Home Loan for Women

Learn more about Home Loan for Women in India – Interest Rates & Benefits

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A home loan for women offers various advantages, serving as a comprehensive financial tool that benefits them as they strive to become homeowners. Women are entitled to various advantages through this specially tailored loan.

These perks include a reduced home loan interest rate for women, lower stamp duty charges, and numerous other advantages. Like men, women can also enjoy home loan tax benefits. Read on to know more.

Home Loan for Women – Features and Benefits

In order to encourage higher participation of women in buying assets such as a home, a home loan for women comes with varied benefits. Here are some important features of this loan:

Loan amounts begin from as little as ₹2 Lakhs and can go up to ₹10 Crores with some financial institutions, based on your eligibility 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, ladies’ home loan interest rates are discounted compared to regular home loan interest rates
Eligibility criteria for a home loan for women applicants are usually simple and easy to meet, although they may vary among different financial institutions
Home loans for women offer flexible tenures, with a maximum of 30 years

Best Home Loan Offers for Women

An attractive interest rate enables you to repay your loan hassle-free. The institutions mentioned below offer some of the best women’s home loan interest rates in the market today. Check them out:

Bank	Features
Bajaj Housing Finance Limited	Interest rates start at 8.50% here
Bank of Baroda	With an interest rate of 8.60% annually, this is a beneficial option
ICICI Bank	This bank offers you a loan at 9.00% interest annually
Kotak Mahindra	Here you get an interest rate starting from just 8.85% per year
State Bank of India	SBI has an interest rate of 8.70% based on your credit score

Disclaimer: The interest rates mentioned above are subject to change as per the lender.

Eligibility Criteria of a Home Loan for Women

For availing housing loan benefits for ladies, you have to first qualify for a home loan. Check out the eligibility criteria here:

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 self-employed.
Yearly income	This criterion is determined by individual loan providers, that is, specific banks or NBFCs who 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. 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 submit salary certificates or slips. 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. You may have to show documents like tax returns for the past three years and profit/loss statements of your company/business.
Other documentation - In addition to the above, you will need to submit passport-size photos of yourself and an application form duly filled with your details. Your lender may also require other documents, so check with the financial institution.

Apply for a Home Loan for Women

Apply for a Home Loan for women on Bajaj Markets for a convenient and quick process. You can choose from our partner banks/financial institutions and follow these easy steps to submit your application for a home loan for women.

Step 1: Click on ‘Apply Now’ on this page
Step 2: Fill in the application form with details like your name, phone number, etc.
Step 3: You will get an OTP on your mobile. Enter it to proceed
Step 4: Enter other personal and professional details to see whether you are eligible
Step 5: Select the loan amount and repayment tenure of your choice and submit the application

You will be contacted by a representative to take the process forward. Once your loan is approved, you can get funds in your bank account without hassles.

Things to Consider Before Applying for Home Loan for Women

Availing a home loan is a crucial decision that requires thorough research and understanding of all applicable charges. Here are some essential points that demand your consideration.

Applicable Interest Rates

It is essential to opt for a home loan that has lower interest rates to finance your home affordably. To get the best home loan interest rate for women offered by lenders, compare different banks and NBFCs in the market.

This is essential because even a small difference in the women’s home loan interest rate can significantly impact your monthly instalments. Check whether the rate of interest offered by the lender is fixed or floating and choose the most suitable option after careful evaluation.

Required Home Loan Amount

An important step in your home loan journey is to determine the amount of money that you need to borrow. Decide on this amount considering the value of the property, your financial strength and your capacity for down payment.

Also compute additional costs like registration fees, stamp duty, as well as legal charges. Understanding the housing loan amount that you require will assist you in assessing your affordability and choosing the right option.

Tenure of the Home Loan

Your choice of home loan tenure affects your EMIs as well as the overall interest that you pay. Opting for a longer tenure helps you to lower your payments but increases your interest expenses.

On the other hand, a shorter tenure entails higher EMIs but reduces the interest costs. Make this decision after properly considering your finances, repayment plans and long-term goals.

Down Payment

The down payment refers to the amount that you pay from your own funds towards purchasing a property. It helps in reducing the loan amount that you require. Making a higher down payment can help you pay less than the EMI amount.

When you make a larger down payment, it shows financial stability and lenders may also offer you lower rates.

Associated Fees and Charges

Availing a home loan comes with various fees and charges that you need to pay from time to time. These include processing fees, EMI bounce fees, administrative charges, as well as charges when you request copies of documents like your interest certificate.

Understanding the complete fee structure associated with any housing loan for women can help you factor them into your budget. Compare these fees and charges across various lenders to find the most cost-effective loan option.

Also make sure you check your eligibility, plan your repayment with a home loan EMI calculator and take tax benefits into consideration. All this will help you make the most of home loan benefits for ladies while becoming a homeowner hassle-free.

Disclaimer

The information and suggestions provided by BFDL hereinabove is related to the Non-Partnered Banks/ NBFCs and is just for the purpose of information and under no circumstances the information provided hereinabove is intended to be source of advice or recommending any financial advice or endorsement of any sort.

The information including interest rates or fees, loan amount and other charges with regard to any product, provided on this website is gathered through publicly available sources over the internet and is considered as accurate and reliable to the best of our knowledge. BFDL disclaims any responsibility or liability regarding inaccuracies, omissions, mistakes etc. as well as offers by the Non-Partnered Banks or NBFCs. The use of information set out is entirely at the User’s own risk and User should exercise due care prior taking of any decision, on the basis of information mentioned hereinabove. You are advised to visit/ contact the respective Banks/ NBFCs to verify the information before making any application or opening an account. Further, BFDL does not undertake any responsibility or liability to update this information. YOU ARE SOLELY RESPONSIBLE FOR ANY LIABILITY OR DAMAGE YOU INCUR THROUGH ACCESS TO OR USE OF THE SITE OR SUCH INFORMATION OR MATERIALS EXCEPT WHERE THE LAWS AND REGULATIONS OF A PARTICULAR JURISDICTION CONCERNING WARRANTIES CANNOT BE WAIVED. Additionally, display of any trademarks, tradenames, logo and other subject matters of intellectual property owners. Display of such Intellectual Property along with the related product information does not imply BFDL’s partnership with the owner of the Intellectual Property of such products.

Government Schemes

Home Loan by Non-Partnered Banks

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

Yes, the home loan interest rates for women are lower as compared to regular home loan interest rates. This benefit is offered by various lenders.

Yes, there are some home loan schemes that prioritise women borrowers such as PMAY. Financial institutions also offer housing loan benefits for ladies such as lower interest rates.

In case both husband and wife jointly own the property, they are entitled to claim the tax benefits on a home loan individually.

The co-applicants for a home loan for women can include an unmarried daughter and father, a sister and brother (if he is living in her home), and a woman’s spouse.

The maximum limit for a home loan for women can go up to ₹10 Crores.

One of the housing loan benefits for ladies include minimal processing charges that range between 0.5% – 2% of the loan amount.

Yes, women can claim deductions of up to ₹1.5 lakhs on the loan amount. They can also get deductions of up to ₹2 lakhs on the home loan interest. If a woman is a first-time borrower, she can also get an additional deduction of ₹50,000 based on certain conditions.

Stamp charges on a home loan for women vary as per state. Home loan benefits for ladies include lower stamp duty charges. For instance, women pay 4% and men pay 6% as charges in Delhi.