Home Loan For Women 2023

January 20, 2023

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Home loans for women is offered by many lending institutions operating in India. One can claim a loan amount from anywhere between Rs 2 Lakhs to upto Rs 10 Crores. The interest rate offered on the home loan to women commences at a lucrative interest rate of 6.75% per annum. This lending institution offers a flexible tenure to loan applicants from 1 to 30 years.

Top 10 Home Loan For Women In India 2023

Buying your own home is a long-term investment and will benefit your future. To help you plan your homebuying, we have outlined different schemes made possible only for women. Let’s have a look at them

Schemes Interest Rate Processing Fee
SBI Regular Home Loan 7.55% Onwards 0.35% per annum plus Service Tax
HDFC Home Loan 7.65% Onwards Upto 0.5% of the loan amount
Axis Bank Home Loan 8.10% Onwards Upto 1% of the Loan Amount
LIC HFL Home Loan 8.65% Onwards Rs 3,000 Flat
PNB Housing Finance 7.50% Onwards 0.5% of the loan amount
Kotak Mahindra PMAY 7.99% Onwards 0.5% of the loan amount
Bank of Baroda Home Loan 8.45% Onwards 0.50% of the loan amount
Union Bank of India Home Loan 8.60% Onwards 0.16% of the loan amount
Canara Bank Home Loan 8.60% Onwards 0.50% of the loan amount
ICICI Bank Home Loan 8.75% Onwards Upto 1% of the loan amount

SBI Regular Home Loan

State Bank of India is a public sector (government-owned) bank headquartered in Mumbai, Maharashtra. Established in 1955, the SBI is the largest bank in India, with a total of 20,000 branches and 59,000 ATMs across the country. The bank has a strong presence in India’s rural and semi-rural areas, besides a significant international presence with branches in more than 36 countries.

A regular SBI home loan can be an excellent way to finance your home purchase. The bank offers a concession in interest rates to women borrowers. The loan can be used to purchase a newly constructed home, a previously owned home, or a property under construction. SBI also allows customers to use this loan for home renovation purposes.

SBI Regular Home Loan: Highlights

Criteria Highlights
Loan tenure Up to 30 years
Loan amount Depends on financial stability
LTV Up to 90% of the property’s value

SBI Regular Home Loan: Key Features and Benefits

  • SBI offers home loan facility as overdraft facility.
  • The bank provides concessions on interest rates to women borrowers.
  • The bank doesn’t charge a penalty on pre-payment of the loan.
  • Interest is charged on a daily reducing balance.

SBI Regular Home Loan: Eligibility Criteria

Criteria Eligibility Criteria
Nationality Indian
Age 18 years to 70 years

SBI Regular Home Loan Interest Rates

CIBIL Score Term Loan Max Gain
Greater than 800 7.55% p.a. 7.95% p.a.
750 to 799 7.65% p.a. 8.05% p.a.
700 to 749 7.75% p.a. 8.15% p.a.
650 to 699 7.85% p.a. 8.25% p.a.
550 to 649 8.05% p.a. 8.45% p.a.
No Credit Score/ -1 7.75% p.a. 8.15% p.a.

HDFC Home Loan

HDFC Ltd. is an Indian conglomerate with a focus on financial services. The company has a diversified portfolio of businesses, including banking, asset management, insurance, and real estate. Established in 1977, it is listed on both NSE and BSE.

HDFC home loans can be availed for purchasing new properties and constructing a new home. The affordable HDFC home loans offer a 0.50% concession on interest rates for women, with EMIs starting from INR 703 per lakh.

HDFC Home Loan: Highlights

Criteria Highlights
Loan tenure Up to 30 years
Loan amount Up to INR 10 crores

HDFC Home Loan: Loan-to-Value Ratio

Criteria LTV Ratio
Up to INR 30 lakhs  90% of the value of the property
INR 30.01 lakhs to INR 75 lakhs  80% of the value of the property
Above INR 75 lakhs  75% of the value of the property

HDFC Home Loan: Key Features and Benefits

  • The HDFC home loans are fully digital from application to disbursement.
  • The bank offers tailor-made repayment options that suit every home buyer’s needs.
  • HDFC optimizes customer experience by providing 24*7 customer support.

