Many banks offer concessional interest rates for Home Loans if the primary borrower is a woman. These banks include State Bank of India, ICICI Bank and Axis Bank. The interest rates are about 0.5%-0.75% below the regular rates. The other terms such as the repayment period and the processing fee may also be lower than that of a regular Home Loan. Consider the SBI Her Ghar Loan, for instance. It has the following features.
Affordable Rate Of Interest:
SBI Her Ghar Home Loan for women comes at a concessional interest rate of 9.40% per annum. That means an EMI of only Rs. 834 per lakh when calculated for a period of 30 years.
Flexibility Of Repayment:
The maximum repayment tenure for SBI home loans is 30 years, or until the borrower reaches 70 years of age, whichever is earlier.
High Quantum of Finance:
After taking several factors into consideration, like the applicant’s income, assets and liabilities, property value, repaying capacity etc., SBI offers a high quantum of financing for Home Loans.
Hassle-Free Application Process:
With minimal documentation requirements, low processing charges and an online portal for application management, applicants can be assured of a hassle-free Home Loan application process.
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