Buying a home is a dream for many. It is also a significant milestone when it comes to fulfilling goals in life. But purchasing an abode is also a huge decision as it requires a lot of capital. As most people do not have savings, they opt for home loans. More or less, every bank offers home loans. But if you are a Government employee, you will get added advantage as many banks provide home loans to purchase their dream home. For example, if you opt for the ICICI bank home loan interest rate, you will get your required money at an affordable interest rate.
As you might know, a home loan is one of the most affordable fund options with low-interest rates and many other benefits. It helps you get access to a decent amount of money and save money on taxes as it provides benefits for Government staff. So, you might be wondering which banks offer the best home loan. To help you with this, we have listed below the most popular banks that offer the best home loan.
SBI Government employees’ house loan
SBI Privilege home loan
SBI has introduced a home loan for Government staff with pensionable service. You can calculate the loan amount on the SBI home loan EMI calculator based on the borrower’s income, age, repayment capacity, assets, liabilities, proposed home or a flat cost, and many more.
● The interest rate starts from 6.95% per annum
● Low EMI due to post-retirement benefits
● The central government employees can transfer the outstanding loan balance from another bank to the SBI
SBI Shaurya home loan
Another valuable home loan for Government employees is the SBI Shaurya home loan. It offers a favorable interest rate, and the maximum repayment age is up to 75 years.
● The interest rate starts from 6.95% per year
● 50% fixed EMI during the post-retirement period
● The repayment period is up to 30 years
● Army or defense personnel can transfer the outstanding loan balance from another bank to SBI under the SBI Shaurya home loan scheme.
PNB Government employees’ house loan
PNB Pride home loan
PNB offers a PNB Pride home loan for Government staff.
The primary objective of this funding type is to make sure that all the staff get money at reasonable rates and that they all have a place to call home.
● The Marginal Cost of Funds based Lending Rate or MCLR of PNB stands at 8.45%.
● You will get 15 years to repay the loan for home restorations, repair, and maintenance purposes. You will get 30 years of the repayment period for other purposes like home purchasing.
HDFC Government employees’ house loan
HDFC Arya home loan
HDFC Bank has introduced a new home loan, especially for Government employees with the lowest interest rate. You can get the loan at 6.70% interest per annum.
● Zero hidden costs and prepayment charges
● Lowest processing fees
● Quick disbursal
● The extended repayment period for senior citizens or retired Government staff
● Flexible or customizable EMIs
Bajaj Finserv Government employees’ house loan
Bajaj Finserv presents a home loan for Government staff with many benefits. The salient features of this funding type are as follows-
● Flexible repayment terms with reasonable monthly installments and no-cost processing fee
● Lower interest rates, especially for women employees
Hence, these are some notable banks offering the most affordable home loan with flexible loan terms and conditions. Depending on the bank you select, you will get different benefits. For example, if you apply for a home loan in ICICI bank, you can use the ICICI home loan EMI calculator to know the ICICI bank home loan interest rate and the EMIs beforehand.