HDFC Home Loan: Eligibility Criteria

Criteria Eligibility Criteria
Nationality Indian
Age 21 years to 65 years
Profession Salaried and Self Employed

HDFC Home Loan: Interest Rates For Women Borrowers

Loan Slab Interest Rates
Up to INR 30 lakhs 7.65% p.a. to 8.15% p.a.
INR 30.01 lakhs to INR 75 lakhs 7.90% p.a. to 8.40% p.a.
Above INR 75 lakhs 8.00% p.a. to 8.50% p.a.

Axis Bank Home Loan

Axis Bank is one of India’s leading banks, with a wide range of products and services to cater to the needs of both retail and corporate customers. The bank has a strong focus on technology and innovation. Axis Bank is also actively promoting financial inclusion and has partnered with the government to provide banking services to the under-banked and rural population.

The bank has an extensive network of branches and ATMs across the country and is committed to providing superior customer service. Furthermore, the affordable Axis Bank home loans take you closer to your dream home. The bank offers nominal interest rates ranging from 7.60% p.a and for an extended tenure of up to 30 years.

Axis Bank Home Loan: Highlights

Criteria Highlights
Loan tenure Up to 30 years
Loan amount INR 30 lakhs to INR 5 crores
LTV 75% to 90% of the value of the property

Axis Bank Home Loan: Key Features and Benefits

  • If you meet their eligibility criteria, Axis Bank offers EMI waivers for twelve months.
  • The bank doesn’t charge pre-payment or foreclosure fees.
  • The interest rates are linked to the RBI repo rates.
  • The bank allows its customers to choose between the fixed and floating rate of interest.
  • Axis Bank offers hassle-free home loan balance transfers.

Axis Bank Home Loan: Eligibility Criteria

Criteria Eligibility Criteria
Nationality Indian
Age ●     Self-Employed: 21 years to 65 years

●     Salaried: 21 years to 60 years

Profession Salaried and Self Employed

Axis Bank Home Loan: Interest Rates

For Salaried Individuals

Type of Interest Rate Repo Rate + Spread Effective Rate of Interest
Floating Rate Repo Rate + 2.70% to Repo Rate + 3.05% 7.60% p.a. to 7.95% p.a.
Fixed Rate All loan amounts 12% p.a.

For Self-Employed Individuals

Type of Interest Rate Repo Rate + Spread Effective Rate of Interest
Floating Rate Repo Rate + 2.80% to Repo Rate + 3.15% 7.70% p.a. to 8.05% p.a.
Fixed Rate, All loan amounts 12% p.a.

LIC HFL Home Loans

LIC Housing Finance Ltd. (LICHFL) was incorporated in 1989 by the Government of India. It is a wholly-owned subsidiary of LIC. LICHFL has been listed on both the NSE and BSE since 1994. Plus, women borrowers can get special concessions in interest rates.

The LIC Housing Finance Limited has devised lucrative offers for home loan borrowers. LIC Housing Finance Ltd is a subsidiary of LIC that provides home loans to policyholders. It also provides finance to builders and developers for the construction of residential units. Moreover, LIC HFL loan products are available at low-interest rates and affordable EMIs.

LIC HFL Home Loan: Highlights

Criteria Highlights
Loan tenure ●     Self-Employed: 20 years

●     Salaried: 30 years

●     Pensioners: 15 years

Loan amount Up to INR 15 crores
LTV Up to the value of the property

LIC HFL Home Loan: Key Features and Benefits

  • LIC HFL offers home loans to both Indian citizens and non-resident Indians.
  • No pre-payment penalty is charged.
  • The LIC HFL allows takeover and balance transfer of existing home loans.

