SBI Home Loan Scheme: Best Deal for Women Borrowers
Updated on December 5, 20182 mins read
Update: With effect from 26th August 2014, SBI has done away with the slab regime. All loans for women borrowers will now be offered at 10.10% irrespective of the loan amount. Read more.
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:
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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