Own Your Dream House With Home Loans For Women

Home Loan For Women

Home Loan For Women

Several banks and Non-Banking Financial Companies (NBFCs) offer home loans for women that help women to own their dream house without any hassle. Moreover, many banks offer special home loan interest rates along with benefits and features for women. Therefore, you can compare home loan plans from different banks and choose the one that best suits your requirement. Usually, the minimum loan amount starts from Rs.2 lakh and goes up to a maximum of Rs.10 crore with interest rate starting from just 6.95% p.a. The repayment tenure for your loan is flexible and ranges from 1 year to 30 years.

Best Home Loan Offers For Women

Banks Interest Rate Processing Fee
Union Bank of India Home Loan 7.40% p.a. Up to 0.50%
Kotak Mahindra Home Loan 7.50% p.a. Up to 0.50%
Bank of Baroda 7.45% p.a. Up to 0.50%
SBI Home Loan 7.55% p.a 0.35% Max Rs. 10,000
HDFC Ltd. Home Loan 7.55% p.a. Up to 0.50%
Axis Bank Home Loan 7.60% p.a. Up to 0.50%
LIC HFL Home Loan 7.50% p.a Up to 0.25% plus taxes

Eligibility Criteria For Home Loans For Women

Eligibility Criteria Requirement
Age of the applicant Minimum age: 18 years Maximum age: 70 years
Resident Type The applicant must be any one of the following:

Resident of India

Non-Resident of India (NRI)

Person of Indian Origin (PIO)

Employment The loan applicant should be:

A salaried individual or

A self-employed individual

Net Annual Income As per the terms and conditions of the bank or the lending institution.
Residential Address The applicant must have any one of the following:

A permanent residence

A rented residence where she has resided for at least one year

Credit Score A credit score of 750 or above is ideal. However, this requirement may vary between different banks.

Documents Required For Home Loans For Women

Here are the common documents that are required to apply for a home loan for women:

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 utility bill such as telephone bill, electricity bill, water bill, gas connection bill, and so on.

3) Other documents: Passport size photographs of the loan applicant, duly filled up form, bank statements, salary slips (for salaried employees), and so on.

Note that the documents mentioned above are general and may vary from bank to bank. So the applicant might have to provide other documents as per the requirement of your loan provider. Moreover, banks offer a discount which is applicable to women’s home loans. Therefore, you can get a home loan at a discounted rate of interest and fulfill your dream of building your own home with these loans.

Also Read: Quick ways to know if you are eligible to get a home loan .

Features And Benefits Of Home Loans For Women

Home loans for women have the following features and benefits:

  • Concession in interest rates
  • Higher loan amounts
  • Stamp duty charges is less
  • Tax exemption of up to Rs.2 lakh on interest repayments
  • Tax exemption of up to Rs.1.5 lakh on principal repayments
  • Flexible loan repayment tenures
  • You will be eligible for government schemes such as PMAY which gives interest rates of up to Rs.2.67 lakh

Best Home Loans For Women

Loans for Women Best for
SBI Regular Home Loan Salaried women
HDFC Women Power Home Loan All types
PNB Home Loan Salaried / non-salaried
Fullerton Grihalakshmi home loan Easy in processing

Note that the interest rates and features of home loans for women will vary from one bank to another. So here are some of the best home loans offered by top banks for women:

  1. SBI Regular Home Loan

    You can avail State Bank of India home loans to purchase under-construction or a ready-to-move-in property. The features of this scheme is as follows:

    • Concessions on interest rate of up to 6.95% per annum
    • No prepayment penalty
    • Home loans are available as an overdraft facility
  2. HDFC Women Power Home Loans

    You can avail HDFC Bank home loans to construct, buy, or renovate your house. This scheme has the following features and benefits:

    • Interest rate of 0.05% p.a lower than the normal home loan rate
    • You can avail home loans anywhere in India
    • You can get in-house technical and legal support from professionals.
  3. Punjab National Bank Home Loan

    Punjab National Bank offers a wide range of housing loans that are beneficial to women, whether salaried ladies, entrepreneur women, or housewives. So here are the features of this scheme:

    • 05% p.a. lesser interest rate to borrowers who are women.
    • Cost of furnishing might be added up to 10% of your home loan to a maximum of Rs.25 lakhs.
    • You will get moratorium of up to 3 months from the date of advance or till the date of possession, whichever is earlier
  4. Fullerton Grihalakshmi Home Loan

    If you are a salaried women, you can easily get home loan using The Fullerton Grihalakshmi home loan and bring your dream house into reality. The features of this scheme is:

    • Concessions on interest rate for home loans for women.
    • Simple and quick documentation process
    • You can get legal and technical assistance when you purchase a property.

Home Loan Interest Rates

So if you are planning to get a home loan for women, it is best to compare the interest rates offered by various banks and choose the lowest interest rates. Usually the interest rates start from 6.65% p.a. Here is the complete list of current interest rates on home loans in India from top banks and financial institutions.

Latest Interest Rates of Home Loan from all Banks 2022

Also Read: A Descriptive Guide On Taking a Home Loan At a Low-Interest Rate.

