Home Loan for Women
Creating a world with equal opportunity for both genders takes a lot of work. While the thoughts of the current generation are aligned, the format needed some tweaking. Thus, here we are with new-aged home loan schemes that are just designed for new-age women. From homemakers to salaried and self-employed, we have listed everything you need to know.
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Features of Home Loans for Women
There are many benefits when it comes to home loans for ladies, some of them are:
- When filed under a woman’s name, You can get a better deal with lower interest rates.
- Flexible options are available under women’s home loan which goes up to 30 years.
- Home loans registered under women’s names get quick processing and usually get done within a week.
- Special plans for those with a salary or their own business.
- You can fill it out offline or any online platform of your choosing.
Eligibility Criteria Women’s Home Loan
Eligibility criteria for housing loans for women:
- The applicant should be an Indian resident.
- Applicants should be between 21-60 years for salary, and 23-65 years for self-employed at loan maturity.
- Applicants should be salaried employees in listed companies, private firms, or self-employed professionals/business owners.
- Applicants should have a minimum monthly income of 20,000 for major cities, and Rs. 15,000 for others.
- Applicant should have a CIBIL Score of 750 and above
Documents Needed: Home Loan for Women
Documents your need for a valid application for a home loan for females:
- Completed application form.
- KYC documents: PAN, Voter’s ID, Driving Licence, Employee Card, utility bills.
- Salaried: 6 months Bank Statements, Last 3 months Pay Slips, Form 16 (last 2 years).
- Self-employed: 6 months bank statements, IT Returns (last 2 years), CA Audited Financials, Balance sheet, Proof of business existence.
- Property-related documents (for collateral-related loans): Sales deed, NOC, possession certificate, construction cost estimation, bank statements/receipts, and occupancy certificate if applicable.
- For loans with a Co-applicant: Complete KYC Documents
Best Home Loan Schemes for Women
Here are some of the best home loan schemes available for women:
Lender | Interest Rates | Maximum Loan Amount | Repayment Tenure |
SMFG Grihashakti | Starting from 10.50%* | Based on eligibility | Up to 30 years |
Kotak Mahindra Bank | Starting at 8.60% | Based on eligibility | Up to 20 years |
HDFC Bank | Customized rates | Based on eligibility | Up to 30 years |
SBI | As per prevailing rates | Based on eligibility | Up to 30 years |
ICICI Bank | Customized rates | Based on eligibility | Up to 30 years |
Union Bank of India | Starting at 8.60%* | Based on eligibility | Up to 30 years |
Axis Bank | Starting at 8.70%* | Based on eligibility | Up to 30 years |
Tax Benefits of Home Loans for Women
Women availing of home loans enjoy tax benefits under the Income Tax Act, of 1961:
- Under the Principal Repayment (Sec 80C) you can get a tax deduction up to Rs 1.5 lakh.
- Under Interest Payment (Sec 24) you can avail deduction up to Rs 2 lakh.
- If you get a loan under Joint Ownership, both co-applicants can claim deductions individually, doubling benefits.
FAQs
Yes, single women can apply for home loans independently.
The Mahila Samman Savings Certificate scheme aka the 2 lakh deposit scheme allows women to deposit a maximum of Rs 2 lakh for 2 years. This scheme offers financial support and independence through fixed interest rates.
Women can apply for a home loan without a job if they have collateral like gold and property. Also, adding an earning co-applicant like your partner or any family member, would increase your chances of getting a loan.
Amounts for women's home loans range from Rs. 2 lakh to Rs. 10 crore. It features attractive interest rates starting at 6.95% p.a. along with flexible repayment tenures from 1 to 30 years.