Home loans for women are offered with a host of benefits and features that help women (from housewives to working women) build their dream home without any hassle or delay. Many banks and non-banking financial companies (NBFCs) offer special home loans for women at affordable interest rates. You can get the best home loan after comparing mahilaon ke liye home loan schemes for women from different financial institutions.
| Home Loan for Women 2023 home loan for women 2023 |
| Loan Details | required documents ,Required Documents, |
| 1. Loan Type (loan type) – Home loan 2. Loan Amount (loan amount) – from ₹ 1 lakh to 20 crores 3. Loan Tenure (loan period) – from 1 to 30 years 4. Interest Rate (Interest Rate) – 8.60 to 14.50% 5. Processing Fees – 0.25 to 0.70% |
1. PAN Card 2. Aadhaar Card 3. Your Photo 4. Address Proof 5. Bank Statement 6. Statement of Assets and Liabilities 7. Proof of your assets 8. ITR Verification Report |
| Loan Eligibility | Loan Application |
| 1. Citizenship and passport holders of India 2. Any adult female 3. Age above 21 years 4. Original property documents 5. Any fixed source of income 6. Good Credit Score |
1. Apply from loan provider website or branch 2. Login with your name and mobile number 3. Fill in your required information 4. Upload the required documents 5. Submit loan application 6. Wait for loan approval |
With the steady increase in women’s employment, women’s participation in financial decision making is also increasing. Banks and NBFCs are also offering additional features on their home loan products including preferred interest rates, customized plans in an effort to promote home ownership among women.
Additionally, adding women as co-applicants increases home loan affordability, with the proportion of women sharing home ownership increasing. According to an estimate, one out of every 5 families in India is taking a home loan in the name of a woman, from which it can be seen that awareness about home loans has also increased among women.
Banks encourage women to invest in real estate and buy new homes as they have a better track record of repaying loans than men. To carry forward this tradition, many banks offer interest subvention of up to 2% on home loan interest rates.
Several lenders across the country offer home loans for women. Loan sizes range from ₹1 lakh to ₹20 crore. The lender offers attractive home loans to women at only 8.40% per annum interest rate ranging from one year to thirty years and the loan repayment terms are also quite flexible.
Owning a home is the dream of many, but it is often out of reach for women in India. However, with the right information and resources, women can successfully navigate the home loan process and become homeowners.
Home Loan Benefits for Women
- concession in interest rates
- Higher loan amount from ₹1 lakh to ₹20 crore
- Repayment period from 1 to 30 years
- Stamp duty fee reduction
- Tax exemption up to ₹ 2 lakh on interest payment
- Tax exemption of up to ₹1.5 lakh on principal repayment
- Eligibility for government schemes like PMAY
- Higher chances of home loan approval
Best home loan offers for women
| Bank | Rate of interest | processing fee |
|---|---|---|
| SBI Home Loan | 8.60-11.10% | up to 0.40% |
| Bank of Baroda | 8.60-10.80% | up to 0.60% |
| hdfc bank home loan | 8.70-11.25% | up to 0.50% |
| LIC HFL Home Loan | 9.10-11.70% | up to 0.60% |
| PNB Home Loan | 8.40-10.80% | up to 0.50% |
| Union Bank of India Home Loan | 8.60-11.30% | up to 0.50% |
| Kotak Mahindra Home Loan | 8.45-12.50% | up to 0.50% |
| Bandhan Bank Home Loan | 8.40-14.00% | up to 0.40% |
| Bajaj Housing Finance | 8.70-14.90% | up to 0.60% |
| Axis Bank Home Loan | 9.10-12.60% | up to 0.70% |
| Aditya Birla Capital | 8.75-14.50% | up to 0.55% |
To qualify for a home loan in India as a woman, you need to meet certain eligibility criteria set by the bank or financial institution. This generally includes a steady income, a good credit score and a minimum loan amount. Additionally, you will need to provide proof of income, such as salary slips, and proof of identity, such as passport or PAN card.
It is also important to note that if you are a single woman or a divorced woman, you may need a co-applicant for the loan. This could be a family member or a close relative who would be responsible for repaying the loan if you are unable to do so.