LIC HFL Home Loan: Eligibility Criteria

Criteria Eligibility Criteria
Nationality Indian or NRI
Age 21 years to 70 years
Profession Salaried and Self Employed

LIC HFL Home Loan: Interest Rates

Salaried and Self-Employed Professional

CIBIL Score Interest Rate
Above 750 7.50% p.a.
700 to 749 7.55% p.a. to 7.90% p.a.
600 to 699 7.80% p.a. to 8.15% p.a.
Less than 600 8.25% p.a. to 8.65% p.a.
No Credit Score/ -1 8.20% p.a to 8.40% p.a.

Self Employed Individuals

CIBIL Score Interest Rate
Above 750 7.60% p.a.
700 to 749 7.65% p.a. to 8.00% p.a.
600 to 699 7.90% p.a. to 8.25% p.a.
Less than 600 8.35% p.a. to 8.75% p.a.
No Credit Score/ -1 8.30% p.a to 8.45% p.a.

PNB Housing Finance Limited

PNB Housing Finance Ltd. provides housing finance across India. The company’s housing finance products include development finance, home loans, refinancing, plot loans, and loans against property.

In addition, PNB Housing has an ‘A’ rating from CRISIL, one of India’s leading credit rating agencies. The ranking reflects the company’s strong financial position and healthy performance. PNB Housing provides financing for all your housing needs, with over two decades of experience in the housing finance sector.

PNB Housing Finance Limited Home Loan: Highlights

Criteria Highlights
Loan tenure Up to 30 years
Loan amount INR 1 crore
LTV Up to 90% the value of the property

PNB Housing Finance Limited Home Loan: Key Features and Benefits

  • Women applicants are offered a concession on interest rates.
  • PNB offers flexible repayment options.
  • The bank provides doorstep delivery to optimise customer service.
  • An insurance scheme is available for home loans.

PNB Housing Finance Limited Home Loan: Eligibility Criteria

Criteria Eligibility Criteria
Nationality Indian
Age 21 years to 70 years
Profession Salaried and Self-Employed

Note: The eligibility criteria primarily depend on the market value of the property and the repayment capacity of the applicant.

PNB Housing Finance Limited Home Loan: Interest Rates

For Home Loans up to INR 35 Lakhs

CIBIL Score Salaried and Professional Self Employed
Above 800 7.50% p.a. to 8.00% p.a. 7.60 % p.a to 8.10% p.a
750 to 799 7.55% p.a. to 8.05% p.a. 7.90% p.a to 8.25% p.a
700 to 749 8.30% p.a. to 8.50% p.a. 8.65% p.a to 8.85% p.a
650 to 699 9.40% p.a. to 9.95% p.a. 9.75% p.a to 10.30% p.a
Upto 650 9.60% p.a to 9.95% p.a 9.95% p.a to 10.45% p.a
No Credit Score/ -1 9.65% p.a to 9.95% p.a. 9.95% p.a to 10.45% p.a

For Home Loans Above INR 35 Lakhs

CIBIL Score Salaried and Professional Self Employed
Above 800 7.60% p.a. to 7.85% p.a. 7.85 % p.a to 8.35% p.a
750 to 799 7.80% p.a. to 7.90% p.a. 8.25% p.a to 8.40% p.a
700 to 749 8.50% p.a. to 8.65% p.a. 8.85% p.a to 8.90% p.a
650 to 699 9.60% p.a. to 9.95% p.a. 9.95% p.a to 10.45% p.a
Upto 650 9.80% p.a to 10.15% p.a 10.15% p.a to 10.65% p.a
No Credit Score/ -1 9.85% p.a to 10.20% p.a. 10.20% p.a to 10.70% p.a

Kotak Mahindra Pradhan Mantri Awas Yojana Home Loan

Kotak Mahindra Bank is one of India’s most renowned banking institutions. They offer a myriad of banking services and products to cater to the needs and requirements of the customer base in India. The Kotak Mahindra bank offers lucrative interest rates on home loans to fulfil the housing requirements of individuals in India. This financial institution offers home loans under the Pradhan Mantri Awas Yojana, allowing citizens to avail of subsidised interest rates concerning their income groups.

