan
      "IT WAS GOOD "
      0.5 4.0/5 "Great!"
      It was a great experience with the BANK BAZAAR . The process followed by bank bazaar is so fast its just unbelievable . At night i downloaded the bank bazaar application on my mobile and got myself registered for a home loan and next day morning only i received a call asking me that did u apply a home loan through bank bazaar now that's called a express service and the mobile application is also really user friendly for the first time user .
      Was this review helpful? 0
      , chennai
      Reviewed on Sep 18, 2017
    • Axis Bank Home Loan
      "Not good"
      0.5 2.0/5 "Expected more"
      The experience that I had with the AXIS BANK during my home loan process was not at all good . The bank had lot and a lots of rules and restriction for the customers . i applied for a loan amount of 28 L the bank was not ready to give me the exact amount . AXIS bank does not trust its customer and asked for co applicant again that is kind of irritating i have clean banking record of more than 12th years but still they do not trust the customer they also said me the co applicant is mandatory . As other banks it was nothing like that i switched to another bank .
      Was this review helpful? 0
      , chennai
      Reviewed on Sep 18, 2017
    • Punjab National Bank Home Loan
      "Not Happy "
      0.5 1.0/5 "Really Bad"
      I was not at all happy with the experience and the services i had with the PNB HOUSING FINANCE LIMITED . As i applied for the home loan in the PNB finance there was that much of proper contact but when they contacted me and said that a rate of interest one time and after that they kept on changing that rate of interest 2 times and also the same they did with processing fee and the charges so that is the reason I was upset and I dropped the plan.
      Was this review helpful? 0
      , mumbai
      Reviewed on Sep 18, 2017
    • Bank Bazaar Home Loan
      "It Was Good"
      0.5 4.0/5 "Great!"
      The overall experience that I had with BANK BAZAAR was all good . i felt it great that bank bazaar gave me various option of the bank after comparing them based on me info given, and i need not run around from one bank to other get the info and compare it by my self all this is done by the website itself that's the best part about bankbazaar.com.
      Was this review helpful? 0
      , chandigarh
      Reviewed on Sep 18, 2017
    • HDFC Limited Home Loan
      "It Was Good"
      0.5 4.0/5 "Great!"
      I was really not happy with the exp i had with the HDFC LTD for the home loan services i applied for .the bank executive called me occassionally .The person who called me didn't have a idea that about that product i availed for after he said he will be arranging a call back from the senior person and after all that some personal problem came up so only i did not opt for the loan .
      Was this review helpful? 0
      , chandigarh
      Reviewed on Sep 18, 2017
    • Axis Bank Home Loan
      "Not good"
      0.5 1.0/5 "Really Bad"
      It was a horrible experience i had with AXIS BANK Housing finance services . They had a real delay in contacting me and they told me to keep ready all documents required for applying it took me 2 hour away from my busy scheudle for keep ready all the docs but no one turned up from the bank side . This happened with me like 2 times . then i applied through aadahr housing financier for a rate of interest 11% and and processing fee of 3% which is higher as it was an urgency.
      Was this review helpful? 0
      , mumbai
      Reviewed on Sep 18, 2017
    • Bank Bazaar Home Loan
      "Great"
      0.5 4.0/5 "Great!"
      My experience with bank bazaar was super i felt it amazing . it is so user friendly for the first time users and also real easy to use . The website is actually amazing takes your minimal information and gives you the best options based on your information given and also you have a option between them to compare them and choose the correct option .
      Was this review helpful? 0
      , new delhi
      Reviewed on Sep 18, 2017
    • Punjab National Bank Home Loan
      "Great"
      0.5 4.0/5 "Great!"
      It was not that great experience i had with PNB HOUSING FINANCE LIMITED. the bank made a real delay in contact and delivered me the information required for the loan process . they were providing a higher rate of interest of 8.50% where as other banks like ICICI was giving a lower rate of interest of 8.35% and even the processing fee is low so only . Also i was looking for ahead for a loan program in with i have to pay 25% of the amount now and rest after the possession of the house .
      Was this review helpful? 0
      , new delhi
      Reviewed on Sep 18, 2017
    • HDFC Limited Home Loan
      "not good "
      0.5 1.0/5 "Really Bad"
      the experience i had with the HDFC LTD home loan services was not that good . Everything was held up with the bank was not up to the mark . After a month i submitted the docs for the loan process i got a call from the bank stating me that my home loan application is not yet processed for approval yet , if anyone can do anything for that it will be amazing better .
      Was this review helpful? 0
      , dehradun
      Reviewed on Sep 18, 2017
    • HDFC Limited Home Loan
      "Good one"
      0.5 5.0/5 "Blown Away!"
