Home loan for Women

Home loans for women are offered by a number of loan providers across India. 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.

Home Loan for Women: Best Offers

BanksInterest RateProcessing Fee
Union Bank of India Home Loan6.70% p.a.Up to 0.50%
Kotak Mahindra Home Loan6.75% p.a.Up to 0.50%
Bank of Baroda6.85% p.a.Up to 0.50%
SBI Home Loan6.90% p.a0.35% Max Rs. 10,000
HDFC Ltd. Home Loan6.90% p.a.Up to 0.50%
Axis Bank Home Loan6.90% p.a.Up to 0.50%
LIC HFL Home Loan6.95% p.aUp to 0.25% plus taxes

Eligibility Criteria for Home Loans for Women

Eligibility CriteriaRequirement
Age of the applicantMinimum age: 18 years Maximum age: 70 years
Resident TypeThe applicant should be one of the following:
Resident of India
Non-Resident of India (NRI)
Person of Indian Origin (PIO)
EmploymentThe applicant should be:
A salaried individual or
A self-employed individual
Net Annual IncomeAs per the terms and conditions of the loan provider
Residential AddressThe applicant should have any one of the following:
A permanent residence
A rented residence wherein she has resided for at least one year
Credit ScoreA 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 National Info to find out the best deals on home loans and calculate emi as per your requirement and make the best out of it.

FAQ

Is a housewife eligible for home loan?

No, a housewife cannot avail a home loan on her own. She can only get it if she is a co-borrower.

Is female ownership mandatory for PMAY?

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.

Is home loan interest less for women?

Yes, home loan is offered at a lower interest to women borrowers.

Is there any scheme for women to buy house?

Yes, some banks operating in the country offer home loan schemes which are especially for women.

Can both husband and wife claim housing loan benefits?

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.