Banks Starting Interest Rate (p.a.) Processing Fees
Kotak Mahindra Bank 7.50% p.a. onwards 0.50%
Citibank 6.65% p.a. onwards Rs. 10,000
Union Bank of India 7.90% p.a. onwards
Bank of Baroda 7.45% p.a. onwards Contact the bank for information
Central Bank of India 7.20% p.a. to 7.65% p.a. Rs. 20,000
Bank of India 7.30% p.a. onwards
State Bank of India 8.05% p.a. onwards 0.35% onwards
HDFC Home Loans 8.10% p.a. onwards* 0.5% or Rs.3,000 whichever is higher
LIC Housing Finance 7.55% p.a. onwards Rs. 10,000 -Rs. 15,000
Axis Bank 7.60% p.a. onwards Rs. 10,000
Canara Bank 7.60% p.a. to 9.80% p.a. 0.50% of the loan amount subject to a minimum of Rs. 1,500, and a maximum of Rs. 10,000
Punjab and Sind Bank 7.50% p.a. onwards Full Waiver
IDFC First Bank 7.50% p.a. onwards Rs. 5,000 – Rs. 5,000
Bank of Maharashtra 7.30% p.a. onwards Rs. 10,000
Indian Overseas Bank 7.05% p.a. onwards 0.50% (Max Rs. 20,000)
Punjab National Bank 7.40% p.a. onward 0.35% (Max Rs. 15,000)
United Bank of India 7.50% p.a. onwards 0.59% (Rs. 1,180 – Rs. 11,800)
UCO Bank 7.40% 0.15% (Rs. 1,500 – Rs. 15,000)
DBS Bank 7.30% 0.25% (Rs. 10,000)
IDBI Bank 7.60% 0.50% (Rs. 2,500 – Rs.5,000)
HSBC Bank 7.35% 1% (Rs. 10,000)
Karur Vysya Bank 8.05% Rs. 5,000
Saraswat Bank Home Loan 7.50% p.a. onwards Nil
Jammu and Kashmir Bank 7.85% Rs. 500 – Rs. 10,000
South Indian Bank Repo Rate + 3.35% p.a. onwards 0.50% (Rs. 5,000 – Rs. 10,000)
PNB Housing Finance 7.50% p.a. onwards Up to 0.50%
Federal Bank 8.55% p.a. onwards Rs. 3,000 – Rs. 7,500
Standard Chartered Bank 7.25% p.a. onwards 1%
Aavas Financiers 8.00% 1.00%
Karnataka Bank 7.89% p.a. onwards Rs. 250
Sundaram Home Finance 6.95% Rs.3,000 (for salaried)
Dhanlaxmi Bank 8.35% p.a. onwards Rs. 10,000
Tata Capital 7.75% p.a. onwards 0.50%
Tamilnadu Mercantile Bank 7.95% Rs. 15,000
IIFL 10.50% 1.25%
DHFL Housing Finance 8.75% Rs. 2500
Bandhan Bank 7.30% p.a. onwards 1% (Rs.5,000)
Yes Bank 8.95% 1% (Rs. 10,000)
Hudco Home Loan 9.25% NA
Indiabulls 7.60% 0.50% onwards
Aditya Birla 8.00% p.a. onwards 1%
GIC Housing Finance 8.20% Rs. 2,500
Reliance Home Finance 9.75% Rs. 3,000 – Rs. 6,500
Shriram Housing 8.90% NA
India Shelter Finance 13.00% 2.00%

How To Calculate Interest Rates On Home Loan?

Whenever you apply for a loan, it is important to calculate the interest rate beforehand to know how much EMI you will be paying every month. This will also help you to get an idea whether you can repay the loan without defaulting. So here is a brief explanation on how you can calculate the interest rate using any one of the two methods listed below:

  1. EMI Calculator: You can use an EMI calculator or a home loan calculator to calculate the interest rate applicable to your home loan. SO all you have to do is fill up the fields provided on the calculator with the required details such as Home Loan Amount, Loan Repayment Tenure and Rate of Interest. Once  you fill in the details, click on the ‘Calculate’ button and get a detailed breakdown of your loan including the amount payable towards interest.
  2. EMI Calculation Formula: Alternatively, you can manually calculate your EMI using the following formula:
    EMI = [P x r x (1+r)^n]/[(1+r)^n-1]
    Wherein, P is Principal, r is rate of interest, and n is number of instalments or loan tenure in months.

How To Calculate The Effective Interest Rate (EIR)?

The interest that you will be paying consist of two main components namely: the base rate and the markup rate. So let’s have a deeper understanding on these components:

  • Base Rate: It is the lending rate that is kept standard by the bank and is applicable for all retail loans. Therefore, this rate might change frequently based on multiple inputs.
  • Markup: Here a small percentage is added to the base rate which gives the EIR (Effective interest rate) for a home loan which may vary from one type to another.
    Effective Interest Rate (EIR) = Base Rate + Markup
  • RBI has mandated banks to fix the interest rate after analysing the risk factor associated with lending to borrowers. So it takes various factors into account such as repo rate, deposits etc. The Marginal Cost of Funds based Lending Rate (MCLR)- works out to be slightly lower than the base rate.

Types Of Interest Rates In Home Loan

There are mainly two types of interest rates charged for home loans for women by most of the banks.

  1. Fixed Interest Rate:

Here, the rate remains fixed throughout the loan tenure. And there will be no change in the interest rates.  Depending on the bank, you will be allowed to switch to a floating rate system after you complete a certain period into the loan tenure.

  1. Floating Interest Rate:

Here, the interest rates for your home loan will change depending on the current lending rates of the bank. And the change in interest rates depends on various factors such as RBIs monetary policy,  lending rate revisions and the bank’s response to the revision etc. However, the floating home loan interest rates are comparatively lower than the fixed home loan interest rates.

Also Read: How to Find the Best Home Loan Interest Rate?

Final Note

You are a woman who has a dream to build your own dream house, then a home loan for women is the best option. Many banks and financial institutions offer special interest rates with various benefits and features to make your dream come true without any hassle. Hope this article would have given you an idea about home loans offered by top banks in India. So compare the interest rates offered by various banks and choose the one that best suits your requirements.