The interest rate offered on the home loans depend on the type of loan chosen. The Home Loan charges 18% p.a. interest whereas the Loan Against Property charges 20% p.a. interest.
Home loans are offered to niche groups to improve quality of life. The loan targets informal workers, especially women. The target group includes vendors, domestic workers, sweepers, construction workers, home based workers, and self-employed individuals.
|Loan Amount||Minimum: Rs.50,000 Maximum: Rs.12 lakh|
|Max. Tenure||20 years|
|Interest Rate||18% p.a. - 20% p.a.|
As mentioned before, there are two schemes offered by Sewa Grih Rin Limited:
1. Home Loan:
2. Loan Against Property:
You can use the BankBazaar Home Loan Calculator to know how much EMI (equated monthly instalment) you’ll pay on this loan. By entering the loan amount, tenure, processing fee, and interest rate, you will get the EMI for the loan. You will also get a detailed amortisation table with a monthly and yearly break-up of how much you’ll pay towards the principal amount and interest amount.
There’s another feature that allows you to enter any prepayments you are planning to make during the course of your tenure. Once you enter this information, the calculator will tell you by how many years your tenure will be shortened and how much you will save on interest payments if you make such prepayments.
Here are the eligibility criteria for home loans offered under Sitara:
|Age Criteria||Minimum: 18 years Maximum: 60 years|
|Credit Assessment||Based on documented and non-documented incomes|
|Collateral||Can be formal tenure, informal tenure, or progressive tenure on land rights|
Get Free Quote: Check Home Loan Eligibility
Here is the list of documents required to apply for a home loan:
Document Check List: Home Loan Document Required
Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.