Kotak Mahindra Pradhan Mantri Awas Yojana: Interest Rates

Beneficiary Household Income Subsidy on Interest
Economically Weaker Section (EWS) Upto Rs 6 Lakhs 6.5% Per annum
Low Income Group
(LIG)
Rs 3 Lakhs to Rs 6 Lakhs 6.5% Per annum
Middle Income Group (MIG) More than Rs 6 Lakhs to 12 Lakhs 4% per annum
Middle Income Group (MIG-2) More than Rs 12 Lakhs to Rs 18 Lakhs 3% per annum

Kotak Mahindra PMAY: Features and Benefits

  • The borrowers can avail of subsidised interest rates and leverage off on the remaining principal amount.
  • One can avail of a subsidy of up to Rs 2.67 Lakhs.
  • Individuals earning up to Rs 18 Lakhs can avail of subsidy on interest under this scheme.

Kotak Mahindra PMAY: Eligibility Criteria

  • The age of eligible age to apply for a home loan for salaried employee is 18-60 years and for self-employed individuals is 18-65 years.
  • Anything above 750 is considered a satisfactory CIBIL score.
  • The applicant can avail of a loan repayment tenure of up to 20 years.
  • The minimum monthly income of the applicant must be at least Rs 20,000.

Bank of Baroda Home Loan

The Bank of Baroda is one of the most renowned financial institutions operating in the Indian Banking sector. The bank offers a wide range of home loan schemes to cater to the different requirements of the customers.

Bank of Baroda: Interest Rates

Scheme Interest Rate
Baroda Home Loan 8.45% to 9.80%
Bank of Baroda Home Improvement Loan 8.45% to 9.80%
Baroda CRE Home Loan 8.70% to 10.05%
Baroda Home Loan Advantage (Upto 75 Lakhs) 8.45% to 9.80%
Baroda Home Loan Advantage (Above 75 Lakhs) 8.70% to 10.05%

Bank of Baroda Home Loan: Features and Benefits

  • The bank offers facilities such as pre-payment and balance transfers.
  • Convenient application process with minimal documentation.
  • One can avail of a home loan without any guarantor.

Bank of Baroda Home Loan: Eligibility Criteria

  • The applicant’s age must be between 21 – 65 years at the time of application.
  • The individual can be an Indian citizen, NRI or PIO.
  • Both salaried and self-employed individuals can apply for the loan.

Union Bank of India Home Loan

Union Bank of India Home Loan is a leading financial institution operating in India that offers a wide range of financial products and services. The bank charges a 0.15% processing fee on home loans. One can avail of up to Rs 25 Lakhs from the Union Bank. The tenure for the same ranges from 1-30 years.

Union Bank of India: Interest Rates

Loan Schemes Interest Rates (Per Annum)
Union Home 8.60% Onwards
Union Awas 8.60% Onwards
Union Smart Save 9.10% Onwards

Union Bank of India: Features and Benefits

  • The bank offers concessions on Interest rates for Home Loans.
  • One can opt for larger repayment tenures.
  • A borrower can also apply for a home loan under the PMAY scheme to avail of subsidised interest rates.

Canara Bank Home Loan for Women

The Canara bank offers the best home loan for women to cater to the housing needs of customers in India. One can select from a variety of home loan schemes available that compliments their budgetary needs. The bank offers minimal documentation and lucrative interest rates.

Canara Bank: Interest Rates

Interest Rates
Home Loan Interest Rate 8.60% Onwards (Floating)

Canara Bank: Features and Benefits

  • Minimal Documentation
  • The repayment tenure on loan is 30 years.
  • This financial institution does not levy any prepayment charges.

ICICI Bank Extra Home Loan

The ICICI Bank offers lucrative interest rates commencing from 8.75% per annum. Up to 1% of the loan amount is levied as a processing fee. The bank offers a repayment tenure of up to 30 years.

