Getting your loan approved from any bank is time -consuming task as it requires a lot of research and background work. You should not finalise any bank because it contacted you first or given you all the information promptly. Rather, you should rate a bank on the parameters of rate of interest charged by the bank for home loan, maximum or minimum tenure, disbursal time, documentation process, processing fee along with other charges and all. Generally, banks take a minimum 30 days to disburse your loan if you have completed the application process and filled the form along with all necessary documents. The bank informs you about its decision of approval or rejection after verifying your application and checking your details.
There are various banks that offer special home loan to women borrowers with the lowest interest rate. The interest rate for women borrowers is lowest among all categories as compared to other banks. This is a special scheme to lure more women customers to avail the loan.
Banks offer a home loan to all those customers who successfully meet the eligibility criteria and internal guidelines of borrowing the home loan. However, the basic qualification criteria and documentation process of general category and women’s category is more or less same as other categories. You need to submit a few basic documents along with your salary proof, bank statement, age proof and identity proof to complete your application process.
Advantages of home loan for women borrowers
- Lower rate of interest
- Fastest approval and easy process
- Higher loan eligibility
- Minimum documentation work
- Achieve your personal goal of owning a home
- Helps to save rental outgo
- Tax benefits linked with your home loan
- Future security for you and your family
- Select a repayment option as per your convenience
- No charges on pre-party payments or pre-closure
- Duly filled application form
- Identity proof (PAN Card/Valid driving license/Voter ID,etc.)
- Residential Proof (Electricity bill/Telephone bill)
- Last six month bank statements
- Last 3 months salary slip
- Processing fee cheque
- Form 16/Income tax return
- Proof of business existence (Self-employed non-professionals)
- Education Qualification certificate & proof of business existence (Self-employed/self-employed non-professionals)
- Last 3 years Income tax return with computation of income (Self-employed/self-employed non-professionals)
- Last 3 years CA report/Audit balance sheet & profit and loss account (Self-employed/self-employed non-professionals)
Home Loan Application Form
As a women borrower, you can apply for a home loan at the branch or online by visiting the website of the lender. You have to fill the details required in the application form and submit it along with necessary documents. Subsequently, the bank checks the details and starts the work of processing your loan application. The surveyor, appointed by the bank, will visit the property that you look to buy. Based on the condition of the house and the existing market value, the surveyor will prepare a technical and legal report with respect to your property. The bank will set a valuation amount for your property. The bank will then disburse loan up to 85% of the valuation amount.
(Updated on: 18th October, 2016)