For the home loan for women, There are some banks that have stood behind most women in becoming property owners in their early careers, all on their own. Perhaps, here the primary goal of most mortgage lenders is to provide the women with a lower stamp duty and home loan interest rate to the home loan borrowers ( in this article, women).
Also, this year (2022) is considered to be the ideal time for buying yourself a dream house, given the housing finance and low-interest rates. Therefore, most women borrowers, in particular, are looking forward to getting themselves an affordable dream house right away.
But then, the only question that arises in the mind is; given the present situation, what are the bank options that offer the best mortgage home loan rates for the women home loan applicants? And, what bank includes an adjustable rate? To help you decide on this, we have come up with the interest rates and home loans of affordable deals with prices best mortgage lenders and have been the biggest influencers in driving the decision of the women borrowers in 2022.
While curating the article, we have also determined the banks’ efficiency in offering loans that are affordable for women via the fringe charges like processing fees. Also note, that the rates mentioned in this article are with respect to the floating rate of interest linked to the repo rate of RBI and not the marginal cost of funds-based lending rate (MCLR) regime used earlier, or the base rate or prime lending rate regimes with the expectation of Citi Bank that has linked its home loans to the government’s treasury bills.
Therefore, before we get onto the mortgage rates with the total interest that the mortgage lender would have to look into before buying their dream house, let’s have a quick look into the hidden charges of the home loans.
Home Loan Interest Rate For Women - The Hidden Charges Included In The Home Loans That Reflect On The Credit Score?
Listed below are the hidden charges that are included in the home loan rates:
- Processing fee
- Application fee
- Legal fee
- Conversion fee
- Evaluation fee
- Physical visit fee
- Late payment fee
- Prepayment fee
- Part-payment fee
- Cheque bounce fee
- Annual Statement fee
- Document retrieval charges
Home Loan Interest Rate For Women - The legal Loan Documents That A Bank Can Ask For When Applying For A Home Loan?
When mortgage lenders opt for a conventional loan for women, they can only ask for the documents as mentioned below:
- A duly filled home loan application
- About 3 passport-size photographs
- Photocopies for proof of identity ( like voter’s ID card, passport, or driving license)
- Photocopies for residence proof ( utility bills, passport, driving license)
- Business address proof for non-salaried borrowers
- Bank statement for the past six months
- A signature identification
- Personal assets
- Financial liabilities statement
- Details of the other running loans
Now that we know of the documents and hidden charges, let’s get onto the banks and their terms and conditions regarding the rate loan for women.
Best Banks That Provide Home Loan For Women
Here is the list of the best banks that provide home loans for women:
1) State Bank of India (SBI) - SBI Home Loan For Women
SBI home loan interest rate for women
SBI’s home loan for women is known to be the best amongst all the other loan monthly payments, as it offers a lower rate by 5 basis points to women as compared to the rate at which the public lender offers the general public. This means, the SBI home loan interest rate for women is currently at 8.70% to 8.80% per annum and a woman borrower will be benefited from a loan at 8.65% to 8.75%.
SBI Home Loan Interest Rate For Female
*Rate applicability is valid till August 31, 2023 | |||
Longest tenure: 30 years | |||
CIBIL Score | Effective Rate (in %) | Concession over card rate | Effective rate after women Concession of 5bps (in %) |
NTC/NO CIBIL/-1 | 8.80 | 55bps | 8.75 |
550-649 | 9.65 | NIL | 9.60 |
650-699 | 9.45 | NIL | 9.40 |
700-749 | 8.80 | 55bps | 8.75 |
750-799 | 8.70 | 45bps | 8.65 |
>/= 800 | 8.70 | 45bps | 8.65 |
NIL processing fee as on July 16, 2023 | |||
2) ICICI Bank - Home Loan For Women
ICICI loan options for women include a lower home loan interest rate of 8.10% per annum. To avail of this, the woman must be the main borrower or a co-applicant.
