Deposit products offered by APGVB:

Purpose

a) Providing hassle free housing loans to farmers and other rural dwellers to construct new house including the cost of work shed leading to income generating activities such as dairy shed etc. 
b) Renovation or repair of existing house not more than 15 years old. 
c) Extension of existing house or work place

Operational area

All villages excluding agency areas where 1/70 act is in vogue and semi urban areas with population less than 50000 as per 2001 census. Branches located in Municipal limits are excluded.

Eligibility

All farmers, entrepreneurs, artisans, business people, employees etc (in the age group of 18 to 50 years)., and members of SHGs having standard borrowal accounts.

Loan amount

a) 5 times the average annual income from agriculture including income from ancillary activity. 
b) 5 times of annual income in case of employee. 
c) 5 times of annual average income from trade, business carried out by any person. 
(Average of last two years income will be considered for computation of income eligibility)

Maximum loan amount: For construction of new house Rs.3.00 lakhs.
For repairs/renovation. Rs.1.00 lakh.

Disbursements

For completion
a) up to ground level-- 40%
b) up to lintel level-- 20 %
c) up to roof level---- 20%
d) final completion---- 20%.

Margins

10% of the project cost

ROI

See interest rates on loans and advances

Processing fee

Nil

Penal Interest

See service charges

Repayment

Repayments may be fixed based on the generation of income. The repayment would be fixed not more than 15 years in EMI, quarterly, half yearly and yearly installments including moratorium period of 18 months from the disbursement of first installment or two months after completion of house which ever is earlier

Security:

Equitable/Registered Mortgage of house or any other tangible security including agricultural land to cover 100% of loan amount. Mortgage may be waived up to Rs.0.50 lakhs by obtaining third party guarantee.

Papers / Documents required

Prescribed as per Housing loans to public. Memorandum of term loan agreement, Guarantee agreement and arrangement letter.

Insurance

The building should be insured against all risks