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Home/Loans/Home Loan/Home Loan for Women

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:

LenderInterest RatesMaximum Loan AmountRepayment Tenure
SMFG GrihashaktiStarting from 10.50%*Based on eligibilityUp to 30 years
Kotak Mahindra BankStarting at 8.60%Based on eligibilityUp to 20 years
HDFC BankCustomized ratesBased on eligibilityUp to 30 years
SBIAs per prevailing ratesBased on eligibilityUp to 30 years
ICICI BankCustomized ratesBased on eligibilityUp to 30 years
Union Bank of IndiaStarting at 8.60%*Based on eligibilityUp to 30 years
Axis BankStarting at 8.70%*Based on eligibilityUp 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

Can a single woman apply for home loans?

Yes, single women can apply for home loans independently.

What is the 2 lakh deposit scheme for women about?

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.

Can women get a home loan without a job?

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.

How much home loan can a woman get?

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.