Home Loan Scheme for Women in SBI

The State Bank of India, one of the most preferred public sector banks in India, has, at several instances, made clear that it understands the state of Indian women by coming up with special women-specific schemes every now and then. Lately, keeping the emotional gratification of owning a home in mind, SBI slashed the home loan rates for the women borrowers until March 31. Reduced interest rates, lower installments and flexible repayment terms were the three prime factors behind the immense success of this special woman-specific SBI home loan scheme.
Realizing the fact that a home can never feel like own until a female touch is present, SBI decided to extend the date of its special home loan scheme for women, wherein they can secure the required amount of finances at lower SBI home loan interest rates, reduce their burden and make the most out of their surplus funds. Though there isn’t much difference in the lending rates charged from female borrowers and others, it helps in saving a decent amount of money over a period of time.
Before coming up with this special SBI home loan scheme for women, the bank was charging an interest rate of 10.30% for home loans up to Rs. 30 Lakhs from both male and female borrowers. Any amount of loan exceeding Rs. 30 Lakhs was charged at an interest rate of 10.50% p.a. Later, the bank came up with a special women scheme that offered an additional discount of 0.05%, on standard interest rates, for home loans up to Rs. 75 Lakhs acquired by women borrowers.
Earlier this month, SBI extended the special interest rate scheme that offers economical home loans to women borrowers, for an indefinite period, seeing the overwhelming response from female customers all across India. This scheme is valid for women, who are sole applicants or first co-applicant of a home loan. In addition to that, the real estate property proposed to be purchased should be registered in the sole name of the female borrower, or she should be named as the first owner in the event of joint ownership. Moreover, the bank doesn’t offer the fixed rate option for SBI home loan schemes these limit brackets to the interested borrowers.

Loan Amount Interest Rates (Women) Interest Rates (Others)
Up to Rs. 30 Lakhs 10.10% p.a. 10.15% p.a.
Up to Rs. 75 Lakhs 10.25% p.a. 10.30% p.a.

Earlier this year, the bank reduced the interest rates on car loans and consumer durable loans, and also lowered the processing charges, considering the increasing demand of cash advances among the masses. The idea behind extending the duration of this special SBI home loan scheme for women is based on the insight that women wish to have their ‘own’ home once they move to a bigger city or get married and have kids. It simply helps them leave their roots and experience the exceptional sense of belonging and a feeling of permanence.
On the whole, the special SBI home loan scheme for women offers affordable and friendly financing solutions to the female customers, thereby empowering them to proudly quote their realty investment as “Hamara Ghar” (as shown in the SBI home loans TV commercial).