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Most Friendly Interest Rate of Home Loan for Women Borrowers

Most Friendly Interest Rate of Home Loan for Women Borrowers

Last Updated : March 3, 2020, 3:11 p.m.

Owning a property is not restricted to men only, besides women are also actively participating in this sector. Women are exploring new avenues every day and buying a residential property is one of these. As they are staying alone in different cities, working at outstation location and earning a good salary. All these factors encourage working ladies to buy a home with their savings. Presently, women are working in almost equal ratio in offices, MNC and other private and government sectors. As they are financially independent, so they do think seriously on making long-term investment. Buying a property is also in the list of even women customers. Those who are financially independent and take their financial decisions show good interest in owning a property on their name. To woe more and more female customers and get benefited with their financial decision, banks offer really competitive price to women borrowers. They try to lure women customers by offering them numerous schemes, lower rates, flexible repayment options and much more. Even women are taking advantages of these offers and borrowing home loan on their names. Even some people make a smart move by borrowing a loan on the name of their spouse to claim of benefits of lower interest rates.

As a women customer you will get the best and lowest rate of interest on the home loan if you are borrowing it on your name. However, the terms and conditions of loan borrowing will remain same. But the only advantage you can claim is borrowing a home loan on a lower rate of interest. You can claim a home loan of maximum up to 85% of the property value, rest of the amount you have to manage by your own. There are two types of home loans available one is pre-approved home loan and another is general home loan. However, banks offer you customised home loan to fit into your needs. You can borrow home loan from a government bank or from any reputed private bank. Choose a bank, which will fulfil your financial needs and offer you the best benefits with your home loan.

Why you should take a home loan?

  • Lower rate of interest
  • Get financial support to buy your dream property
  • Tax benefits linked with your home loan
  • Choose a repayment tenure as per your convenience
  • Chance to achieve personal goal
  • Future security for you and your family
  • Save your rental outgo
  • Good with investment purpose

If you are a women and planning to buy your own home you have more reasons to celebrate. You can avail a loan at a lower rate for a longer period. It will help in saving some more money in long-term. Banks offer special benefits to women customer to encourage the number of women to apply for home loan. A very small difference in the rate of interest can play a vital role in your actual interest outgo. Banks promote loan assistance to women as they believe lower risk rate with female customers as compared to male counterparts. Higher rate of interest is linked with higher chances of defaults in long run. Thus, offering a competitive rate to female customers, ensures repayment security to banks. But, you should also remember that for availing a loan you must meet the basic requirements and eligibility criteria. No bank is going to offer you a loan in case you are not meeting their criteria or you have a bad credit history. So work on your credit history and various parameters before applying for a loan. Here is the list of top banks offering lowest interest rate to women customers.

Bank Name Interest Rate Processing Fee Tenure Pre-payment charges
State Bank of India 9.50% for women 0.25% -1%OR Rs.10000 which ever is higher +ST, subject to customer profile Upto 30 years Nil
HDFC 9.50% for women 0.5% or maximum 10,000+service tax (12.36%) Upto 30 years Nil
ICICI Bank Up to 5 Cr 9.50% for women 0.50% of loan amount upto 1 crore Upto 30 years N.A

There are some other fee and hidden charges, which lenders usually pay on their home loan apart from interest rate and principal amount.

  • Processing fee
  • Application fee
  • Legal fee
  • Conversion fee
  • Evaluation fee
  • Physical visit fee
  • Late payment fee
  • Pre-payment fee
  • Part-payment fee
  • Cheque bounce fee
  • Annual Statement fee
  • Document retrieval charges

Some basic documents required for home loan

  • Completed loan application
  • Passport size photographs
  • Proof of identify (photo copies of Voters ID card/ Passport/ Driving licence/ IT PAN card)
  • Residence proof (photo copies of recent Telephone Bills/ Electricity Bill/
  • Property tax receipt
  • Passport/Voters ID card as ID proof
  • Business address proof for non-salaried individuals
  • Bank Statement of last six months
  • Signature identification from present bankers
  • Personal assets and financial liabilities statement
  • Details of other running loan

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