Home loans for women are offered by a number of loan providers across the nation. The loan amounts start at as low as Rs.2 lakh and goes up to Rs.10 crore. The providers offer women’s home loans at lucrative interest rates starting at just 6.95% p.a. The loan repayment tenures are very flexible and can be extended from 1 year to 30 years.
|Banks||Interest Rate||Processing Fee|
|Union Bank of India Home Loan||6.70% p.a.||Up to 0.50%|
|Kotak Mahindra Home Loan||6.75% p.a.||Up to 0.50%|
|Bank of Baroda||6.85% p.a.||Up to 0.50%|
|SBI Home Loan||6.90% p.a||0.35% Max Rs. 10,000|
|ICICI Bank Home Loan||6.90% p.a||0% to 0.5% plus taxes|
|HDFC Ltd. Home Loan||6.90% p.a.||Up to 0.50%|
|Axis Bank Home Loan||6.90% p.a.||Up to 0.50%|
|LIC HFL Home Loan||6.95% p.a||Up to 0.25% plus taxes|
|Age of the applicant||Minimum age: 18 years Maximum age: 70 years|
|Resident Type||The applicant should be one of the following:
Resident of India
Non-Resident of India (NRI)
Person of Indian Origin (PIO)
|Employment||The applicant should be:
A salaried individual or
A self-employed individual
|Net Annual Income||As per the terms and conditions of the loan provider|
|Residential Address||The applicant should have any one of the following:
A permanent residence
A rented residence wherein she has resided for at least one year
|Credit Score||A credit score of 750 or more is ideal. However, this requirement may vary from bank to bank|
Documents Required for Home Loans for Women
The documents that are required in general for the application of a women’s home loan can be summed up as follows:
1) Proof of Identity: Driving license, Voter ID card, PAN card, valid passport, Aadhaar card, and so on.
2) Proof of Residence: Aadhaar card, ration card, copy of any utility bill such as telephone bill, electricity bill, water bill, gas connection bill, and so on.
3) Other documents: Passport size photographs of the applicant, duly filled up form, bank statements, salary slips (for salaried employees), and so on.
Note: The documents mentioned above are indicative. The applicant might be required to provide other documents as well as per the requirement of the loan provider.
Banks usually offer a discount as well which is applicable to women’s home loans. You can avail a home loan at a discounted rate of interest now and fulfill your dream of building your dream home with these loans. You can also visit the official website of BankBazaar.com to find out the best deals on home loans and calculate emi as per your requirement and make the best out of it.
No, a housewife cannot avail a home loan on her own. She can only get it if she is a co-borrower.
Yes, female co-ownership is mandatory under PMAY because interest subsidy can be availed only if an adult female is named as a co-owner.
Yes, home loan is offered at a lower interest to women borrowers.
Yes, some banks operating in the country offer home loan schemes which are especially for women.
In case, both husband and wife jointly own the property, they are entitled to claim the benefit of interest as well as in respect of repayment of principal amount of home loan.
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