A "low interest" loan shouldn't mean you have very little interest in paying it back!
Sewa Grih Rin Limited, also known as Sitara offers home loans especially for under-served low income groups in urban and peri-urban areas. Home loans are offered for construction, upgradation or improvement, and a loan against property that can be used for personal or business reasons. The loans come with tenures of up to 20 years and interest rates from 18% p.a. The minimum loan amount offered is Rs.50,000.
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. |
Compare: home loan Interest Rate for all Banks
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 |
| Guarantor Requirement | Yes |
| 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
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