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HDFC Rural Housing Finance Scheme

HDFC Rural Housing Finance Scheme

With a commitment to fostering rural development, the HDFC Rural Housing Finance Scheme extends financial support to those aspiring to buy or build their dream home in the countryside. Based on the agricultural land or the crops you cultivate, an HDFC Rural Housing Finance Scheme caters to the specific needs of individuals residing in rural areas. In addition, they also provide financial assistance to salaried or self-employed individuals dreaming of a place in their hometown.

This specialized home construction loan in the village area ensures access to affordable housing finance solutions. It helps to manage repayment while providing competitive interest rates and a simplified application process empowering rural India to fulfill their dreams of owning a home. Moreover, this scheme enables you to enjoy the closeness of rural life while securing a home in the arms of nature. Let's dive deep into this scheme, exploring its features, benefits, eligibility criteria, and more, to help you decide if it's the perfect fit for your rural homeownership journey.

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Table of Content

1. HDFC Rural Housing Finance Home Loan: Highlights

2. HDFC Rural Housing Finance Home Loan Features and Benefits

3. HDFC Rural Housing Finance Home Loan Interest Rates

4. HDFC Rural Housing Finance Home Loan Fees and Charges

5. HDFC Rural Housing Finance Home Loan Eligibility Criteria

6. HDFC Rural Housing Finance Home Loan Documents Required

Written By

Amrita Sinha

Amrita Sinha comes with a background in journalism and mass communication, drawing from her roots in journalism, she has found her voice in the world of finance. As an accomplished writer, she specialises in Financial Services, Mutual Funds, Loan Assessments, Banking & Loan Products. She has established herself as a reliable expert in the field, offering valuable advice to those looking to navigate the various aspects of personal finance.

Reviewed By

Piyush Bothra

Chief Financial Officer, Square Yards

Piyush Bothra is the Chief Financial Officer at Square Yards, bringing over two decades of rich experience in finance and leadership. He is an MBA graduate from the prestigious IIM Lucknow and holds a BE in Information Technology from Sardar Vallabhbhai Patel Institute of Technology. He has played pivotal roles in scaling businesses and driving financial strategies. At Square Yards since 2015, Piyush is known for his strategic vision, strong financial knowledge, and valuable financial insights, significantly contributing to the company's growth and success.

HDFC Rural Housing Finance Home Loan: Highlights

Below we have highlighted significant insights into HDFC rural housing finance loans:

Feature	Description
Targeted Beneficiaries	Agriculturists, planters, horticulturists, dairy farmers, and salaried/self-employed individuals residing in rural areas.
HDFC Rural Home Loan Interest Rate	The interest rate varies based on Repo Rate (Currently 6.50%)
Loan Tenure	Up to 30 years
Loan Purpose	Purchase of under-construction, new, or existing residential property in rural or urban areas.
Construction Loans	Available for building a house on a freehold or leasehold plot in both rural and urban settings.
Renovation and Extension Loans	Enhance your existing rural home with loans for tiling, flooring, painting, and more,
Flexible Repayment Options	Choose from EMI or flexible income-linked repayment plans to suit your needs.

HDFC Rural Housing Finance Home Loan – Features and Benefits

HDFC Rural Housing Finance Home Loan offers a range of features and benefits that will meet your unique requirements of owning a home in a rural area. Let’s take a look at some of them:

No need to mortgage agricultural land.
No hidden charges.
No requirement for IT returns to be eligible for an HDFC Rural Housing Loan.
24X7 support throughout the lending process.
Convenient application through the Urban Money website for a hassle-free experience.

HDFC Rural Housing Finance Home Loan Interest Rates

HDFC Rural Home Loan interest rates vary depending on factors like loan amount, tenure, borrower profile, and credit score. All the charges are benchmarked by the Policy Repo Rate. Hence, HDFC Bank offers floating interest rates which are variable throughout the loan tenure. It is advisable to use HDFC’s online loan calculator for a personalized estimate.

HDFC Rural Housing Finance Home Loan Fees and Charges

The scheme involves processing fees ranging up to 1.50% of the loan amount, subject to a minimum of Rs. 4,500 plus applicable taxes. Additional charges like documentation fees and prepayment penalties may also apply as per the Bank’s guidelines.

HDFC Rural Housing Finance Home Loan – Eligibility Criteria

Following are the required eligibility criteria for HDFC construction loan in village area:

Nationality: Indian citizen or resident
Age: 18 to 70 years at loan maturity
Income: Stable income source with good repayment capacity
Property location: Rural or urban area within India
Occupation: Agriculturists, planters, horticulturists, dairy farmers, salaried/self-employed individuals in rural areas

HDFC Rural Housing Finance Home Loan – Documents Required

Following are the required documents required at the time of applying for an HDFC housing loan for the village:

Photographs and dully filled application form
KYC documents (PAN card, Aadhaar card, etc.)
Income proof (salary slips, ITRs, etc.)
Property documents (agreement of sale, land title deed, etc.)
Bank statements