Skip to content

Home Loans For Women, Top 5 Banks Offering Affordable Interest Rates

Home Loans For Women

Buying a home remains one of life’s most important financial goals. But as property prices have hit the skies, it has become almost impossible to become a homeowner without outside financing.

With a home loan, banks, non-bank financing companies, and housing finance organizations make it quite easy to buy the home of your dreams. As long as you have the proper documents, you can prove your eligibility and repay ability, you can easily approve your home loan.

Home loans for Women are offered by many lenders across the country. Loan amounts range from 2 lakhs to 10 crores. Providers offer home loans for women at profitable interest rates of just 6.95% per annum. The loan repayment term is very flexible and can be extended from 1 year to 30 years.

In fact, the Government of India also offers a number of benefits to encourage women to become homeowners. If you are a woman and need a loan to build a house, the details mentioned in this article may be helpful to you.

Here we have shared with you the details of schemes and interest rates of home loans for women at various banks. So stay with us for details – Here’s everything you need to know about home loans for women.

Why Should Women Borrow a Home Loan?

There are a number of reasons why women should consider taking out a home loan:

Beneficiaries

Analysis of data from a number of credit institutions shows that the delay is lower among female applicants. Thus, a woman is more likely to approve a home loan.

Special schemes

home loans for women
home loans for women

Lenders encourage women to become homeowners and start programs and offer lower interest rates to women.

The Right Time to Buy

It is worth considering for women to buy a house as this is the right time to buy a house in India:

CLSS

First-time homebuyers can take advantage of the PMAY subsidy for up to ₹ 2.67 lakh.

Attractive Prices

Today, the real estate sector offers quality properties at attractive prices, making it the right time to buy a home.

Regulatory Transparency

The Real Estate Regulatory Development Act (RERA) marks the beginning of an era of increased regulatory transparency in the Indian real estate market.

Details of Affordable Interest Rates and Processing Fees of Home Loans for Women

Various financial institutions and banks offering home loans offer special discounts for women. However, all banks that offer home loans offer loans on certain terms. For the same home loan, not all banks have the same interest rates.

home loans for women
home loans for women

Here we provided information on home loan interest rates and management fees of some banks. Allowing women to take out affordable home loans. Here you can choose the bank with a low-interest rate and take out a home loan. Use the table below to see which bank loans are the cheapest for women:

BanksInterest RateProcessing Fee
Union Bank of India Home Loan6.40 – 6.80 P.A.Up to 0.50%
Kotak Mahindra Home Loan6.55 – 8.50 P.A.Up to 0.50%
Bank of Baroda6.5 – 8.75 P.A.Up to 0.50%
SBI Home Loan6.65 – 7.25 P.A.0.35% Max ₹10,000
ICICI Bank Home Loan6.65 – 7.50 P.A.Up to 0.50%
HDFC Ltd. Home Loan6.70 – 7.85 P.A.Up to 0.50%
Axis Bank Home Loan6.90 – 8.55 P.A.Up to 0.50%
Punjab National Bank (PNB) Home Loan6.50 – 7.35 P.A.Up to 0.50%
Citi Bank Home Loan6.75 – 8.55 P.A.As Per Bank
Interest Rates and Processing Fees of Home Loans for Women

Top 5 Banks That Offers Cheap Home Loans For Women

Here are the following Top 5 Banks That Offers Cheap Home Loans For Women:

Union Bank of India Home Loan

Union Bank of India offers the cheapest home loans in India after cutting interest rates to 6.40%. This move by the state lender has sparked an ongoing price war in the country between banks trying to win over customers with better interest rates.

Union Bank of India Home Loan
Union Bank of India Home Loans for Women

It is also considered one of the best and cheapest home loan banks. This bank, together with the loan, charges interest on the loan. If a woman is a wage woman, she will receive up to 6.40 percent interest in return, with a maximum interest rate of 7.0 percent.

If the same woman has any employment of her own, for the woman has to pay interest of 6.45 percent and a maximum of 6.80 percent. In taking this loan, you get the same loan that you get a loan based on the value of your land.

To take a loan from Union bank of India, along with interest, you have to pay a processing fee of 0.50 (maximum 15 thousand) to this bank. Apart from this, GTS has to be given separately.

Kotak Mahindra Home Loan

Kotak Mahindra Bank is also better. The loan from Kotak Mahindra bank is helpful in the amount of interest from 6.55 to 8.50 percent on the line of credit. Loan to loan is not permanently permanent, it is a common feature ranging from 0.05 to 0.50 percent.

