Buying a house is a huge financial milestone for any individual. Whether you are a single mother or the only breadwinner of the family who is female, you can avail a home loan specifically designed for women with lower interest rates. This is also because more and more banks and financial institutions prefer offering loans to women as they are known to pay their dues on time.

Today, we are going to know everything about home loans offered for women borrowers so that you can secure funds easily for your new abode.

Benefits of Home Loan for Women Borrowers

Following are the many benefits that women can enjoy while applying for a home loan:

Customised Home Loan Options: There are banks that offer specialised home loan packages that are specially tailored for women. Some of them include- HDFC's 'Women Power' home loan and SBI's 'Her Ghar.' These home loans offer discounted interest rates exclusively for female borrowers.
Lower Interest Rates: Women's home loan interest rate is usually lower, making the repayment process more manageable.
Efficient Approval Process: Home loan applications for women can also be approved relatively quickly.
Higher Loan Eligibility: Women borrowers often qualify for higher loan amounts. So, owning their dream home would be much easier.
Minimal Documentation: Compared to other types of loans, home loan applications for women usually require minimal essential documentation, which reduces a lot of hassle for borrowers.
Tax Benefits: Home loans for women often come with tax advantages, helping them save on their overall tax payments.
Lesser Registration Charges: Some states even provide an additional benefit by offering reduced house registration charges for home loans for women.
Flexible Repayment Plans: Women borrowers can choose repayment schedules that suit their financial situations, making it easier to manage finances effectively.
No Extra Charges: Some home loans for women do not impose additional fees for pre-payments or early loan closure, saving them from any unexpected expenses.

Eligibility Criteria for Home Loans for Women

For a woman to be eligible for a home loan, she should meet the following criteria:

Applicant's Age

The eligibility criteria for women applying for home loans specify a minimum age of 18 years and a maximum age of 70 years.

Credit Score

An ideal credit score to secure a home loan is 750 or above.

Documents Needed for Women's Home Loans

Documents required to apply for home loan scheme for ladies are:

Submit a duly filled application form.
Provide valid identity proof such as a PAN Card, driver's license, or Voter ID.
Furnish residential proof like an electricity bill or telephone bill.
Include the last six months' bank statements and the recent three months' salary slips.
Include a processing fee cheque along with your application.
Provide Form 16 or Income tax return documents.
For self-employed non-professionals, submit proof of business existence.
Include education qualification certificates and proof of business existence (for self-employed individuals).
Furnish the last three years' Income tax return documents with income computation (for self-employed individuals).
Include the last three years' CA report, audit balance sheet, and profit and loss account (for self-employed individuals).

Frequently asked questions

Do women get discounts on home loans?

Ans: Yes, some banks offer discounts on home loans specifically for women.

Which bank offers the best home loan for women?

Ans: The best housing loan for women varies based on individual preferences and eligibility criteria.

Is a housewife eligible for a home loan?

Ans: No, a housewife cannot apply for a home loan on her own. She can only do so by being a co-borrower.

What are the benefits of a home loan for a woman?

Ans: Benefits of a home loan for females include lower interest rates, reduced charges, and potential tax advantages.

Home Loans For Women Borrowers- Benefits And Documentation

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