      Over all i had a good experience with HDFC LTD home loan services . The process was help on time and the bank contacted me proper and a convenient manner .they never had a delay in their process every information was delivered to me correctly and smoothly . i was bit of a confused with the rate of interest of 8.50% and the processing fee . when i applied it for the second time i got a difference of 8.35% in the rate of interest so applied from the second time .
      Was this review helpful? 0
      , pune
      Reviewed on Sep 18, 2017
    • Bank Bazaar Home Loan
      "It's good"
      0.5 5.0/5 "Blown Away!"
      The experience that I had with BANK BAZAAR was real real good . It is just amazing and also easy to find the multiple options . with those options you can compare them and get the best option for you there which provides you the rate of interest and minimal processing fee . The website of BANK BAZAAR is so user friendly for the first timers easily they can search for what they require and by giving out few basic information you can find the best deal by your self .
      Was this review helpful? 0
      , new delhi
      Reviewed on Sep 18, 2017
    • Axis Bank Home Loan
      "It's good"
      0.5 5.0/5 "Blown Away!"
      The services provided to me by AXIS BANK Home Loan process was really super good . The customer service provided to me from the AXIS bank home loan is really good and is to appreciable too . Never to hard to for me to acquire the information what all i required for the home loan process was easily provided by the bank in a proper manner . the reason i didn't take the loan is i got it arranged for one of my relative so i didn't opt fr the Home loan .
      Was this review helpful? 0
      , new delhi
      Reviewed on Sep 18, 2017
    • Bank Bazaar Home Loan
      "Good"
      0.5 4.0/5 "Great!"
      I had a real good and a amazing experience with BANK BAZAAR when i was looking for options of the bank for a Home loan . With bank bazaar i got great option of the different bank and also i got a option of comparing those different bank and get the best rate of interest and less processing fee offering bank . I loved the website of Bank Bazaar . It is an amazing experience as a first it was so easy for me to do everything easily without any guidance i did everything on my own .
      Was this review helpful? 0
      , mumbai
      Reviewed on Sep 18, 2017
    • Axis Bank Home Loan
      "Good"
      0.5 4.0/5 "Great!"
      I was happy with the service of AXIS bank home loan process . they were so good at serving their customer in a proper and a better way . All the data i required for the loan process was delivered to me in a better and a proper way . i felt for few reasons that the processing fee was high and also i got a a rate of interest for of 12.50 %. more over the property options will all in was getting was out of my budget so i didn't opt for the loan due to my own reason .
      Was this review helpful? 0
      , mumbai
      Reviewed on Sep 18, 2017
    • Indiabulls Home Loan
      "AVERAGE"
      0.5 3.0/5 "Satisfactory"
      My home loan is from India Bulls and the experience has been just satisfactory and the interest rate is around 9.2% which is high. Customer service is okay one for me but the interest rate is the major concern, which are really huge. Response and other things are really fine one for me
      Was this review helpful? 0
      , tiruchirapalli
      Reviewed on Sep 18, 2017
    • Punjab National Bank Home Loan
      "PNB is actually doing great"
      0.5 4.0/5 "Great!"
      PNB is actually doing great, they were able to sanction 100% loan amount as per my requirement. The property was selected by me and dealer had a tie up with PNB. Paper works were perfect once after I reached their premises PNB was able to provide the paper works in the next 2 hours.
      Was this review helpful? 0
      , pune
      Reviewed on Sep 18, 2017
    • HDFC Limited Home Loan
      "My housing loan"
      0.5 5.0/5 "Blown Away!"
      HDFC LTD housing loan process is very good, interest rate and processing fee charged was good. Documentation process was very smooth one of the executives came to my place to collect the documents. Besides that, I am getting updates from them on a time to time basis also I am getting some tax benefits too.
      Was this review helpful? 0
      , indore
      Reviewed on Sep 18, 2017
    • SBI Home Loan
      "Its good only"
      0.5 5.0/5 "Blown Away!"
      I did not interact with the customer service team . I directly approach the bank and the bank processed my housing loan request . The bank took hardly a days time to process the housing loan it was quick, mainly because it was the bank which finalized the land for me. However SBI was unable to process Pradhan Mantri scheme.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Sep 18, 2017
    • Bank Bazaar Home Loan
      "Fantastic"
      0.5 5.0/5 "Blown Away!"
      Bankbazaar.com is quite helpful for me, also I got the response from the bankers on immediate basis. I would like to say Bankbazaar.com is an excellent one. I would like to say that the mobile application of Bankbazaar.com is working in good way.
      Was this review helpful? 0
      , bangalore
      Reviewed on Sep 17, 2017
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