The SBI “Her Ghar” is a home loan to empower and motivate women to buy their dream homes. A few of the features that make this SBI home loan stand out for women:
- Reduced interest rates:
The most attractive feature of State Bank of India’s “Her Ghar” home loan is its discounted interest rates for women. “Her Ghar” loan comes at a concessional interest rate of 9.85% per annum. If we calculate it, it amounts to an equated monthly instalment (EMI) of only Rs. 867 per lakh when calculated for a tenure of 30 years.
- Repayment flexibility:
The maximum repayment tenure for SBI home loans is 30 years, or up to the age of 70 years of borrower, whichever is earlier.
- High quantum of finance:
SBI offers a high quantum of financing for home loans after taking into consideration various factors such as an applicant’s income, assets and liabilities, property’s value, repaying capacity, etc.
- Hassle-free application process:
Taking a home loan with SBI is a hassle-free process as it requires minimal documentation. The application can be done online and customers can enjoy relatively lower processing charges.
Loan eligibility criteria for SBI “Her Ghar” loan:
In order to apply for a home loan under the “Her Ghar” scheme, a borrower must satisfy the following two conditions:
- The sole applicant must be a sole applicant or the first co-applicant of the loan.
- The property, which is to be financed, should be in the sole name of a woman applicant or she should be the first owner in case of joint ownership.
Other than these aforementioned conditions, the applicant must also satisfy the following conditions to be eligible for SBI Home Loan.
- Applicant must be an Indian resident.
- Applicant should be aged at least 18 years as on the date of sanction and not more than 70 years.
- Applicant must have a regular income and a good credit rating.
Documents required for an SBI “Her Ghar” home loan:
- Three passport-sized photos
- Completed loan application
- PAN card
- Identity proof such as a driving license/passport/voter ID (photocopies)
- Residential proof like electricity bill, telephone bill, etc.
- Bank account statement or passbook for the past six months
- Liability statements and personal assets
- Signature identification from current bankers