ICICI Bank Extra Home Loan: Interest Rates

ICICI Bank Home Loan Interest Rate 8.75% to 9.85% per annum

ICICI Bank Extra Home Loan: Features and Benefits

  • The bank has established an easy application process consisting of minimal documentation.
  • One can avail of facilities such as prepayment and balance transfer from the bank.
  • The borrower can opt for a repayment tenure of up to 30 years to make the EMIs more manageable.

Benefits of Home Loans For Women

Apart from making women fulfil one of their major life goals, women-specific home loans also bring additional perks over their conventional counterparts. These specific benefits are targeted toward enhancing homeownership among women. Some key benefits of home loans for women are:

Lower Borrowing Costs/Interest Rates,

Having a good track record makes women more trustworthy to lenders. Lower interest rates have always boosted investment in properties and buying new homes. Mortgage lenders offer female borrowers a 0.05% to 1% rebate on home loans. Even the EMIs are significantly reduced, and repayment is stress-free for women. Consequently, women can borrow and repay their home loans at a lower cost and for a longer tenure too!

Low Stamp Duty Charges

In real estate transactions, stamp duty is a mandatory tax imposed by state governments. The rate primarily varies from 4.00% to 10.00% on the property’s value. Banks tend to offer a concession of up to 2.00% on stamp duty charges to women. Although it seems negligible, it makes a considerable difference when purchasing a house.

Tax Deduction Benefits

Women can avail of tax exemptions and deductions of up to INR 3.5 lakhs under section 80 C on the principal loan amount. Additionally, under section 24 (b), they can claim exemptions from interest payments.

Section 80 C of the Income-tax Act 1961 allows borrowers to deduct up to Rs 1.5 lakhs and section 24 (b) of Rs 2 lakhs. Under section 80 of the EEA, women are entitled to claim an additional deduction of Rs 1.5 lakh in addition to the deduction under 24 (b).

Longer Repayment Tenors

Banks and other financial institutions offer extended, flexible repayment tenures for women borrowers. This reduces the EMI payments following their repayment capacity. In addition, you will also be able to take care of other commitments while paying off your home loan, reducing your stress levels.

PMAY Scheme

PMAY is a scheme launched by the Indian Government in 2015. The plan is aimed at providing affordable housing to the citizens. This scheme makes women co-applicants mandatory for applying for home loans under this scheme.

Furthermore, as part of CLSS, the government offers subsidies of up to Rs 2.67 lakhs in interest. The program gives priority to women over other applicants. As a result of the subsidy amount being given upfront on the outstanding principal, the interest rate is lowered

Home Loan for Women: Eligibility Criteria

The eligibility criteria established by financial institutions for a home loan for women are as follows:

Criteria Requirements
Age Minimum: 21 Years
Maximum: 70 Years
Citizenship ●     Indian Citizen

●     NRIs

●     PIOs

Employment ●     Salaried Individual

●     Self-employed individual

Home Loan for Women: Documents Required

The applicant is required to produce the following documents to validate their identity with the bank.

  • Identity Proof: PAN Card, Passport, Driving License, Voter ID or Aadhaar Card.
  • Residential Proof: Aadhaar Card, Voter ID Card, driving license, Passport and utility bills.
  • Proof of Age: Voter ID Card, Birth certificate, Passport and Aadhaar Card.
  • Income Proof: Income tax IT returns and account statements from the Bank
Related Resource
Home Loan Insurance
Plot Loans for Land Purchase
Pradhan Mantri Awas Yojana
Home Buying Tips for 2022 
Top Home Loans for 2022

Frequently Asked Questions

Which home loan option is most suitable for women?

HDFC home loans prove to be the best for women. Lower interest rates, extended tenure, and flexible repayment options accompany the HDFC home loan.

Is it possible for a woman who is not married to obtain a home loan?

Yes, banks offer home loans to single women. Banks usually offer 80% of the value of the property.

Loan amount for a housewife?

Banks offer home loans up to INR 20 lakhs to homemakers and unemployed individuals.

Is home loan interest less for women?

Banks offer a concession rate on home loans for women.

Tushar Gautam is a content writer inclined to enlighten his readers about the world of finance through Urban Money.

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