The Indian Government has always strived to achieve financial inclusion for female citizens of the nation. And the banks and online lenders have happily followed suit. It is for this very reason that there are numerous benefits that Women borrowers can avail while opting for a Home Loan in India. Some of these benefits include:
- Low rates of interest
- Reduced Stamp Duty
- Tax Benefits
In addition to the above benefits, most Home Loans for women are offered under special schemes, which are accompanied by features such as extended repayment period of up to 30 years, lower interest rates, zero processing fee, and so on.
Let us take a quick look at some of the best Home Loans for women borrowers.
1. HDFC ‘Women Power’ Home Loan
Under this scheme, HDFC aims to promote women who wish to buy a house of their own by offering them a concession of 5 basis point (bps) in Home Loan interest rate, in the variable rate loan category. This concession is applicable only if the female applicant is the sole owner or the joint owner of the property, and is also the applicant or Co-Applicant for the Home Loan. You can expect to get a loan at about 8.70% to 9.30% interest rate from this bank.
Also Read: Adding a Co-applicant for Your Home Loan Application? Here’s What to Consider
2. SBI ‘Her Ghar’ Home Loan
This scheme is specially designed to enable women to purchase a residential property on their own, or as a co-owner. Women applicants or co-applicants get a concessional interest rate of 20 bps. Offered to women who are between the ages of 18 years to 70 years, this loan entails an extended repayment period of up to 30 years, provided that the applicant repay the same before reaching the maximum age of 70 years. Besides, this scheme enables the applicant to avail the loan at comparatively lower processing fee.
3. ICICI Bank Home Loan for Women
As in the case of other banks, even ICICI bank only offers special concessions to female borrowers, if they are the sole or co-owner of the property, and are the main applicants for the loan. In case of floating rate Home Loan, the rates offered by the bank range from 8.80% to 8.90%.
If the applicant opts for a fixed interest rate for the first 2-3 years and 5-10 years, the rate at which the loan is offered ranges between 8.70%-8.85% and 8.85%-9% respectively. If however, the borrower applies for a full tenure fixed interest rate, the loan is offered at a price of 9.90% to 10.25%.
4. Axis Bank Home Loan for Women Borrowers
The bank offers Home Loans to women at concessional rates ranging from 8.50% to 8.75%, depending on the loan amount, tenure, and income of the borrower.
5. PNB Housing Finance for Women
As is the case with all the other banks on the list, even Punjab National Bank offers concessional interest rates for women borrowers. If a female is more than 18 years in age and has a regular source of income, she can conveniently opt for a floating rate Home Loan. In case the loan limit is up to 75 Lakhs, the interest would be 8.65%. If, however, the loan amount is above 75 Lakhs, the interest is charged at 8.70% per annum. In this case, it is mandatory that the borrower pays off the loan in its entirety before reaching the age of 70 years.
Now that you are aware of some of the most compelling Home Loans for female applicants, we hope that you will be able to make an informed decision, and reap the benefits of special Home Loans, designed to enable you to live in your dream home!
Also Read: 6-Step Strategy for Single Women Home Loan Borrowers
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