Kotak Mahindra Home Loans for women
Kotak Mahindra Home Loans for women

In addition to asking for personal contact to answer your home loan questions, you can also enjoy a high degree of ease in doing business with this private lender.

Bank of Baroda (BoB) Home Loan

You may be concerned about the slow processing of this public lender’s application, but banks will benefit from the fact that they carefully check all documents. If low-interest rates contribute to this, this may be a good choice for you. If your loan needs are small, you can get a mortgage from the Bank of Baroda for only ₹ 2 lakhs, which many banks don’t offer.

Bank of Baroda is also one such bank that provides loan facilities to women to build a house. Bank of Baroda also gives loans at very good interest rates. On taking a loan from this bank, it gives you a loan at an interest rate ranging from 6.5 to 8.75 percent.

Bank of Baroda (BoB) Home Loan
Bank of Baroda (BoB) Home Loans for women

If a woman is a paid woman, she will have an interest rate of 6.50 percent in exchange, with a maximum interest rate of 8.75 percent.

If the same woman has her own job, the woman must pay 6.75 percent, up to 8.75 percent interest. By taking out this loan, you get the same loan in which you get loan based on the value of your land.

On taking a loan from the Bank of Baroda, it takes 0.50 percent of the loan amount from you as the processing fee of this loan (Minimum 8000 and Maximum is 15000) You will get a maximum of 30 years to repay the loan taken from the Bank of Baroda may seem.

SBI Home Loan

Regardless of the interest rate the public lender offers a home loan to the population at a given time, it offers a 5 basis point lower interest rate to female borrowers.

This means that if SBI currently offers a 7% annual home loan, they will get a female loan at 6.95%.

State Bank of India Home Loans for Women

0.40% of the loan amount, minimum ₹10,000, maximum ₹30,000. For projects where the bank is affiliated with the builder, the rate is 0.40% and up to ₹10,000 and taxes will be added.

ICICI Bank Home Loan

ICICI Bank Home Loan
ICICI Bank Home Loans for women

Not only will you get low-interest rates from this private lender, but female borrowers will also enjoy the ease of doing business at ICICI Bank. 0.50% of the mortgage amount starting at ₹1,100.

Home Loans For Women, Loan Eligibility Criteria

Eligibility criteria of home loans for women:

Age of The Applicant

Minimum age: 18 years old Maximum age: 70 years old

Resident Type

The applicant must be one of the following:
Residents of India
Non-resident of India (NRI)
Overseas Indians (PIO)

Employment

The applicant must be:
Paid individual resp
Self-employed

Net Annual Revenue

According to the terms of the lender

Residential Address

The applicant must have one of the following:
Permanent residence
The rented residence where he has lived for at least a year

Credit Score

750 or more credit points are ideal. However, this requirement may vary from bank to bank.

Documents Required for Home Loans for Women

The documents usually required to apply for home loans for women can be summarized as follows:

Proof of Identity

Driving license, voter card, PAN card, valid passport, Aadhaar card, etc.

Proof of location

Aadhaar card, meal card, any utility bill such as phone bill, electricity bill, water bill, gas bill and so on.

Other Documents

Passport-sized photographs of the applicant, duly completed the form, bank statements, proof of payment (for employees), etc.

What Are The Charges That May Have to be Paid While Taking a Home Loan?

Some of the hidden fees can be charged for a home loan from a bank –

Processing Fee

This fee is deducted as soon as the loan amount is credited to the applicant’s account.

Application Fee

Whenever you apply, you have to pay this fee at that time.

Legal Fee

This also comes as a hidden charge.

Physical Visit Fee

After applying for the loan of the application, whenever the personnel of the bank come to visit the house, then at that time also some charge has to be given to the bank.

Late Payment Fee

Whenever you are left to pay the installment of taking a loan or make a late payment, then some charge has to be paid in the form of a late payment fee.

Annual Fee

This fee is collected by the bank once a year according to the loan amount.

Features and Benefits of Home Loans for Women

Many women are aware of the need to save and invest in order to achieve financial well-being. In this regard, homeownership is one way to do this. Owning a home can be a key means of creating prosperity. So if you’re looking to buy an apartment—with or without a partner—let’s take a look at five Features and Benefits of Home Loans for Women

Features and Benefits of Home Loans for Women
Features and Benefits of Home Loans for Women

Female borrowers pay lower interest rates

Many home lenders offer low-interest rates home loans for women. A lower interest rate may have a positive effect on the monthly installments or the Equated monthly installments [EMI] over the life of the loan. Because the loan can range from 15 to 25 years, a lower interest rate can provide better affordability, significant savings, and a stress-free, convenient repayment.

