STATE BANK OF INDIA

Home Loan


HER GHAR (HOME LOAN FOR WOMEN) AT CONCESSIONAL INTEREST RATE
HER GHAR
HOME LOAN FOR WOMEN
AT REDUCED INTEREST RATES
@ 10.10 % (EMI RS 885/ lac for a period of 30 years) subject to the following two conditions
1. The woman should be the sole applicant or first co-applicant of Home Loan
2. The property proposed to be financed should be either in the sole name of the woman borrower or she should be the first owner in case of joint ownership LOAN FOR EARNEST MONEY DEPOSIT

This product addresses the financial requirements towards Earnest Money Deposit to book residential plots/ built-up houses/ flats being sold by Govt. Housing Agencies, Urban Development Authorities like PUDA, HUDA and Housing Boards.
Scheme highlights
Easy availability of loan with minimum documentation.
Option to repay this loan from the proceeds of Housing Loan availed from SBI
Interest applied on daily diminishing basis.
No administrative charges or application fee.

Eligibility
Minimum age 21 years as on the date of sanction.
Steady source of income.
Maximum Loan Amount
Rs.100,000.
90% of application money, or
10 times Net Monthly Income of the applicant

whichever is the least, subject to the following:
One person can be financed only for one application at any point of time
In case of applications in more than one name, incomes of all the applicants may be taken into account

Security
Third party guarantee good for the loan amount.
Tangible security in the form of NSCs/ IVPs/ TDRs/ LIC policy/ SBI Life policy etc. covering atleast 50% of the loan amount.
Tangible security clause waiver considered in respect of permanent employees of reputed public/ private sector organisations, where check-off is available.

Repayment
In case of unsuccessful applicants  on receipt of refund from the Housing Board/ Urban Development Authority.
In case of successful applicants  lump sum repayment of the loan out of Housing Loan availed from us for purchase of house allotted to you or for construction of house on the plot allotted.
No penalty for prepayment.
Rate of Interest
1% above SBAR i.e. 13.25% p.a. (w.e.f. 01.01.2009)
Processing Fee
0.5% of the loan amount (minimum Rs.100/-)
The state bank of India’s policy of making home loans available to women borrowers at a lower interest rate than card rates has been applauded by all. Under this new scheme, all women borrowers get an additional concession of 0.05% on card rates. This is after the SBI surprised all by slashing its interest rates by 0.4% in December.
A first of its kind, it is one the major policy changes made by new SBI chief, Arundhati Bhattacharya, since she assumed charge on Oct 7, 2013.
Since SBI home loans are now available under 2 slabs of; under 75 lakhs and above 75 lakhs; the concession will have the following impact:
SR. NO. SLAB OLD ROI (%) NEW ROI (%) CONCESSION ROI FOR WOMEN
1 Under 75 Lakhs 10.25% 10.15% 0.05% 10.10%
2 Above 75 Lakhs 10.50% 10.30% 0.05% 10.25%

All Rates in effect since 20th December 2013

Thus, SBI is offering the best deal in the market for all women borrowers, at present.
The first woman head of the country’s largest bank, Arundhati Bhattacharya has begun her crusade for women’s empowerment by putting several women friendly policies in place at the SBI. Other major policy changes by Arundhati Bhattacharya include putting in place a moral code of conduct at the bank, starting with the no-gifting policy, announcing a policy of 2 years sabbatical leave for women and the inauguration of 27 ‘All woman branches’ in the Chandigarh circle of the bank.

Even though she is only 3 months into her job, she has the most challenging portfolio of heading the country’s largest bank. Let’s hope that 2014 presents this woman of action with ample opportunities to take the banking sector in India to new heights.
Meanwhile, if the newly slashed interest rates of SBI make your existing home loan look more expensive that you thought, check out the home loan balance transfer calculator below to see how much you can save by switching your home loan to a lower interest rate at SBI.

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