Hey,
Banks offer concessional interest rates on home loan for government employees. These benefits are given as a token of appreciation for their work and service. Central and state government employees will have to check with their lenders if they are eligible for the same.
Looking for property to invest in? Check out NoBroker to get leads without paying brokerage. Take a Home Loan at Low-Interest Rates through NoBroker! What are the benefits to government employees on home loan? Attractive interest rates:Lenders offer attractive interest rates to government employees; this makes home loans more affordable. Female government employees further get a reduction of 0.05% lesser than the rates for their counterparts.
Cheap EMIs :Another benefit is low/cheap monthly EMIs. The EMI is capped at 50% of the monthly income until the borrower reaches 75 years of age. This makes loan repayments much more comfortable.
A few banks allow borrowers to custom-build repayment plans according to their financial capacity.
Zero/low processing charges:Usually, the processing fees for home loans range between 0.5 and 1% of the total loan amount. Government employees have to pay zero/low processing charges on their loans. This makes a dent in their savings.
Other benefits offered include no penalties on pre-payment, availing House Building Advance (HBA) corpus to support the construction costs and married couple benefits in availing HRA.
Do government employees get cheaper home loans?Government employees get multiple advantages including low-interest rates which in turn makes their home loans cheaper when compared to the general public. The State Bank of India is one of the most popular choices amongst people, thanks to their SBI home loan interest rate for government employees. PSBs, Defence personnel, PSUs of Central Government and other employees working in pensionable service. Attractive features offered by SBI to borrowers are :
Low-Interest Rates: 8.60% to 9.25%. For women home loan applicants the interest rate ranges from lowest 8.55% to 9.15%.
Zero Processing Fee
No Hidden Charges
No Prepayment 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.
If you have any other updates on home loan for government employees, leave a comment below.
Read more:
How much pension government employees get?
How much a government employee can donate under 80g for tax rebate?
What is dearness allowance?
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Authors Of The Question
Do government employees get cheaper home loans?
Nila
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1 Answers
2 Year
2022-12-21T08:58:44+00:00 2022-12-21T16:54:40+00:00Comment
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