How to Get a Home Loan in Rural Area?

Home Loan in Rural Area

A housing loan has assisted many an aspiring homeowner to possess their dream home in their dream location. However, it seemed like only those located in the urban areas were fortunate enough to partake in its benefits. With government intervention and assistance, even the rural dwellers can now own a home, quickly, affordably, and easily.

Rural home loans, as extended with assistance from the Pradhan Mantri Awas Yojana or PMAY scheme, can be availed based on the eligibility criteria and documentation.

PMAY – Gramin beneficiary categories

Being eligible to apply for a rural home loan under PMAY means the beneficiary must belong to any of the beneficiary categories prescribed by the government. For PMAY Gramin or PMAY (G), the beneficiaries are not to be selected from among the BPL households. In fact, they are to be chosen based on different housing deprivation parameters in the Socio-Economic and Caste Census (SECC), 2011. The same needs to be verified by the Gram Sabhas.

The beneficiaries would then include households living without a proper home or living in zero, one, 0r two kutcha walls, and those whose houses have a kutcha roof. Also, priority is to be given to those belonging to the minority communities such as the SC/ST, Minorities, and others.

The comprehensive PMAY Gramin beneficiary categories are as follows –

  • Households without shelter
  • Destitute or those living on alms
  • Manual scavengers
  • Primitive tribal groups
  • Households having no adult member between the ages of 16 and 59
  • Female-headed households with no adult member between the ages of 16 and 59
  • Households having no literate adult member that is over 25 years
  • Households with any disabled family member
  • Households having widows
  • Households in which a member is suffering from leprosy or cancer or HIV
  • Households with a single girl child
  • Households of traditional forest dwellers
  • Landless households having their primary source of income from casual labour

Note – If anyone living the rural areas owns a two, three, or four-wheeler, and is in possession of any agricultural equipment or a fishing boat, they will be barred from availing the benefits of a rural home loan.

Documents required for PMAY – Gramin

The following are the documents required to avail subsidised home loan interest rates under PMAY – Gramin –

  • Aadhaar Number
  • Bank account details
  • Document consenting the use of Aadhaar information on behalf of the beneficiary
  • MGNREGA – beneficiary’s job card number
  • Swachh Bharat Mission (SBM) G registration number

To register as a beneficiary, one must offer their personal details, bank account details, convergence details, and details of the concerned office. Those interested in applying must visit their ward members or the respective Gram Panchayat with their registration details and relevant documents. In case an individual is unable to complete these steps, they can have a third-party apply for their home loan under PMAY – Gramin. However, the third party must provide the document consenting the use of the beneficiary’s Aadhaar information without fail.

The PMAY (G) or Gramin Yojana is speedily advancing towards providing the roofless with a concrete roof over their head, and a home that offers all basic civic amenities – something that everyone deserves but not everyone has.

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