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
|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.
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:
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
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.
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
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
|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%|
|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|
|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|
|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|
|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:
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.
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.
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.
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.
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.
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