Madhya Pradesh Gramin Bank Home Loan Eligibility Criteria
Understanding eligibility is the first step to check eligibility and plan your housing loan confidently.
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Eligibility Factor
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Details
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Applicant Type
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Salaried persons, self-employed individuals, farmers, professionals
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Minimum Age
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21 years
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Maximum Age at Loan Maturity
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Up to 65 years
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Income Requirement
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Stable and verified income documents
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Credit Score
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Preferably 650 or above
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Employment / Business Stability
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Minimum 1–2 years of continuity
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Loan Tenure
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Up to 30 years
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Property Location
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Approved rural or urban residential property
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This makes the loan suitable as a home loan for salaried person as well as applicants seeking dependable rural housing finance.
Home Loan Schemes Offered by Madhya Pradesh Gramin Bank
The bank provides practical housing loan schemes to cater to different housing needs:
Home Purchase Loan
For buying ready-to-move or under-construction residential properties.
Home Construction Loan
Ideal for customers who own a plot and want to build a house.
Home Improvement / Renovation Loan
For repairs, extensions, or upgrades to an existing home.
Affordable Housing Loan
Designed for eligible borrowers looking for a low-interest home loan, including access to applicable interest subsidy benefits.
These schemes are structured to support affordable housing finance with manageable monthly installment commitments.
Documents Required for Madhya Pradesh Gramin Bank Home Loan
Submitting complete paperwork helps ensure faster processing and possible instant approval. Below is a simple checklist of documents required for housing loan applications:
| Document Category |
Required Documents |
| Identity Proof |
Aadhaar Card, PAN Card, Voter ID |
| Address Proof |
Aadhaar Card, Utility Bill, Ration Card |
| Income Proof (Salaried) |
Salary slips, Form 16, bank statements |
| Income Proof (Self-Employed) |
ITR, balance sheet, profit & loss statement |
| Property Documents |
Last 3 months’ salary slips + Form 16 + 6 months bank statements |
| Photographs |
Recent passport-size photographs |
A good credit score and verified income documents improve approval chances.
Tax Benefits on Madhya Pradesh Gramin Bank Home Loan
Borrowers of a Madhya Pradesh Gramin Bank home loan can avail attractive tax benefits on home loan in India, helping reduce their overall tax burden:
Section 80C – Claim up to ₹1.5 lakh deduction on principal repayment in a financial year
Section 24(b) – Deduction up to ₹2 lakh on interest paid for a self-occupied property
Section 80EE / 80EEA – Additional tax benefits for eligible first-time homebuyers, subject to conditions
Interest Subsidy – Applicable borrowers may benefit under government-backed affordable housing schemes
These tax benefits make home purchase financing more affordable and improve long-term savings.
Loan Processing Fees & Other Charges
Madhya Pradesh Gramin Bank maintains a transparent and borrower-friendly fee structure:
- Processing fee as per bank norms
- Legal and technical verification charges
- Documentation and registration expenses
- No hidden or unexpected charges
You can calculate EMI in advance to choose a comfortable repayment tenure.