A home loan is an amount of money borrowed from a financial institution to build or buy a new home and to renovate one’s home. You can build or purchase your home comfortably with a home loan.
Across the nation, several loan providers offer home loans for women. The amount of the loan starts from 2 lakh up to 10 crores according to your choice. You can choose the required amount to build up your dream home.
Eligibility criteria for home loans for women
- The minimum age of the woman has to be 18 years. And the maximum age for taking a loan is 70 years.
- The resident must be a resident of India, a nonresident of India, or a Person of Indian origin.
- The woman must be a salaried employee or a self-employed person to apply for a home loan for women.
- The net annual income will be defined or set by the loan provider as per the terms and conditions.
- The resident must have a permanent or rented residence, where she lived at least for 1 year.
Documents required for home loans for women
- The woman must have proof of identity like a voter card, PAN card, aadhaar card, driving licence, or valid passport, etc.
- The woman must have proof of residence such as an Aadhaar card, ration card, copy of electricity bill, copy of a bank passbook, and other documents where the residential proof is mentioned.
- She must have other documents like a passport-size photo, salary slip, filled-up form for the loan, etc.
- She might need other documents as per the bank’s requirements.
Some best home loan offers for women in India
- Union Bank of India gives loans with an interest of 8.60% p.a. onwards with a processing fee up to 0.50%.
- Kotak Mahindra Bank gives loans with interest of 8.65 p.a. onwards and with a processing fee of up to 0.50%
- The interest rate of the Bank of Baroda is 8.60 p.a. onwards with the processing fee up to 0.50%
- State Bank of India gives the loan with an interest rate of 8.90% p.a. with a processing fee of 0.35%
- HDFC Limited provides home loans for women with an interest rate of 8.95% and with processing fees of up to 0.50%
- Axis Bank gives home loans with an interest rate of 8.60% p.a. and with processing fees up to 0.50%
- LIC HFL home loans provide loans with an interest rate of 8.65 p.a onwards with a processing fee of up to 0.20% along with taxes.
Benefits of Taking a home loan for Women
- The woman gets a concession in the interest rate.
- With the low amount of interest rate, she can get a higher amount of home loans for women.
- The stamp duty charges are reduced in the case of women while taking a home loan.
- On interest repayment, the woman can get tax deductions of up to 2 lakh rupees, and on principal repayments, she can get tax deductions of up to 1.5 lakhs.
- The woman also gets longer repayment tenures.
- Eligibility for govt schemes like Pradhan MantriYojana gives interest subsidies to 2.65 lakhs.
Home loans for women can be considered a step towards new days. In the era of equality and justice, women need some kind of independence and facility to live a good life. This loan facility can be regarded as one of those which helps a woman to build up her home of dreams where she can live a happy and prosperous life.