Rural Housing Finance Scheme

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Rural Housing Finance Scheme

Baroda Rural Housing Finance Scheme

The Baroda Rural Housing Finance Term Loan provides for the acquisition of New Dwelling Unit Or Dwelling Units which are not older than 20 years, based on approved architect's certificate on life of the building.

This loan can also be used for the repair/renovation/extension on an existing house or for the repayment of a loan already availed of from a housing finance company provided sufficient documentary evidence is produced.

Funds acquired through this loan can also be used for the construction of dwelling cum farm house on agricultural land for residential and storage of farm machinery, implements and farm produce purposes.

  • Interest on Housing Loan upto Rs. 1.50 lakhs per years is exempted for income tax under section 23/24 (i) of the IT Act.

  • Principal receipt up to Rs.20,000/- p.a. Eligible for tax benefit under sec. 88 of IT Act.

  • Beneficiaries include individuals over 21 years of age.

  • Maximum tenure = 20 years depending upon repaying capacity including moratorium.
  • Maximum loan available = Rs. 5,00,000/- for purchase of dwelling unit, Rs.1,00,000/- for repairs / renovation of existing dwelling unit. Although this is the ceiling on the loan, quantum of loan should not exceed three times of the annual household income of the borrowers / joint borrowers.
  • Margin = 10% of all cases, (Including cost of land, registration charges, cost of stamp etc).
  • As the benefit could vary each year, please do check out the current benefit available.
  • Beneficiaries include individuals over 21 years of age.
  • No fee for part prepayment shall be payable by the borrower. However, In case of full prepayment or foreclosure, a fee @ 2% on amount prepaid including any such amount prepaid in the last financial year shall be payable by the borrower.
  • Security/documentation to be furnished:
    • Equitable mortgage of housing property
    • Other securities, if EM is not possible /feasible.
    • Charge on agriculture land if dwelling-cum-farm house is constructed on agricultural land.
Period Fluctuating rate option (% p.a.) Fixed rate option * (% p.a.)
Loan upto -5- years 9.25 9.50
Loan over -5- years and upto 10 years 9.75 10.00
Loan over -10- years 10.25 10.50

* No fixed rate option for loan upto Rs. 2.0 lakhs.

Processing Charges

Processing charges (only once at the time of sanction).
The processing charges shall be 0.125% of the loan sanctioned.

Documentation charges (only once at the time of disbursement):

Upto Rs.25,000/- Nil
Above Rs.25,000/- & upto Rs.2/- lacs Rs. 50/-
Above Rs.2/- lacs & upto Rs.5/- lacs Rs. 175/-

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