ICICI Home Loan Interest Rate For Women In India
*Rate applicability is valid till July 31, 2023 | |||
Longest tenure: 10 years | |||
Bureau Score | Rate for Salaried Applicants (in %) | Rate for Non-salaried Applicants (in %) | Effective rate for women (in %) |
750-800 | 9.00 | 9.00 | 8.10 |
800 | 9.10 | ||
0.50% processing fee till July 31, 2023 All rates are subject to repo rates | |||
3) HDFC Bank - Home Loan For Women
DFC Bank offers loan options that are quite similar to the ones offered by SBI. Their monthly payment would also be benefited the women borrowers as they offer a 5-basis-point discount on the home loans from that of the benchmark rate. Note that there are no specific women’s home loan schemes at HDFC.
HDFC Home Loan Interest Rate For Women
Longest tenure: 30 years | |||
Repo rate (in %) | Processing fee | Effective rate for women (in %) | |
Salaried Applicants | Non-salaried applicants | ||
6.50 | Upto 0.50% of the total loan amount Or ₹3,000 (whichever is higher) | Up to 1.50% of the total loan amount Or ₹4,500 (whichever is higher) | 8.60 |
4) Union Bank of India - Home Loan For Women
The Union Bank of India also offers 5 basis points. However, in this public bank, your credit score would play a crucial role that will help you fetch a min down payment. They also offer lower home loan rates for women borrowers with a min credit score of anything above 800.
Union Bank Of India Home Loan Interest Rate For Women
*Rate applicability is valid till September 31, 2023 | ||||
Longest tenure: 30 years | ||||
Loan amount | CIC Score | LTV | Rate for Salaried Women (in %) | Rate for Non-salaried Women (in %) |
Up to 30 lahks | Below 600 | Upto to 90 | 10.50 | 10.50 |
600-649 | upto 90 | 10.00 | 10.00 | |
650-699 | 81 to 90 | 9.45 | 9.50 | |
Up to 80 | 9.40 | 9.45 | ||
700-749 | 81 to 90 | 9.35 | 9.40 | |
Upto 80 | 9.30 | 9.35 | ||
750-774 | Upto 90 | 8.85 | 8.95 | |
775 and above | Upto 90 | 8.70 | ||
30 to 75 lakhs | Below 600 | Upto 80 | 10.70 | |
600-649 | Upto 80 | 10.15 | ||
650-699 | Upto 80 | 9.50 | 9.55 | |
700-749 | Upto 80 | 9.40 | 9.45 | |
750-774 | Upto 80 | 8.85 | 8.95 | |
775 and above | Upto 80 | 8.70 | ||
Above 75 lakhs | Below 600 | Upto 80 | 10.80 | |
600-649 | Upto 80 | 10.25 | ||
650-699 | 76 to 80 | 9.70 | 9.75 | |
Upto 75 | 9.60 | 9.65 | ||
700-749 | 76 to 80 | 9.60 | 9.65 | |
Upto 75 | 9.50 | 9.55 | ||
750-774 | 76 to 80 | 8.95 | 9.05 | |
Upto 75 | 8.85 | 8.95 | ||
775 and above | 76 to 80 | 8.80 | ||
Upto 75 | 8.70 | |||
NIL Processing fee upto ₹2 crores | ||||
5) Kotak Mahindra Bank - Home Loan For Women
The women borrowers at Kotak Mahindra Bank will be able to enjoy the facility of getting a personal relationship manager to help them deal with their home loan queries, along with the ease of doing business with the private lender.
Kotak Mahindra Bank Interest Rates For Women
Longest tenure: 25 years | ||
CIBIL Score | Rate for Salaried women (in %) | Rate for Slef-employed women (in %) |
750 | 8.75 to 9.35 | 8.80 to 9.60 |
0.50% processing fee for salaries & 1% for self-employed till July 31, 2023 All rates are subject to repo rates | ||
6) Axis Bank - Home Loan For Women
Axis Bank is a great choice for women borrowers who need a small amount of money to buy something and want the advantage of fixed-rate tax benefits. They offer home loans starting from Rs 3 lakhs. If you have a good credit history, this bank can do wonders for you. They provide home loan benefits like quick processing and disbursal, flexible repayment options, and lower processing charges. Plus, in certain cases, they might even offer a lower interest rate.
