Government Employees Home Loan Benefits
Are you a government employee who’s questing about home loan benefits from the government ? Well, you got the right place ! We will help you out with queries related to Government Employees Home Loan Benefits.
Owning a new house is a wish that becomes true for every individual in his/ her life. Admittedly on the other hand, banks & financial institutions are also supporting the potential individuals by providing loans & credit facilities to build a house that comes along with some benefits for the government employees.
Government Employees Home Loan Benefits through Banks
Consequently, one has to pay the sum amount along with the interest within a time period for obtaining loan or credit benefits from the financial institutions/ banks. This interest might vary from one bank to another (or) even on the conditions that applied for home loan benefits.
Comparatively each bank competes with one another for providing better services (as mentioned below) to the government employees home loan benefits in order to acquaint them in abundance like -
SBI privilege home loan
SBI haurya home loan
HDFC Arya home loan
PNB pride home loan
Bajaj Finserv home loan
Let's take a look at how each bank is providing home loan benefits for the government employees.
SBI privilege home loan:
There are various benefits provided by the SBI(State Bank of India) for the government employees in the form of home loans -
While in partnership with a bank, a government employee tends to extend check off facility, then he will be benefited from low interest rate upto 0.05%
Annual interest rate lies between 6.95 - 7.40%
The maximum loan payment duration has been increased to 30 years.
EMIs will be set below 50% during the post retirement period.
SBI Shaurya home loan:
Along with the SBI privilege home loan, A similar policy has been brought up with low rate interests exclusively for central government employees and army personnel. It includes all the features in SBI privilege home loan policy along with quite variations as follows -
Defense persons can take advantage of the benefit of fulfilling the outstanding credit from the other banks to SBI.
Though it is exempted from processing fee, one must have to pay for the advocate fee, CIBIL fee, CERSAI fee.
HDFC Arya home loan:
HDFC Arya home loan scheme is an initiative taken by the HDFC bank to offer best services for the government employees with maximum benefit over home loans and credits.
Low processing fees - 25000 + taxes
Loans are sanctioned within a short span of time without any prepayment charges.
Customized quotes are made according to the needs of the customers.
Repayment method has been extended to 65 years.
PNB pride home loan:
PNB pride home loans offers the best service to the one who’s availing for the home loan with the low rate of interest also with added benefits as follows -
PNBs current MCLR(Marginal Cost of Funds based Lending Rate) stands at 8.45%
Interest rate upto 75 lakhs - MCLR + 0.20%
Interest rate above 75 lakhs - MCLR + 0.25%
Repayment of loan for repairs & renovations is for 15 years, others for 30 years.
Bajaj finserv home loan:
The benefits that are provided under bajaj finserv for home loans are made available only for government employees as follows -
It provides very low interest rates exclusively for women.
There is no processing fee.
It also offers House Building Advance with reasonable & affordable EMIs.
Government Employees Home Loan Benefits under HBA
Every bank comes up with innovative schemes related to home loan benefits to gain customers' interests for providing better services (as mentioned below) to the government employees under HBA(House Building Advance) policy.
Affordable EMIs and payment terms:
According to the new home loan policy, government employees were now eligible to attain loan upto 25 lakh rupees & also entitled to make payments through EMIs(Every Month Installments) which is rounded off at 50% from their every month income till they attain 75 years of age. Even after retirement the government employees can benefit from this aspect.
Competitive reduced interest rates:
Banks always ensure low rate interests for the government employees upon loan & credit facilities to gain more potential government customers. Furthermore, a female government employee can attain low rate interest even for 0.05% for obtaining home loan benefits when compared to other interest rates.
0% processing fee:
The government employees must meet the eligibility requirements in order to obtain loans and credit benefits from the banks. Where some financial institutions avails processing fee on the period prior sanctioning the loan. Now in the present scenario, the government employees can attain the loan even without paying any processing fee, as a benefit provided by the banks.
Enhanced advance corps:
Earlier, the government employees were entitled to get a loan upto INR 7.5 lakhs. However, the new policy house building advance (HBA) has brought up new changes by enhancing the provided loan upto INR 25 lakhs. The previous benefit from HBA for home extension is INR 1.8 lakh whereas, it was enhanced to 5 times i.e., INR 10 lakhs.
Benefits for married couple:
The new policy under HBA(House Building Advance) has made it easier for married people to obtain home loan benefits at low interest rates within a short period of time.
Eligibility and Required Documents for Government Employees Home Loan Benefits
Every government employee must gain the following requirements to get eligible to obtain the home loan benefits under HBA(House Building Advance) new policy.
He/ she must be an Indian citizen.
Three years of work experience is mandatory.
It is available to people between 23 & 70 years.
Must attain above or equal to 700 CIBIL score.
These are the documents required to apply for the home loan benefits -
Recent salary slip
Bank account statement from last 3 months
Interest rate and fees for Government Employees Home Loan Benefits
This table will let you know about the details of interest rates and the applicable charges for government employees home loan benefits.
We hope you acquired knowledge regarding Government employees home loan benefits. There are numerous banks and financial institutions that provide home loans apart from SBI, HDFC, PNB etc., at very low interest rates for the government employees though the above mentioned are well known for providing best home loan benefits. Make sure to check out our website to get more interesting updates related to government employees. Thank you.