Fulfilling the dream of owning our own home will be the biggest dream for most people. Especially for those living in rural areas, they have to face many financial struggles to achieve their dream home. CARD BANK ERNAD  provides loans for people who need to build, buy, or extend a home. Now let's check out the different types of loans that come under the category of "rural housing loans"

a)    Housing-construction of new house/ purchase     

The bank will give Rs. 20.0 lakhs as a loan for new house construction or the purchase of a house. The repayment period is fixed at up to 15 years for the construction or purchase of a new house. There is a grace period applicable for up to 18 months. The borrowers' margin is 20% up to Rs. 200000 and 25% for above Rs. 200000.. It has a loan eligibility criterion of 100% value of additional security or where the primary security is valued, 50% of the value of primary security plus Rs. 200000.0, the maximum estimated cost of the building.

b)    Housing-Renovation/Extension 

This is the loan scheme that offers Rs. 5.0 lakhs for renovation or extension of a house. It has to be repaid within 7 years. The borrowers' margin is 20% up to Rs. 200000 and 25% above Rs. 200000. It has an eligibility criterion of 100% value of additional security or where the primary security is valued, 50% of the value of the primary security.