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✓ Home Loan from ₹5 Lakhs To ₹5 Cr ✓ Multiple Lending Partners ✓ Attractive Interest Rates

Home loans suited to women are provided by various banks and non-banking financial companies all over India. As a result, this facilitates the purchase of houses by women easily. Loans given to women may begin from amounts of Rs. 2 Lakhs onwards. A home loan for women may be unique in that it gives women a number of perks and is a feature-rich financial instrument that benefits them while buying a home.

Home Loan for Women – Features and Benefits

In India, a home loan for ladies is made convenient to compel more women applicants to take loans. Here are some important features and benefits of this loan:

  • Loan amounts begin from as little as Rs. 2 Lakhs and can go up to Rs. 10 Crores with some banking institutions. Nonetheless, this also depends on the criteria you need to meet as an applicant. 

  • Although you can get a home loan for a ‘housewife’, you have to apply for a loan with another individual who is not a housewife as a joint applicant. 

  • Usually, banking institutions may give you a discount where interest rates are concerned if you are a woman availing of a loan. 

  • While taking a home loan for women, the interest rate may be a minimum of 6.90% annually, which is low compared to other regular home loan interest rates. 

  • When you apply for a home loan for women,  you have a very simple eligibility criteria that must be fulfilled (though this differs from financial institution to financial institution). 

  • Flexible loan repayment tenures are available on home loans focused on women, with some tenures going up to a maximum of 30 years. 

Best Home Loan Offers for Women

When you are looking for a home loan for women, interest rate of the loan should be attractive and lucrative for you to be able to repay your loan in a hassle-free way. The institutions mentioned below offer one of the best interest rates on home loans for women in the market today. Check them out:

Bank

Features

Kotak Mahindra

Here you get an interest rate of as little as 6.70% per year.

Bank of Baroda

With an interest rate of 6.85% annually, this is one of the more lucrative bank rates.

ICICI Bank

This bank offers you 7.10% interest annually, and though on the high side, has flexible repayment.

State Bank of India

SBI has an interest rate of 6.90% per year on home loans for women.

Bajaj Housing Finance Limited

Bajaj Housing Finance Limited gives you some of the best loan products with interest rates starting at 7.10%. You can also navigate through Bajaj Housing Finance portal to find out more about the PMAY scheme. 

 

Eligibility Criteria of a Home Loan for Women

If you wish to be granted a home loan for women, eligibility criteria must be fulfilled to avail loans. The criteria are shown below: 

Age

For women home loan applicants, the minimum age should be 18 years and the maximum age, 70 years.

Residential status 

As an applicant for a home loan for women, you should be an Indian national residing in India. These types of loans are approved for Indians who have a ‘non-resident’ status and a  status of ‘person of Indian origin’ too. 

Employment

You should be a woman who is earning a salary or an individual in some form of self-employment. 

Yearly income

This criterion is determined by individual loan providers, that is, specific banks or NBFCs which issue the loan. 

Accommodation

You should have a residence that is your permanent home or have been living in rental accommodation for the past year. 

CIBIL/credit score

A credit score represents your financial health, and an appropriate score to get a housing loan for women is approximately 750 and anything above this value. Nonetheless, this condition of eligibility is subject to the lender you wish to get the loan from. 

 

Documents Needed for a Women’s Home Loan

After you are certain that you are eligible to get a home loan for women, you can gather the documentation you need to prove your eligibility. Documentation that is a must to take a home loan for ladies consists of:

  • Identification proof - It is imperative that you submit your PAN or Aadhaar card, your voter’s ID, a valid driving licence, or a passport that is valid as proof of your identity. 

  • Residential proof - In addition to documents validating your identity, you must also have proof of your residential accommodation, and you may submit an Aadhaar card, any utility bill, a ration card, a passport that is valid, etc. 

  • Income-related proof - You will need to show proof that you are earning an income from some source. If you earn a salary, then salary certificates must be produced. If you are an individual with a status of ‘self-employed’, you can show your bank account statements for the past six months. Depending on the lender, requests for proof of income may vary, and there is a possibility that you may have to show documents like Returns of Income filed for the past three years and profit/loss statements of your company/business. 

  • Other documentation - In addition to the above, you will have to make available passport size photos of yourself, an application form duly filled with your details, etc., and whatever other documents the lender mandates as part of your loan application. 

Apply for a Home Loan for Women

You can apply for a Home Loan with any one of the partner banks/financial institutions at Finserv MARKETS. Simply follow these few steps to apply for a home loan. 

  1. Visit the portal of Finserv MARKETS.

  2. Fill in the application form with details like your name, phone number, etc. 

  3. You will get an OTP on your mobile, and you have to enter this to go ahead with the loan procedure. 

  4. You may have to fill in personal and professional details to see whether you are eligible. 

  5. Select the loan amount and repayment tenure of your choice.

  6. Once your loan is approved, you can get funds in your bank account without hassles.

Home Loans for Women FAQs

✔️Is a housewife eligible for a home loan?

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

✔️Is home loan interest less for women?

Yes, home loans are offered at a lower interest to women.

✔️Is there any scheme for women to buy a house?

Yes, there are some home loan schemes specially offered to women by some banks operating in the country.

✔️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 the principal amount of the home loan.