Higher Credit Approval Rate:

The Government of India has launched a unique program called Pradhan Mantri Awas Yojana Scheme. Under this system, the government ensures that people from economically weaker sections of society, low- and middle-income groups, and established caste and tribes can be provided with a concrete or “pack” of housing.

This system provides special preferences for home loans for women, including single working women and widows. Under this scheme, home loans for women taken out mainly or as joint applicants are processed faster.

Under this system, women must be co-owners when buying a home. In this system, preference is given to single women, widows, economically weaker groups [EWS], and low-income groups [LIG].

The program offers up to 2.67 million percent support to home buyers. If you want to take out a mortgage under the PMAY Credit Support Scheme [CLSS], you can also take advantage of interest deductions. For 6 million home loans, female home buyers in the EWS section and the LIG segment can receive an interest rate subsidy of 6.5%.

Stamp Dues Are Reduced For Female Borrowers:

Stamp duty is an important part of the cost of real estate, and most people consider stamp duty to be part of the loan component. Therefore, a reduction in stamp duty can also make a big difference. As part of the cost of a home loan, stamp duty is a mandatory fee. You must pay this fee to register the property you have purchased with the state. Stamp duties in India vary from state to state.

For example, if you are a female homeowner, you only need to provide 4% of the value of the property as stamp duty in New Delhi, compared to 6% for men. Some states, such as Jammu and Kashmir, have completely exempted women from stamp duty.

In Maharashtra, female home buyers can receive a one percentage point discount, which means they only have to pay 2% of the value of the property as stamp duty when registering the property. Reduced stamp duty can make a big difference when buying a home.

Women Can Take Advantage Of Tax Benefits:

Male and female borrowers receive a tax break when they repay their home loans. As a homeowner, you can also take advantage of tax breaks and up to ₹1.5 lakhs in tax credits when repaying the principal, as well as up to ₹ 2 lakhs in tax credits when interest is repaid.

If you are a co-owner with your husband, you will be entitled to claim the tax credit when you buy your home under sections 80C, section 24, and sections 80EE and 80EEA of the Income Tax Act. For example, the common borrower of their female husband applying for a home loan can also benefit from a tax credit.

In addition, you are more likely to get a home loan approval as more and more lenders want to give home loans to women. Historical evidence shows that women tend to save better, avoid unnecessary debt, have better household finances, and have lower default rates when borrowing.

All of these factors contribute to home loan providers offering additional benefits and encouraging women to buy a home. With increased flexibility, expanded services, and more, you can now buy a home and move toward financial independence.

Women Have a Flexible Repayment Period:

Female home buyers are free to repay their home loans with longer maturities than usual. Some lenders offer a term of up to 25 years, which reduces your finances through lower EMIs. A longer-term can help you make other obligations when you repay your home loan.

Several lenders will charge a fee in case of partial repayment or foreclosure of a home loan. This gives you the opportunity to repay your loans early without having to worry about the cost of foreclosure.

While most home loans have a maximum repayment term of 25 years, women applying for a home loan can have a maximum repayment period of up to 30 years or until the borrower reaches the age of 70, whichever is earlier.

Conclusion

If you are buying an apartment for the first time, you may have a steep learning curve ahead of you. It is essential to anticipate the responsibilities, possible pitfalls, and issues related to home ownership. Take advantage of the education support and home loan discount for women to get a good idea of ​​what to expect when buying a home. Hearing the advice of a financial advisor can go a long way in understanding your cash flow and planning your home loan.

Related posts

7 Valuable Bad Credit Home Loans of 2022 In Texas

10 Best Way to Get First-Time Home Buyer Loans with Bad Credit and Zero Down in 2022

Frequently Asked Questions(FAQs)

What is the difference between home loans for women and men?

Most banks offer women 5-10 basis point interest rebates. This means that if a bank had the lowest interest rate at 6.90%, women would be offered the loan at an annual interest rate of 6.85%.

Are housewives eligible for a home loan?

No, housewives cannot take out their own home loans. She can only get it if she is a co-borrower.

Do banks give 100 percent home loans?

Banks and home finance companies never finance 100% of the value of a property as a loan. Financiers usually ask the borrower to repay 10-30% of the cost with their own funds.

Is there less interest on home loans for women?

Yes, home loans are offered at a lower interest rate to female borrowers.

Is there any exemption in home loans for women?

Various states in India are offering a 1-2% reduction in stamp duty to encourage women to own real estate. This is again a significant saving. For example, in a ₹1 crore house, women can save up to ₹1-₹2 lakhs. Tax breaks: Women also enjoy income tax breaks after repaying their home loan.