How To Take Home Loan To Build House In Village Or City

In this post, we will tell you how to take a Home Loan to build a house in the village and city in 2022, if you want to build your dream house and you are running out of money to build a house, so if you want to build a house by taking a loan, then you should read this article. Will help a lot. In olden times people used to collect money throughout their life and start planning to build a house after their retirement but in today’s time people try to build their own nice house as soon as possible.

Take Home Loan To Build House

In today’s time, banks and other financial institutions give loans in large quantities.

How much home loan you will get and for how much time depends on from which financial institution you take loan and whether you are in urban area or rural area because often huge amount of loan is available in urban area but village People often face difficulties in getting loans.

How To Take Home Loan To Build House?

Friends, as I told you that the process of taking loan is different in urban and rural areas, let us know in detail about both that if you live in urban area then how much and how will you get loan and if you live in rural area. If yes, then what will be the process of taking loan.

How To Take Home Loan To Build House In Village?

Friends, although the process of taking a home loan in the village is very difficult, if you want to take a loan in the urban area, then you get it very easily there, but you have to face a lot of problems to take a loan in the village, you are a new person in the village. You can take a loan to buy a house or to upgrade or renovate your house.

If you meet the criteria for availing loan then you can easily take home loan in rural area also.

Criteria For Taking Home Loan In Rural Area.

• The place where you are taking the loan should be the residency.
• If you are in SC or ST OBC category then the process of taking loan is very easy.
• Neither of the spouses has taken a home loan from any institution before.
• 6 months bank statement.
• Copy of income tax return.

Process To Take Home Loan In Rural Area.

If you want to take home loan in rural area, then let me tell you that in today’s time almost all the big village towns of India definitely have some bank branch and all bank branches have home loan facility. Through SBI Bank, you can also find out about the home loan scheme running in your area.

Whether you are taking a loan through a scheme or taking a loan in a private bank, the process remains the same, you first have to go to your financial institution and fill the form for home loan there, along with the required documents mentioned below. Have to put

In rural areas, your loan is approved in at least 3 days and at most 1 month, after the approval of the loan, you are given a sanction letter by the bank, the sanction letter contains information about the loan amount and installments. The regard to your loan will be fully explained.

Documents Required To Take Home Loan In Rural Area.

• Aadhar Card as ID Proof
• Residential Proof (Address Proof)
• Two passport size photographs
• Income slip
• Copy of ITR

Why Loan Is Difficult To Get In Rural Area?

As you also know that the process of taking loan is very difficult in rural area instead of urban area, this difficulty comes because banking sector does not provide much facilities for the people of rural area, this is the bitter truth. The second important thing is this. That the rural area fails to show any kind of income proof.

It is very important to have recurring revenue to take a home loan, if you are making money from agriculture, then you can show its income (or in any other form) for this you will have to make an income certificate, currently the process of making income certificate has changed. Now you can get income verification done from family ID, so first of all you have to get income filled in your family ID.

Also Read: Manappuram Gold Loan Rate Per Gram

If you are in rural area and working on monthly salary then it will be very easy for you to take home loan because now you will be able to show salary slip and also show your income proof. If you are an employee then you will also be filing ITR, so the process of taking loan will be very easy for you and any financial institution will give you loan as soon as possible.

How Much Home Loan Can Be Availed In Rural Area?

It depends on your income, how much loan you will get, if you are employed on a good salary, then you can also get a loan of 25 to 30 lakh rupees. On the other hand, if your income is very less and you do not provide any kind of security, then you can make a loan of only 5 to 7 lakhs.

How To Take Loan For Construction Of House In City?

MLAs of rural areas The process of taking loans in urban areas becomes very easy. In urban areas, there are many financial institutions and banks that give home loans without any guarantee, even here you do not even need to make a security deposit. All you need is a copy of your salary slip and ITR.

If you are looking for a home loan in urban areas, you will be able to easily take a loan to buy a new flat, expand an existing house, or build a new house.

Criteria For Lending In Urban Areas

• You will get the loan at the place where you want to build the house.
• You have to show the copy of salary slip and ITR.
• It is mandatory for you to have all the necessary documents.
• Neither of the husband and wife should have taken home loan before.

Process To Take Home Loan In Urban Area

Friends, the process of taking home loan in urban area instead of village is very easy, for this you have to go to your nearest financial institution, keep in mind that if there is any government scheme to take home loan, then do not forget to take advantage of it.

After going to the financial institution, you have to apply for home loan from there, the documents required to apply are the same as those mentioned above to take home loan in rural area.

The process of your loan will be completed in 2 to 3 days, it also depends on your bank, which type of bank you take loan from will know.

How Much Home Loan Can I Get In Urban Area?

Friends, there are chances of you getting more home loan in the city than in the village, but even here the loan is given only after seeing your income, if you give proof of more money then you can get more home loan, you can get loan only that much You should take as much as you can pay.

If you are doing a good job then in urban area you get a home loan of Rs 10 lakh to Rs 60 lakh. Loans can be taken easily.

What Is The Interest Rate On Home Loan?

Friends, the interest rate is almost the same in both rural and urban areas, but it can be different back to bank. That is, the interest rate on the home loan depends on which bank you are taking the loan from.

The interest rate can also depend on the tenure for which you are taking the loan. Often a longer tenure is chosen for taking a home loan. People often take home loans for 20 to 30 years. Let us see according to different banks, which bank is giving loan at what rate of interest.

• SBI Bank – 8.60-11.15 %
• PNB – 7.95-8.45%
• HDFC – 8.25-9.70%
• CANARA Bank – 8.10%
• ICICI Bank – 8.65-9.25%
• Axis Bank – 8.50-9.10

Precautions While Taking Loan

• Always try to make the down payment as high as possible so that the interest has to be paid at least.
• As we told you above, the interest rates of different banks are different, so always keep in mind that choose the bank giving loan at the right interest rates around you, first of all, match the interest rates of different banks and then Choose the right loan.
• Always try to take a loan on the basis of your earnings, if you are taking more loan than your earning then you may have problems in future Or not.
• In today’s time, there is a lot of fraud on home loan, so always try to take a loan by choosing a good bank, never get money in the name of home loan.

Also Read: Muthoot Finance Gold Loan

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