The State Bank of India (SBI) offers home loans for all categories of applicants, including women. However, there is one home loan for women called ‘SBI Her Ghar’, which is designed specifically for women borrowers. This SBI home loan for women can be availed of online by women who are a sole or first applicant and who have property acquired/proposed to be acquired in their name.
SBI offers the best home loan schemes for women applicants as mentioned below in detail:
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The eligibility criteria for SBI home loans for women is the same as for men borrowers:
Additional Info: Also check SBI Home Loan Eligibility
Currently, SBI home loan interest rates range from 8.40% - 10.05% per annum. The interest rate may vary depending on several factors, including the type of housing loan scheme to be availed of, the CIBIL score of the borrower, the type of facility (Term Loan and Overdraft), loan amount, etc. The women's home loan interest rate is usually lower than their male counterparts. 5bps concession is available to women borrowers, which means home loan women's interest rate is lower by 0.05%, subject to a minimum EBR (i.e. 9.15%).
Tip: 50 Lakh Home Loan EMI Interest Rate 2024 before applying for a loan
The following are the key features and benefits of SBI home loans:
Additional Info: Also check SBI Home Loan EMI Calculator
SBI offers Pradhan Mantri Awas Yojana (PMAY) housing loan scheme. The key features are mentioned below:
Additional Info: Also check How to Apply for Pradhan Mantri Awas Yojana
Women can get an annual subsidy up to Rs. 2.67 Lakhs on their home loans under the PMAY scheme. The interest rate for women borrowers is usually lower than their male counterparts. 5bps concession is available to women borrowers, which means the interest rate is lower by 0.05%, subject to a minimum EBR (i.e. 9.15%).
You can also check best Home Loans in Chennai at affordable interest rates
Yes, PMAY has made it mandatory for the female head of the family to be the sole owner or co-owner of the house. This home loan for housewives as well as working women offers an annual subsidy of up toRs. 2.67 Lakhs.
Women can avail of any of the following housing loan schemes offered by SBI to buy a house:
SBI offers up to 80% to 90% of the property’s cost as the home loan amount.
Yes, housing loan benefits are available to both husband and wife.
A housewife with a regular source of income can apply for a home loan.
Many banks, including SBI, HDFC, ICICI, Kotak Mahindra, Bank of Baroda, etc., offer home loans to women borrowers.
Yes, a single woman gets a home loan, subject to meeting the eligibility criteria for the loan.
Currently, SBI home loan interest rates range from 9.15% and 10.15% per annum. The women borrowers usually get a 5bps concession in the SBI home loan interest rate.
In SBI, the home loan interest rates for women in 2023 start from 9.15% p.a.
Women who have a minimum of 51% of individual or joint share can be a part of the Orient Mahila Vikas Yojana Scheme launched by OBC or Oriental Bank of Commerce bank. However, collateral is required for loans between Rs. 10 Lakhs and Rs. 25 Lakhs, and the loan must be repaid within 5 to 7 years.