Established in 1921, State Bank is India is a financial and banking services behemoth. SBI provides a wide range of financial products and services that cater the ever-growing banking needs of the Indians. State Bank of India sanctions one-fifth of every loan in India and was adjudged as the Most Preferred Home Loan provider by CNBC. When it comes to home loans , SBI has a unique, comprehensive scheme for every class of applicants. Best known for its competitive interest rates , SBI’s “Her Ghar” home loan was specially crafted to make every women, the owner of a house.
Unique, borrower-centric features like attractive interest rates and flexible repayment options make SBI home loans the most sought-after financial product. Offered at concessional interest rates, SBI’s “Her Ghar” home loan will financially empower and motivate women to buy their dream home. Here are some of the features that make SBI home loan for women stand out from the rest.
The maximum repayment tenure for SBI home loans is 30 years or up to the age of 70 years of borrower, whichever is early.
SBI offers a high quantum of financing for home loans after taking into consideration, factors such as applicant’s income, assets and liabilities, property’s value, repaying capacity etc.,
With minimal documentation requirements, online portal for application management and less processing charges, borrowers can be ensured of a hassle-free home loan application process.
To apply for a home loan under the “Her Ghar” scheme, the following two conditions must be satisfied.
Apart from the above mentioned conditions, the applicant must also satisfy the following conditions to be eligible for SBI Home Loan .
Under SBI’s “Her Ghar” scheme, home loans are offered to women applicants or first co-applicants who are women, at a concessional interest rate of 9.40% per annum. This interest rate is 20 bps above the MCLR of 9.2% per annum.
SBI announced its Marginal Cost of Funds-Based Lending Rate (MCLR) on April 1, 2016, at 9.2%. The benchmark for home loans will be the 1-year MCLR rate , so the interest rate will be reset every year.
To increase your loan eligibility, you can add the income of your spouse or children, provided that they have steady income and their salary account is with SBI. If the house being financed is proposed to be rented out, you can add the expected rent accruals. You also have the option to include your regular income from all sources and depreciation.
Yes. You can use the loan for varied purposes like purchase, construction, extension, repairs, renovation of a new or second-hand house or plot.
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