Sarva Haryana Gramin Bank Home Loan

Overview

Sarva Haryana Gramin Bank is sponsored by Punjab National Bank and is formed by amalgamating two regional rural banks, i.e., Haryana Gramin Bank and Gurgaon Gramin Bank. This bank operates in all 22 Districts of Haryana State. Sarva Haryana Gramin Bank Home Loan Scheme is comprehensive. It is a one-stop solution for those who need finances for acquiring house site and constructing house thereon or for the construction of a house on the land already owned by the other party. This home loan scheme can also be availed for the purchase of a ready built house. Further, the bank will fund you if you are in need of finances for making extension/additions to the existing house and also for carrying out repairs to the damaged house.

In this review

Sarva Haryana Gramin Bank Home Loan: Features and details
Why should you go for Sarva Haryana Gramin Bank Home Loan?
Scheme for financing Housing Loan to Public
Purpose
Eligibility
Quantum of Finance
Margin
Security
Repayment Tenure
Sarva Haryana Gramin Bank Home Loan: Fees and charges
How to apply for Sarva Haryana Gramin Bank Home Loan?

Sarva Haryana Gramin Bank Home Loan: Features and details

Loan AmountUp to Rs. 75 lakhs
Repayment TenureUp to 30 years
Rate of Interest8.65% to 12%

Why should you go for Sarva Haryana Gramin Bank Home Loan?

Comprehensive home loan scheme

Sarva Haryana Gramin Bank offers comprehensive home loan scheme. It is a one-stop solution for those who need finances for acquiring house site and constructing house thereon or for the construction of a house on the land already owned by the other party. This home loan scheme can also be availed for the purchase of a ready built house. Further, the bank will fund you if you are in need of finances for making extension/additions to the existing house and also for carrying out repairs to the damaged house.

Lenient Eligibility Criteria

Sarva Haryana Gramin Bank doesn’t have strict eligibility criteria in place for its home loan product. All this bank asks is sufficient income and age eligibility. Hence, one can easily apply, without any worries. Further, the loan process is simple and hassle-free.

Long repayment period

Sarva Haryana Gramin Bank offers a repayment period of 30 years. Maximum amount sanctioned by this Regional Rural Bank depends upon your income, expenses, and repayment capacity. Sarva Haryana Gramin Bank sanctions at most 70 lakhs.

Tax benefits

When you take a home loan, you get tax benefits in the form of tax deductions on the principal loan amount and the interest payments.

Under section 24, you get tax deductions up to a maximum of Rs. 2 lacs on interest payments for a self-occupied property.

Conditions to claim the Rs.2 lacs rebate:

  1. The home loan must be for purchase and construction of a new property
  2. The loan must be taken on or after 1 April 1999
  3. The purchase or construction must be completed within 3 years from the end of the financial year in which the loan was taken

Also, you get tax deductions up to Rs. 1.5 lac on principal repayment if you meet the following conditions:

  1. The home loan must be for purchase or construction of a new house property
  2. The property must not be sold in five years from the time you took possession. Doing so will add back the deduction to your income again in the year you sell

Sarva Haryana Gramin Bank Home Loan for financing Housing Loan to Public

Sarva Haryana Gramin Bank is sponsored by Punjab National Bank and is formed by amalgamating two regional rural banks, i.e., Haryana Gramin Bank and Gurgaon Gramin Bank. This bank operates in all 22 Districts of Haryana State.

The loan scheme offered by this bank is comprehensive and offers competitive interest rates. It also offers long repayment period. So you can pay back the loan along with the interest easily. Bank does a proper eligibility check and then only sanctions the eligible amount. This may be different from the amount you applied for. So maintain your CIBIL score and pay all your dues in time. The details of Sarva Haryana Gramin Bank Home Loan is given in following sections.

Purpose

If you need finances for construction of the house, purchase of a ready house or flat, purchase of plot or land and construction of house thereon, you can go for Sarva Haryana Gramin Bank Home Loan. Further, you can opt for this home loan product if you need finances for repairing, renovating, addition or alteration of your house. Hence, Sarva Haryana Gramin Bank offers a comprehensive home loan scheme which you can opt for if you need finances for any of the above-mentioned things.

Eligibility

The eligibility conditions that this bank has in place for this home loan scheme is pretty lenient. In order to apply for Sarva Haryana Gramin Bank Home Loan, you need to have a constant and sufficient source of income. Joint owners are also eligible to apply.

Quantum of Finance

Sarva Haryana Gramin Bank offers need-based loan for construction of the house or ready purchase of flat or house. However, the bank will assess your past records, your payment history, past few transactions from all your bank accounts, your income and your repaying capacity.

The bank might not sanction the required amount. In such cases, include income of the spouse or earning children/parents and make them as co-borrower of the loan.

In case if you need finances for the purchase of land or plot for construction of your house, then you can avail maximum Rs. 75 lakhs, but it won’t be more than 60% of the total eligibility.

For repair, renovation, addition, extension and alteration, the maximum amount that Sarva Haryana Gramin Bank will sanction is Rs. 20 lakhs.

Margin

  1. The margin in home loan taken for construction of your house or flat is 20%.
  2. In case of purchase and built up a house or flat, it is 20%.
  3. For repair, renovation, addition and alteration, it is 20%.
  4. In case of purchase of land or plot for house building, the margin is 40%.

Security

Equitable/Registered mortgage of the property

Repayment Tenure

You have to repay the entire borrowed amount along with the interest in at most 30 years. This includes moratorium period as well.

Sarva Haryana Gramin Bank Home Loan: Fees and charges

Rate of Interest

Sarva Haryana Gramin Bank offers different rates of interest for men, women and those in rural areas. Further, it charges different rates of interest for an amount up to Rs. 75 lakh and for amount more than Rs. 75 lakhs. The details are given below:

Rate of interest for the male borrower

If you are a male borrower and have availed loan up to Rs. 75 lakhs, then the interest rate levied is 8.7%. However, if the loan amount sanctioned is more than Rs. 75 lakhs, the interest rate levied is 8.75%.

For female borrower

If you are a female borrower and have availed loan up to Rs. 75 lakhs, then the interest rate levied is 8.65%. However, if the loan amount sanctioned is more than Rs. 75 lakhs, the interest rate levied is 8.7%.

For rural housing

For rural housing, the interest rate is 12.00% throughout, irrespective of the amount availed.

How to apply?