Banks and financial institutions in India sometimes offer favorable home loan terms for women to promote gender equality and to encourage female homeownership. The Indian government, too, has introduced various policies and incentives to promote home ownership among women.
In this article, we will explore the benefits and incentives designed to support women who wish to apply for a home loan.
Here are some of the benefits women can enjoy when applying for a home loan:
Women applying for home loans have a better chance of approval as compared to men. This is because data analytics of several financial institutions reveal that women are less likely to default, which reduces the risk for lenders.
Women can also benefit from tax deductions on home loan interest payments. Under Section 80C and Section 24 of the Income Tax Act, 1961, if a woman is a co-applicant with her spouse, both can claim these deductions individually.
Under the PMAY scheme, it is mandatory for the property to be registered in the name of at least one female member of the family. This scheme promotes female homeownership and also allows women to avail of subsidies.
Many states in India offer reduced stamp duty rates for properties registered in a woman's name. This reduction, typically ranging from 1% to 2%, can save a significant amount when purchasing a house.
Banks and financial institutions sometimes introduce special schemes and offers for women, such as zero processing fees or additional discounts.
|
Bank Name |
Interest Rates |
Processing Fees |
|---|---|---|
|
8.50% onwards |
0.35% of the loan amount at a maximum of Rs.10,000 + GST. |
|
|
LIC Housing Finance Home Loan |
8.50% onwards |
Up to 1.0% of the loan amount + GST. |
|
Bank of Baroda Home Loan |
8.40% onwards |
Up to 0.50% of the loan amount or a maximum of Rs.7,500 + GST. |
|
Axis Bank Home Loan |
8.65% onwards |
Up to 0.50% of the loan amount or Rs.3,000 + GST |
|
Citibank Home Loan |
8% onwards |
Up to 0.40% of the loan amount + GST. |
|
HDFC Home Loan |
8.75% onwards |
Up to 1% of the loan amount at a minimum of Rs.10,000 Processing fee of Rs.2,500 + GST |
|
ICICI Home Loan |
8.75% onwards |
Up to 1% of the loan amount + GST. |
Banks, NBFCs, and government institutions empower women by making homeownership more achievable. Women who are interested in applying for a home loan should compare these options to choose the best scheme that suits their needs.
You can enjoy instant approval and processing of home loans using the Moneyview website or app.Was this information useful?
