ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Railways
  • World
    • Economy
    • Politics
    • Markets
  • Survey
  • videos
  • photos
  • More ...
    • VIDEOS
    • PHOTOS
BREAKING NEWS
  • Foreign portfolio investors' exodus continues for 9th month; withdraw Rs 50,203 cr from equity market in June - know reasons
  • Windfall tax to recoup most of Rs 1 lakh cr revenue lost in excise cuts, industry sources say
  • D-Mart Q1 revenue jumps almost 2-fold to Rs 9,806.89 cr
  • This Android malware switches off Wi-Fi and drain mobile wallet
  • North Korea says US, South Korea-Japan agreement materialises US plan for 'Asian NATO'
Read in App
Business News » Personal Finance News

Cheap home loans for government employees: Here is a list of schemes with zero processing fees, low EMIs and much more

Bankers generally offer attractive interest rates on home loans to government employees compared to general category borrowers.

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Cheap home loans for government employees: Here is a list of schemes with zero processing fees, low EMIs and much more
Many banks have been introducing various benefits in the form of home loans especially to the state and central government employees. Photo: PTI

Many banks have been introducing various benefits in the form of home loans especially to the state and central government employees including defence personnel. Bankers generally offer attractive interest rates on home loans to government employees compared to general category. Not only that, home loans for these employees are packed with benefits like zero/low processing charges, cheap EMIs, no penalties on pre-payment and much more. Notably, home loans are a better medium for borrowers to fund their dream house, as these are flexible, reduce the burden of heavy expenses and allow repayment in a timely manner. 

If you are a central government employee, and looking for availing home loan, here’s a list of attractive ones offered by banks. 

1.  SBI Privilege Home loan:

SBI Privilege Home Loan exclusively for government employees. Individuals who are employees of Central or State Government which includes PSBs, PSUs of Central Government and other individuals with pensionable service are eligible to apply for this home loan. 

The loan amount will be determined by taking into consideration factors such as applicant income and repaying capacity, age, assets and liabilities, cost of proposed house/flat etc.

Features of SBI Privilege Home loans are: 

  • Low Interest Rates
  • Zero Processing Fee
  • No Hidden Charges
  • No Pre Payment Penalty
  • Interest charges on Daily Reducing Balance
  • Repayment up to 30 years
  • Interest Concession for Women Borrowers
  • Interest Concession in case Check Off is provided
  • Full waiver of Processing Fee.

Eligibility: 

  • Resident Type: Resident Indian
  • Minimum Age: 18 years
  • Maximum Age: 75 years
  • Loan Tenure: up to 30 years.

Interest rates on home loan here are offered, between lowest 8.60% to 9.25% depending upon the amount you decide to borrow. While for women home loan borrowers, the interest rate ranges from lowest 8.55% to 9.15%.

2. SBI Shaurya Home loan:

SBI Shaurya Home Loan scheme is dedicated to the Army and Defence Personnel of the nation. This special home loan scheme will be only provided to the defence employees.

There are two different interest rates provided by SBI: check off and without check off. 

Home loan with check off means that the employer agrees to deduct EMIs from employee's salary and remit the same amount directly to latter's lender (bank). Without check off facilty in home loan is normal one where you can go to your bank and opt for home loan on your cost. 

Women interest rates are similar in both SBI's check off and without check off faciltiy, whereas there is 5 basis point higher rate provided by the lender on home loans for without check off facility to others category. Hence, check off facility is much better to opt.

Additionally, there is a interest concessions for women borrowers and check off home loan. 

Also, there is Zero processing fee and no hidden pre-payment charges penalty is levied in this home loan. 

Further, one of the interesting key feature is also interest rates on daily reducing balance. Apart from this, the tenure offered under SBI's Shaurya home loan is also higher, maximum up to 30 years. 

Interest rates are levied depending upon your tenure and principal amount. Also, it is different for women and others categories.

Interest rates on SBI Shaurya home loans are similar like above. 

3. PNB Pride housing loan:

This type of loan is meant to ensure availability of Housing Loan at attractive rates and ensure a house for all government employees.

PNB's interest rates for these employees are at MCLR plus 0.20% spread on home loan upto Rs 75 lakh. While MCLR plus 0.25% spread is given on above Rs 75 lakh loans. PNB's MCLR is at 8.45%.

Repayment procedure: 

Loan for carrying out repairs/ renovation / alterations to the house/flat: Max.15 years inclusive of moratorium period, if any. While Loan for Others: Max. 30 years inclusive of moratorium period, if any.

The income of the spouse and earning children (whether married or unmarried) and of the joint owners can be added for determining the income for the purpose of borrowers` repaying capacity. 

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
central government employeeshome loansState government employeesSBI home loansSBI home loan interest ratesState Bank of IndiaPunjab National BankPNB
Written By: ZeeBiz WebTeam
Updated: Wed, Jun 19, 2019
01:06 pm
Mumbai, ZeeBiz WebDesk
RELATED NEWS
NPS SIMPLIFIED! PFRDA eases eNPS registration process for government sector subscribers; to make mandatory from THIS date NPS SIMPLIFIED! PFRDA eases eNPS registration process for government sector subscribers; to make mandatory from THIS date
7th Pay Commission DA, DR Hike For Central Government Employees, Pensioners: ORDER ISSUED by Finance Ministry - All you need to know about implementation 7th Pay Commission DA, DR Hike For Central Government Employees, Pensioners: ORDER ISSUED by Finance Ministry - All you need to know about implementation
7th Pay Commission: Central Government Employees DA ALERT! What about Dearness Allowance for 1st Jan 2020 to 30th June 2021? 7th Pay Commission: Central Government Employees DA ALERT! What about Dearness Allowance for 1st Jan 2020 to 30th June 2021?
7th Pay Commission DA Hike Central Government Employees: CONFIRMED! Modi government gives BIG GOOD NEWS 7th Pay Commission DA Hike Central Government Employees: CONFIRMED! Modi government gives BIG GOOD NEWS
7th Pay Commission DA: This Dearness Allowance Office Memorandum is FAKE! Central Government Employees should never fall into this trap 7th Pay Commission DA: This Dearness Allowance Office Memorandum is FAKE! Central Government Employees should never fall into this trap

LATEST NEWS

Commerce Minister looking to release new foreign trade policy before September, says official

Maruti Suzuki looks to deploy strong hybrid tech across model range

Q1FY23 Preview: Pharmaceutical firms likely to deliver subdued performance in domestic market, says Nirmal Bang -

D-Mart Q1 revenue jumps almost 2-fold to Rs 9,806.89 cr

Windfall tax to recoup most of Rs 1 lakh cr revenue lost in excise cuts, industry sources say

Electricity distribution companies' outstanding dues to power producers rise 4% to Rs 1.32 lakh cr in June - know details here

ED provisionally attaches Rs 96 crore assets of TRS MP promoted Madhucon Group

Rakesh Jhunjhunwala Stocks: Agrochemical firm Rallis India shares may surge by 23% despite pressure on margins – Here’s why?

North Korea says US, South Korea-Japan agreement materialises US plan for 'Asian NATO'

Three of top 10 BSE-listed companies lose Rs 73,630 cr in market capitalisation; HUL, ICICI Bank among biggest drag

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
© 2022. India Dot Com Private Limited. All Rights Reserved.
LIVE TV