SBI Her Ghar Home Loan for Women
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.
Features and Benefits of SBI "Her Ghar" Housing Loan
State Bank of India’s “Her Ghar” home loan is specially designed to empower women financially and support them in owning a home. It offers attractive features and borrower-friendly benefits that make it one of the most preferred home loan products for women in India.
- Lower Interest Rates: Women borrowers can enjoy concessional interest rates starting at 9.85% p.a., making EMIs as low as ₹867 per lakh (for a 30-year term).
- Flexible Repayment Options: Borrowers can repay the loan over a long tenure of up to 30 years or till the age of 70, whichever comes first.
- Higher Loan Amount: SBI offers a high loan amount based on income, assets, liabilities, property value, and repayment capacity.
- Easy & Hassle-Free Process: The loan process involves minimal documentation, low processing charges, and the convenience of online application and tracking.
SBI Her Ghar Home Loan Eligibility Criteria:
To apply for a home loan under the "Her Ghar" scheme, the following two conditions must be satisfied.
- A woman must be the sole applicant or the first co-applicant.
- The property which is to be financed should be either in the sole name of woman applicant or she should be the first owner in case of joint ownership.
Apart from the above mentioned conditions, the applicant must also satisfy the following conditions to be eligible for SBI Home Loan .
- The applicant must be an Indian resident.
- The applicant should be aged at least 18 years as on the date of sanction and not more than 70 years.
- Should have a regular income and a good credit rating.
RELEVANT PAGES FOR YOU
- SBI Home Loan Processing Fees And Other Charges
- SBI Home Loan Application Status
- SBI Home Loan Application Form
- SBI Home Loan Application Status
Documents Required for SBI Her Ghar Home Loan:
- Three passport sized photos
- Completed loan application
- PAN card
- Identity proof like driving license/ passport/ voter ID (photocopies)
- Residential proof like electricity bill, telephone bill, etc.
- Bank account statement or passbook for past 6 months
- Liability statements and personal assets
- Signature identification from the current bankers
New SBI Home Loan Interest Rate for Women:
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 Her Ghar Home Loan MCLR Rate
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.
FAQs on SBI Her Ghar Home Loan for Women
- What documents do I have to submit while applying for SBI Home loan for women?
You will have to submit the following documents. Completed loan application with 3 passport size photos Proof of identity and residence Proof of business address for non-salaried applicants Statement of assets and liabilities Signature identification from all present bankers
- How can I enhance my home loan eligibility?
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.
- Can I use the SBI "Her Ghar" home loan to buy a second-hand residential house?
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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