SBI Home Loan Interest Rates for Women: Benefits and Eligibility
SBI has launched the “Her Ghar” initiative for their female customers. This online loan scheme is exclusively curated for the women property owners. The lower interest rate and other perquisites of this scheme will help these visionary personalities achieve their dreams. This tailored financial scheme is crafted to rekindle the women empowerment spirit of the nation.
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This financial behemoth has introduced attractive interest rates for women borrowers. The female primary applicant who already has property in her name, or wants to acquire property in her name are eligible.
SBI is offering two types of house loan interests under this exclusive scheme:
| Her Ghar Scheme | Standard Home Loan |
| This scheme is crafted especially for women including the housewives. The rate of interest is the concessional sum of 9.40% p.a. (w.e.f January 4, 2024). | This rate of interest is for those women who are not eligible for the former scheme. Thus, they are charged as per the standard SBI home loan’s rate of interest, i.e, 8.40% p.a. (w.e.f November 1, 2024). |
| This rate of interest is calculated as 20 bps (basis points) upon the current MCLR (Marginal Cost of Lending Rate). Hence, it is an ideal plan for the women loan seekers. | This scheme’s ROI (Rate of Interest) is similar to other loans. It is calculated on various factors like loan tenure, loan amount, type of property and credit score. |
Note: Women as a sole applicant or as a first co-applicant are eligible to apply for the “Her Ghar” scheme.
Eligibility Criteria
Just like men, women of today’s society have become equally independent. They are now going to great heights and are achieving various milestones. Buying a home or constructing a property of their own often exemplifies their dream-come-true moment, success and independence.
The following are the eligibility criteria for women loan seekers who want SBI to be a part of their journeys:
- Residential Status
SBI caters to all its female customers irrespective of the native Indians, PIOs and NRIs. However, the NRIs and the PIOs must have a valid Indian passport or work permits.
- Income Proof
The income proof is one of the preliminary documents for submission while applying for the loan. The amount of optimum sum of income depends on the area where the lady is residing (metropolitan, suburban or urban). Moreover, the income should be stable enough for repayment of loan. The SBI website provides further insight into the scheme.
- Age Limit
The minimum age eligibility criteria is 18 years and the highest maturity age is 70.
- Good Credit Score
A good credit score is the key to receiving a loan hastily! A sound finance management helps to maintain a healthy score. SBI generally prefers scores higher than 750.
- Employment Proof
The SBI home loan scheme for women is for self-employed or salaried women. No loan is sanctioned without analysing the income proof of an individual. Credentials such as company financial papers and income tax records act as the financial stability provider.
- Property Ownership
The property can be an old or a newly constructed one. An apartment, an independent home or a villa, etc. are eligible for the loan. The location of it should be within India and fulfill SBI value exigencies.
- Applicant Status
A woman should be the only applicant or the first co-applicant when applying for this scheme. The property must be registered under her name. In case, if the property has a joint owner, she should be the first owner.
Additional Benefits
There are various perks of the SBI women home loan scheme. They are:
- Easy Repayment Plans
You can select from the wide range of repayment options that suit your monthly budget.
- Lower Interest Rates
It helps the borrower to enjoy lower interest rates compared to the standard SBI home loan.
- Zero Processing Fee
Unlike other standard home loans that come with hidden charges, this special loan scheme has no upfront costs.
- Thorough Guidance
The dedicated assistance of the SBI executives throughout the loan processing journey is indeed admirable. This effort of the bank makes sure that all the procedures are hassle free.
Comparison with Standard Rates
Investing in a property is considered to be the best investment. SBI ensures that all working women can build a dream of their own by offering lowest interest rates. The table below shows the detailed comparison rate between “Her Ghar” vs “SBI Standard Home Loan”.
| Her Ghar Scheme | Standard Home Loan |
| The rate of interest levied upon the loan amount is a concessional 0.05%. This is only valid if the woman qualifies as the first co-applicant or the sole applicant. | ROI for the standard house loan is from 8.40% onwards per annum onwards. The sanction of loan depends on various factors like credit score, loan amount, type of property, etc. |
Notable Points to Remember
- A woman should read all the documents with utter caution prior to applying for the loan.
- She must have valid personal identity proof along with income proof and tax documents.
- The source of income of the woman must be a reliable one irrespective of the occupation.
- Constantly keeping updates about the financial matters for the future changes (if any).
This SBI Home loan scheme is a way of honoring the women who are making significant contributions in the progress of the Indian economy. The flexible loan repayment opportunity and concessional rate make “Her Ghar” perfect for women homeowners. They will be able to achieve their dreams with affordability and convenience. You can contact the SBI customer care and they are happy to guide a lady one step closer to her dream. Call an executive today to buy your dream home now!
Contact Ambak at ambak.com or call at +91 805-805-8009
