SBI - Gram Nivas Scheme

SBI - Gram Nivas Scheme

This customized offering is an extension of the social responsibility that we have shouldered since the very inception of the Bank. The objective of this scheme is to comprehensively cater to the needs of the village community with special focus on poorest of the poor for Housing Loans keeping in view the peculiarity of the ownership title in rural areas, social habits, type of construction and other related needs.


Scheme Highlights :

Purpose

*Purchase or construction of a house, including cost of construction of work shed for pursuing income generating activities viz. dairy shed, tailoring shop, grocery store, work shed for village artisans etc

* Renovation or repair of existing house/ shed which is not more than 15 years old in case of RCC/ Tiled Roof (with steel/ wooden beams) and 5 years for other types of construction

* Purchase of a plot of land for the purpose of house construction

*Extension of existing house/ work space



If the plots owned are in different places in the same village, two separate loans for construction of house and work shed may be extended.


Operational Area :

The Scheme will cover all rural and semi-urban centres. 'Rural Area' for the purpose of the Scheme is the area comprised in any village including the area comprised in any town, the population of which does not exceed 50000 as per 1991 census


Eligibility :

*The applicant should be between 21 years and 50 years of age*

*Individuals having satisfactorily conducted deposit accounts for two years, or

*Individuals whose existing loan account is satisfactorily conducted and is a Standard Asset, or

*A member of a Self Help Group having savings/ loan accounts with us

* Applicants above 50 years may be considered for sanction of loan with all the legal heirs joining as guarantors or after obtaining a suitable no objection agreement/ power of attorney from the legal heirs


Loan Amount:

The loan amount will be:

*5 times the Average Annual Income from agriculture including income from ancillary agricultural activity, or

*5 times the Net Annual Income in case of employees, or

*5 times the Average Annual Income from the business/ profession


To enhance the loan eligibility you have the option to add:

*Income of your spouse

*Regular income from all sources

The loan amount is, however, subject to the following limits:

*For construction/purchase of house: Rs.2.00 lacs

*For repairs/renovation: Rs.1.00 lac

*For purchase of land: Rs.0.30 lac

Margin : 10% of the project cost

Assessment of Eligibility :

*For loans upto Rs.0.50 lacs – on the basis of simple estimates

*For loans above Rs.0.50 lacs – on the basis of unit costs for different types of houses as fixed by the Bank


Security :

For loans upto Rs.0.50 lacs – only third party guarantee is required

For Loans above Rs.0.50 lacs:

Equitable/ Registered mortgage of the House/ Flat, or
Any other tangible security including agricultural land to cover 100% of loan amount

Repayment :
Maximum repayment period of upto 15 years with option to repay in equated monthly/ quarterly/ half yearly/ yearly installments, decided upon the merits of each case

Processing Charges : Nil. (Lawyer’s fee, not exceeding Rs.500, to be paid by the borrower)
(Other terms and conditions – as applicable to regular housing loans)

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