Having your own house is one of the biggest financial and personal goals for many of us. Living in one’s own house not only brings a sense of accomplishment but also saves money in the long run. For, the price of the real estate rises faster than any other commodity.
You can save even more- if you are a woman. An array of Home Loans for women applicants is available in the market at more affordable and easy terms. One such offer is an exclusive Home Loan for women by SBI.
Being a savvy mortgage borrower, you can Apply for SBI Home Loan and enjoy the ease of applying as well as the best interest rate.
The State Bank of India is a financial and banking services behemoth serving people since 1921. It provides a wide range of financial products and services, catering to the ever-growing banking needs of the Indians.
Talking about Home Loans, SBI offers unique and comprehensive schemes for every class of applicants. One of them being the “Her Ghar” Home Loan scheme. It has become the preferred choice due to its competitive interest rate.
Let’s get to know more about this exclusive Home Loan by the State Bank of India.
SBI “Her Ghar” Housing Loan Features:
Designed to encourage women to own property, the main condition to apply for this Home Loan is that the woman has to be the sole applicant or the primary applicant for the Home Loan. And in case of joint ownership, the woman applicant must be the primary owner.
The “Her Ghar” Home Loan scheme has unique, borrower-centric features like the best of SBI Home Loan Interest Rates and a flexible repayment schedule making it the most sought-after financial product for women in India. Moreover, it is offered at concessional interest rates; as, SBI’s “Her Ghar” Home Loan intents to financially empower and motivate women in India to buy their own home.
Let’s understand the exclusive features that make SBI Home Loan for women stand out from the rest,
- Reduced interest rates: The State Bank of India Home Loan for women, “Her Ghar”, comes at a concessional interest rate of 9.85% per annum which amounts to an EMI of only Rs 867 per Lakh when calculated for a period of 30 years.
- Repayment flexibility: This Home Loan is offered at the maximum repayment tenure for SBI Home Loans, i.e. 30 years or up to the age of 70 years of the borrower, whichever is early.
- High quantum of finance: Taking into consideration factors such as applicant’s income, repaying capacity, pre-owned assets & liabilities, the property’s value, etc. the State Bank of India offers a high quantum of financing for Home Loans.
- Hassle-free application process: SBI offers an online portal for application management. The bank ensures hassle-free application processing, low processing charges with minimal documentation.
SBI “Her Ghar” Home Loan Eligibility Criteria:
An applicant must meet the following conditions to apply for a Home Loan under the “Her Ghar” scheme:
- The applicant must be an Indian resident.
- The sole applicant or the first co-applicant of the loan must be a woman.
- The woman applicant should be at least 18 years old as on the date of sanction and not more than 70 years.
- The applicant should have a regular income and a good credit rating.
List of Required Documents for SBI “Her Ghar” Home Loan:
The following list of papers/ documents are applicable to all applicants:
- Completed loan application
- 3 Passport size photographs
- Proof of identity (photocopies of Voters ID card/ Passport/ Driving license/ IT PAN card)
- Proof of residence (photocopies of recent Telephone Bills/ Electricity Bill/ Property tax receipt/ Passport/ Voters ID card)
- Statement of Bank Account/ Pass Book for the last six months
- Signature identification from present bankers
- Personal Assets and Liabilities statement
- Signature identification from present bankers
- Property documents
In addition, the documents required for salaried persons are:
- Original Salary Certificate from employer
- TDS certificate on Form 16 or copy of IT Returns for the last two financial years, duly acknowledged by IT Dept
The advantage of borrowing Home Loan from the State Bank of India is that being a government-owned bank, it is a trustworthy financial institution that has the lowest interest rates in the market. They also charge the lowest processing charges which helps one invest more in the house rather on the paperwork.
Why should you consider investing in a property and taking a Home Loan?
Buying a house takes a good amount of consideration as the EMI’s are a monthly occurrence. Moreover, you also need a substantial amount for the down payment. If you are skeptical about investing in a property, here are a few points that will help you understand the importance of this decision:
- Sense of accomplishment: In today’s cut-throat competition, buying a home is one of the biggest financial investments you may make in your lifetime; and that’s not just because of the sentimental value but for a fact that a house gives a very strong financial stability as it becomes an asset.
- Capital appreciation: With a growing boom in property prices over the last few years, the prospect of capital appreciation is the biggest motivation for buying a home. Not only the construction costs but the rents have kept up with inflation. This makes a home one of the few investment options that can shield you from inflation in the long term.
We hope that you are now well-informed regarding some of the best Home Loan offers available for women. So are you ready to make the most of these incredible offers, and live in a home you can proudly call your own?