Axis Bank Home Loan Interest Rate For Women
Asha Home Loans
Type | For Salaried Individuals | For Self Employed Individuals |
Floating Rate (Repo Rate + Spread) | Repo Rate + 4.00% to Repo Rate + 6.35% | Repo Rate + 5.50% to Repo Rate + 6.80% |
Effective Rate of Interest | 10.50% – 12.85% p.a. | 12.00% – 13.30% p.a. |
Other Home Loans
Type | For Salaried Individuals | For Self Employed Individuals |
Floating Rate (Repo Rate + Spread) | Repo Rate + 2.50% to Repo Rate + 2.90% | Repo Rate + 2.60% to Repo Rate + 2.90% |
Effective Rate of Interest | 9.00% – 9.40% p.a. | 9.10% – 9.40% p.a. |
7) Punjab National Bank (PNB) - Home Loan For Women
Punjab National Bank Home Loan Interest Rate For Women
Upto 35 lakhs
Credit Score | Salaried / Self–employed professional (SEP) | Self – employed non – professional (SENP) |
>=825 | 8.75% to 9.25% | 8.9% to 9.3% |
>800 to 825 | 9.10% to 9.25% | 9.65% to 9.4% |
>775 to 799 | 9.10% to 9.6% | 9.65% to 10.15% |
>750 to <=775 | 9.25% to 9.75% | 9.80% to 10.30% |
> 725 to < =750 | 9.55% to 10.05% | 10.25% to 10.75% |
> 700 to <= 725 | 9.85% to 10.35% | 10.55% to 11.05% |
> 650 to <= 700 | 10.25% to 10.75% | 10.75% to 11.25% |
upto 650 | 10.25% to 10.75% | 10.75% to 11.25% |
NTC Cibil >=170 | 10.25% to 10.75% | 10.75% to 11.25% |
NTC Cibil <170 | 10.15% to 10.65% | 10.75% to 11.25% |
Above 35 Lakhs
Credit Score | Salaried women | Non-salaried women |
>=825 | 8.75% to 9.25% | 8.8% to 9.3% |
>800 to 825 | 8.75% to 9.25% | 8.90% to 9.40% |
>775 to 799 | 9.20% to 9.70% | 9.80% to 10.30% |
>750 to <=775 | 9.35% to 9.85% | 10.15% to 10.65% |
> 725 to < =750 | 9.70% to 10.20% | 10.30% to 10.80% |
> 700 to <= 725 | 10.05% to 10.55% | 10.75% to 11.25% |
> 650 to <= 700 | 10.45% to 10.95% | 10.95% to 11.45% |
upto 650 | 10.45% to 10.95% | 10.95% to 11.45% |
NTC Cibil >=170 | 10.45% to 10.95% | 10.95% to 11.45% |
NTC Cibil <170 | 10.35% to 10.85% | 10.85% to 11.35% |
*Processing fee: 0.35% + GST
*Rates valid upto March 31, 2024
*Longest tenure: 30 years
8) Citi Bank - Home Loan For Women
If you are looking forward to big-ticket loans for your luxury home, Citibank is your go-to as they are willing to lend to their requirement, that is, around Rs 10 crores as a home loan. Citi Bank, unlike the other banks that offer home loans linked with the RBI’s repo rate, the bank is linked with their treasury bill benchmark-linked lending rate (TBLR).
Citi Bank Home Loan Interest Rate For Women
*Rates as on July 17, 2023
*longest tenure: 25 years
*processing fee: Upto ₹10,000
Category | For salaried and non-salaried |
Interest rate | 8.55% to 9.00% |
Prepayment charges | NIL |
9) Bank of Baroda (BoB) - Home Loan For Women
If you are looking forward to big-ticket loans for your luxury home, Citibank is your go-to as they are willing to lend to their requirement, that is, around Rs 10 crores as a home loan. Citi Bank, unlike the other banks that offer home loans linked with the RBI’s repo rate, the bank is linked with their treasury bill benchmark-linked lending rate (TBLR).
Citi Bank Home Loan Interest Rate For Women
*Rates as on July 17, 2023
*longest tenure: 25 years
*processing fee: Upto ₹10,000
Category | For salaried and non-salaried |
Interest rate | 8.55% to 9.00% |
Prepayment charges | NIL |
Home Loan For Women Final Conclusion
Opting for a home loan as a woman or even otherwise could be quite a scary task to take up. Perhaps, the best way to be secure and assured is to opt for one that helps you benefit in the best possible way is to opt for the perfect bank for a home loan, as per the requirement, keeping in mind the amount and the home you are looking forward to buying.
We wish you luck!
