SBI Home Loan for women is an initiative to encourage and empower women to own their dream homes. SBI Home Loan for women has women-centric features flexible repayment options, attractive interest. The unique features of SBI Home Loan for the woman motivates them and stand out from the rest.
Concessional interest rate
SBI is offering a concessional interest rate for woman borrowers that reduces the EMI.
Flexible repayment schedules
The maximum repayment period is thirty years or up to the age of 70 years.
The State Bank of India is providing a high quantum of financing for the woman to have their own home after viewing factors like applicant’s income, liabilities, property value, etc.
Hassle-free loan approval and disbursal
Easy and minimum documentation, less processing fee for quick and hassle-free approval and disbursal of loans.
Gone are the days when women were the just supportive hand in the family, now the women are playing a key role in the family decision and equally contributing to the family income. So, many women are contributing financially to home loans at par with their spouses.
Most financial institutions are granting special discounts to women. Various home loan schemes are available in the market to motivate women borrowers to invest in property. Customized home loan schemes are also offered for women borrowers to avail of maximum benefits under current laws.
Advantages for Women to avail home loan
Women can claim up to Rs.1.5 lac and Rs. 2 lac on principal and interest repayment for a self-occupied home.
It is generally the thought that women are more reliable borrowers, it encourages them to offer lower interest rates which make a significant impact on EMI.
1%-2% lessor stamp duty for women when compared with their male counterparts. However, 1%-2% seems nominal but it is quite substantial savings.
Women can access a high amount of loan from 30 lac to 3.5 crores with simple eligibility criteria.
Past trends of financial institutions indicate a higher chance of loan approval for women
Women can repay a loan within the tenure of up to thirty years. The loan repayment period also impacts your EMI. It gives you an opportunity to reduce your EMI and pressure on your finances.
To avail subsidy, women should be either sole owner or joint owner of the property. Co-ownership of a woman offers interest subsidy up to 2.67 lac.
Lucrative add on offers to entice the women borrowers like gold coins, jewelry, free holiday, gift vouchers
Eligibility for women to avail home loan
Click to know more: HDFC Home Loan