SBI home loan interest rate for women

State Bank of India (SBI) is one of the most trusted public lenders in the country for home loans. It is a favourite among women borrowers because of the special benefits it offers to them. In this guide, we talk about the SBI interest rate for women borrowers in 2024 and the benefits it will offer.

Table of Contents

SBI home loan rate for women in 2024

Campaign rates effective from January 1 to 31, 2024

Credit score range	Interest rate
Over 800	8.60%
750-799	8.60%
700-749	8.70%
650-699	9.45%
550-649	9.45%
NTC/No CIBIL	8.70%
151-200	8.70%
101-150	9.45%

Card rates effective after January 31, 2024

Credit score range	Interest rate
Over 800	9.15%
750-799	9.15%
700-749	9.35%
650-699	9.45%
550-649	9.65%
NTC/No CIBIL	9.35%
151-200	9.35%
101-150	9.45%

Benefits offered to women home loan borrowers by SBI

The public lender offers women borrowers a concession of 5 basis points compared to men, all other factors being equal. While a woman borrower with a credit score of over 800 can get a home loan at SBI at 8.6% interest, a male borrower with the same credit score will be charged 8.65% interest.

However, the extent of the concession offered by SBI to women borrowers is primarily determined by their credit score – the higher the credit score, the lower the interest.

Impact of CIBIL score on home loan interest charged by SBI

SBI gauges a borrower’s creditworthiness based on their credit score, provided by credit rating agency, TransUnion CIBIL. The CIBIL score is a rating assigned to people with a banking history by credit reporting companies in India. This data is shared with financial institutions to help them understand the creditworthy of a borrower. Banks use this information to understand the probability of defaults and a borrower’s ability to repay the debt.

SBI home loan: Eligibility

Age: 18-70 years

Nature of employment: Salaried individuals, non-salaried business people, professionals

Loan-to-value ratio: 80-90%

SBI home loan: Documents needed

Completed loan application form
Three passport-size photos
Identity proof (PAN card, passport, driver’s license, voter ID card)
Address verification (A recent copy of any utility bill, Aadhaar card, passport or driver’s licence)

Additional documents for salaried individuals

Pay slips for the previous three months
A copy of the last two IT Returns or Form-16

Additional documents for independent individuals

Proof of a company address
Last three years’ balance sheet and profit and loss statement
Business licence details
A copy of the past three years’ IT returns
A replica of Form-16A (if applicable)
A qualification certificate (for CA, doctor and other professionals)

Additional documents for farmers

Income certificates for the last two years from the Talati, Gram Sevak or Village Revenue Officer Land revenue records (Forms 6, 7, 12 and 8A)
Bank account statements for the previous 12 months

Additional documents for NRIs

A copy of a work permit or valid visa
For NRIs having a work profile as a seafarer, any of the following:
- A legitimate employment contract
- Certificate of Continuous Discharge (CDC) (if disembarkation stamp is not older than six months)
- A contract that has since expired (if the disembarkation stamp is older than six months)
- The most recent pay stub as evidence of employment with a shipping company
- Relevant pages of a passport (with overseas address)
- Foreign address proof: National Identity Card, driver’s licence, utility bill and international bank statement issued by the government
- Certificate from the employer
- Address relationship proof and proof that you are staying with a blood relative

FAQs

Does SBI offer home loans to women?

Yes, SBI offers home loans to women.

Do women get any concession on home loan interest at SBI?

Yes, the bank offers women applicants a concession of 5 basis points on standard rates.

What is the interest rate for women in SBI?

As of January 2024, SBI charges 8.6% interest on home loans to women borrowers with credit scores of 750 and above.

Is the home loan rate less for women?

Yes, most banks in India offer concessions to women borrowers.

Got any questions or point of view on our article? We would love to hear from you. Write to our Editor-in-Chief Jhumur Ghosh at jhumur.ghosh1@housing.com

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Sunita Mishra

An alumna of the Indian Institute of Mass Communication, Dhenkanal, Sunita Mishra brings over 16 years of expertise to the fields of legal matters, financial insights, and property market trends. Recognised for her ability to elucidate complex topics, her articles serve as a go-to resource for home buyers navigating intricate subjects. Through her extensive career, she has been associated with esteemed organisations like the Financial Express, Hindustan Times, Network18, All India Radio, and Business Standard.

In addition to her professional accomplishments, Sunita holds an MA degree in Sanskrit, with a specialisation in Indian Philosophy, from Delhi University. Outside of her work schedule, she likes to unwind by practising Yoga, and pursues her passion for travel.
sunita.mishra@proptiger.com