Loans provided by financial institutions like Banks and NBFCs for the self-employed and salaried individuals who are purchasing a new plot in a rural area is called rural plot loan. These rural home loans have special benefits like flexible eligibility criteria, near to zero processing fees, and minimal documentation.
Home loans for rural areas have interest rates ranging from 6.90% to 14% per annum. The maximum repayment tenure of the loan can extend up to 30 years, and the loan amounts can range from Rs. 2 Lakhs to Rs. 1 Crore.