Rajasthan Marudhara Gramin Bank Home Loan
Rajasthan Marudhara Gramin Bank offers affordable home loans starting at 8.75% interest, with loan amounts up to ₹20 lakh and flexible repayment options for up to 20 years. With 1,392 branches across Rajasthan, the bank makes home ownership more accessible. Enjoy tax benefits under Sections 80C and 24(1), minimal paperwork, and zero prepayment charges on floating rate loans.
Rajasthan Marudhara Gramin Bank Home Loan
Rajasthan Marudhara Gramin Bank provides home loans at competitive rates that start from 8.75%. The bank serves customers through 1,392 branches across Rajasthan. Borrowers can get loans up to Rs. 20 lakhs and repay them over 20 years with flexible options.
The bank’s home loan program comes with attractive tax benefits. You can save up to Rs. 1,50,000 under Section 80C on principal repayment. The interest payments qualify for tax deductions up to Rs. 2 lakh under Section 24(1). The program features minimal paperwork and zero prepayment charges on floating rate loans.
This detailed guide explains everything about Rajasthan Marudhara Gramin Bank’s home loans. You’ll learn about interest rates, eligibility requirements, and how to complete the documentation process.
Key Features of Rajasthan Marudhara Gramin Home Loan
The Rajasthan Marudhara Gramin Bank home loan comes with several schemes that match different customer needs. These complete offerings give you flexibility and convenience with competitive advantages over other financial institutions. Want to know what makes RMGB home loans special? Let’s take a closer look at their best features.
RMGB’s home loan schemes include RMGB Reality Home Loan Scheme, RMGB Saral Awas Rinn Yojna, and RMGB Top-Up Home Loan Scheme. Each scheme serves specific purposes and gives you options based on what you need.
The loan amount range starts at ₹2 lakhs and goes up to ₹2 crore, depending on the scheme. You can use RMGB home loans for several purposes:
- Purchase or construction of a new house/flat
- Buying an existing (old) house or flat
- Extending an existing house
- Purchasing land for house construction
- Repairs or renovations
- Taking over existing home loans from other banks
- Furnishing/interiors as part of project cost
- Reimbursement of investments made from personal resources within the preceding year
Flexible repayment options extend up to 20 years. You can make prepayments without charges on floating rate home loans. Prepayments give you two helpful options:
- Continue with existing EMI and reduce loan tenure
- Reduce the EMI while maintaining the same loan tenure
To cite an instance, the first option helps you save money by paying less interest and closing the loan faster.
RMGB needs minimal documents and approves loans quickly. The bank’s experienced team offers customized service throughout your loan experience. They provide expert help and run a 24/7 customer care service to solve your concerns promptly.
People building homes can get united loan amounts that cover both outstanding RMGB Realty accounts and construction costs. The bank makes accessing these features simple with straightforward processes.
Rajasthan Marudhara Gramin Bank Home Loan Interest Rates
The interest rate plays a significant role in getting a Rajasthan Marudhara Gramin Bank home loan. Regular home loans start at 8.75% and go up to 9.30%, depending on your credit profile.
Your CIBIL score determines the interest rates at RMGB. A better score means you’ll get lower rates. The current rate structure for standard home loans looks like this:
| CIBIL Score | Interest Rate |
| ≥800 | 8.75% |
| 750-799 | 8.85% |
| 700-749 | 8.95% |
| 650-699 & -1 | 9.05% |
| Less than 650 | 9.30% |
The RMGB Saral Awas Rinn Yojna starts at 8.05%. This makes it a great choice if you’re looking for affordable housing finance.
The RMGB Reality Home Loan Scheme has rates between 9.15% and 9.60% based on your CIBIL score. You can use this scheme to buy residential plots in urban/semi-urban areas or those developed by government bodies.
Looking for a Home Top-Up Loan? The rates range from 9.15% to 9.60% based on your credit score. The OD-MaxGain facility offers rates from 9.00% to 9.60%.
There’s another reason your interest rate might change:
- Loans up to ₹30 lakhs with a Loan-to-Value (LTV) ratio above 80% (up to 90%) get a 0.10% premium.
- Women borrowers get a special 0.10% discount on home loan interest rates. This makes it an excellent choice for female applicants.
The bank reviews rmgb home loan interest rate structure regularly. Check the latest rates on their website or at your nearest branch before applying. The Rajasthan Marudhara Gramin Bank home loan calculator on their website helps you work out your EMI amounts.
Eligibility Criteria and Documentation Process
You need to meet specific qualification requirements to apply for a Rajasthan Marudhara Gramin Bank home loan. The bank sets clear parameters that ensure borrowers can manage their loan payments easily through the entire tenure.
Eligibility Requirements
An RMGB home loan requires you to meet these basic criteria:
- Indian citizenship or Person of Indian Origin (PIO) statusThe agee between 18-70 years at loan maturity
- Regular income source (salaried or self-employed)
- Minimum income requirement (varies by loan amount)
Salaried and self-employed applicants have different eligibility criteria:
| Parameter | Salaried Applicants | Self-Employed Applicants |
| Minimum Age | 24 years | 24 years |
| Maximum Age | 60 years | 65 years |
| Experience Required | 1 year | 3 years |
Co-applicants must be at least 18 years old, whatever their employment status.
Documentation Process
Your Rajasthan Marudhara Gramin Bank home loan approval moves faster when you prepare your paperwork ahead of time. Here’s what you need:
- Identity Verification – Submit your Aadhaar card, PAN card, passport, driving license, or voter ID card
- Address Proof – Provide Aadhaar card, passport, driving license, voter ID card, or utility bills (electricity/telephone/post-paid mobile)
- Age Proof – Submit a birth certificate, PAN card, passport, driving license, or school/college leaving certificate
- Income Verification:
- Salaried applicants: Six months’ salary slips, Form 16, six months’ bank statements
- Self-employed: Three years’ ITR, CA-certified financial statements, business continuity proof
- Property Documents – Include title documents and approved plan (for construction/renovation, add cost estimates from architect)
- Application Form – Complete application form with recent photographs
- Processing Fee – Check for the applicable processing fee
The bank reviews your application and conducts necessary checks before approving your loan once you submit these documents.
Conclusion
Rajasthan Marudhara Gramin Bank offers excellent home loans with competitive interest rates from 8.75%. Their network spans 1,392 branches throughout Rajasthan, making these loans available to most residents. Borrowers can choose flexible repayment terms up to 20 years that suit their budget.
These home loans come with significant tax advantages under Section 80C and Section 24(1). The bank doesn’t charge any prepayment fees on floating rate loans. The simple documentation process and diverse loan schemes let you pick an option that matches your requirements.
A thorough review of your eligibility criteria and documentation will help speed up your loan approval. Your CIBIL score plays a crucial role in determining interest rates, and higher scores can help you qualify for rates as low as 8.75%. The nearest RMGB branch can help you explore these home loan options and guide you toward homeownership.
