List Of The Top Best Banks That Offer Good Home Loan Facility For Women!

Home Loan

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 (2021) 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 2021.

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.

What are the hidden charges that are included in the home loans reflecting on the credit score?

Listed below are the hidden charges that are included in the home loan rates:

  1. Processing fee
  2. Application fee
  3. Legal fee
  4. Conversion fee
  5. Evaluation fee
  6. Physical visit fee
  7. Late payment fee
  8. Prepayment fee
  9. Part-payment fee
  10. Cheque bounce fee
  11. Annual Statement fee
  12. Document retrieval charges

What are the legal loan documents that a bank can ask for to get a home loan?

When mortgage lenders opt for a conventional loan for women, they can only ask for the documents as mentioned below:

  1. A duly filled home loan application
  2. About 3 passport-size photographs
  3. Photocopies for proof of identity ( like voter’s ID card, passport, or driving license)
  4. Photocopies for residence proof ( utility bills, passport, driving license)
  5. Business address proof for non-salaried borrowers
  6. Bank statement for the past six months
  7. A signature identification
  8. Personal assets
  9. Financial liabilities statement
  10. 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 loans for women

Here is the list of the best banks that provide home loans for women:

1) State Bank of India (SBI)

State Bank of India (SBI)

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 7% per annum and a woman borrower will be benefited from a loan at 6.95%.

SBI home loan interest rate for women

Rate Of Interest On The Home LoanBest Rate*Highest Rate*
For salaried women6.8%7.20%
For self-employed women7%7.40%

*Rate applicability valid till March 31, 2021

Longest tenure: 30 years

Processing fees: Not applicable till March 31, 2021

2) ICICI Bank

ICICI Bank

ICICI loan options for women include a lower home loan interest rate for women and will also benefit with the ease of doing a business at ICICI Bank.

ICICI home loan interest rate for women in India

Rate Of Interest On The Home Loan Best Rate* Highest Rate*
For salaried women 6.80% 7.95%
For self-employed women 6.95% 8.05%
*Rate applicability valid till January 31, 2021 Maximum tenure: 30 years Processing fees: 0.50% of the home loan amount

3) HDFC Bank

HDFC Bank

HDFC bank offers loan options that are quite similar to the ones offered by SBI. Their monthly payment would also be benefited by the women borrowers as they offer a 5-basis-point discount on the home loans from that of the benchmark rate. However, on the downside, they currently do not offer any waiver on the processing fee of the current home loan.

HDFC home loan interest rate for women

Rate Of Interest On The Home Loan Best Rate* Highest Rate*
For salaried women 6.75% 7.80%
For self-employed women 6.75% 7.85%
*Rate applicability valid till March 31, 2021 Maximum tenure: 30 years Processing fees: Up to 0.50% of the loan amount or Rs 3,000, whichever is higher.

4) Union Bank of India

Union Bank of India

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 Of Interest On The Home Loan Best Rate* Highest Rate*
For salaried women 6.80% 7.30%
For self-employed women 6.85% 7.35%
*Rate applicable from November 1, 2021 Maximum tenure: 30 years Processing fees: Valuation/ legal / stamp duty / CERSAI / memorandum registration charges, as per actuals.

5) Kotak Mahindra Bank

Kotak Mahindra Bank

The women borrowers at Kotak Mahindra Bank will be able to enjoy the facility of getting a personal relationship manager to help you deal with your home loan queries, along with the ease of doing business with the private lender.

Kotak Mahindra Bank home loan facility for women

Rate Of Interest On The Home Loan Best Rate* Highest Rate*
For salaried women 6.75% 8.30%
For self-employed women 6.85% 8.45%
Maximum tenure: 30 years Processing fees: None currently; from 0.25 to 0.50% of the loan amount in general.

6) Axis Bank

Axis Bank

Axis bank is the best option for those women borrowers who are looking for a small sum of purchase, eying the fixed-rate tax benefits, as they offer home loans starting from Rs 3 lakhs. For those with a good credit history, this bank could work wonders as they will be able to make the most of these home loan benefits provided to them by the Bank with comparatively quicken loans and disbursal or flexible repayment schedules or lower processing charges. Adding on, the bank could also offer a lower interest rate in some cases.

Axis Bank home loan interest rate for women

Rate Of Interest On The Home Loan Best Rate* Highest Rate*
For salaried women 6.90% 8.40%
For self-employed women 7.00% 8.55%
Maximum tenure: 30 years Processing fees: Up to 1% of the loan amount, subject to a minimum of Rs 10,000. An upfront processing fee of Rs 5,000 plus GST, at the time of application login.

7) Punjab National Bank (PNB)

Punjab National Bank (PNB)

Punjab National Bank offers significantly reduced home loan interest rates for women borrowers of up to 70 years of age. So, if you haven’t got the loan yet, there’s still time!

Punjab National Bank home loan interest rate for women

Rate Of Interest On The Home Loan Best Rate* Highest Rate*
For salaried women 6.80% 7.40%
For self-employed women 6.80% 7.40%
Maximum tenure: 30 years Processing fees: None, from January 1, 2021, to March 31, 2021. Typically, it is 0.35% of the loan amount with the lower and upper limit capped at Rs 2,500 and Rs 15,000, respectively.

8) Citi Bank

Citi Bank

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

Rate Of Interest On The Home Loan Best Rate*
For salaried women 6.75%
Maximum tenure: 25 years

9) Bank of Baroda (BoB)

Bank of Baroda (BoB)

Bank of Baroda offers their women borrowers low-interest rates with a home loan worth only Rs 2 lakhs.

Bank of Baroda home loan interest rate for women

 

Rate Of Interest On The Home Loan

Best Rate*

Highest Rate*

For salaried women

6.85%

9.00%

For self-employed women

7.00%

9.00%

Maximum tenure: 30 years

Processing fees: None currently; 0.50% of the loan amount generally, with the minimum amount capped at Rs 8,500 and the maximum at Rs 15,000.

To Conclude:

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!

9 Best Banks That Offer A Good Home Loan Facility For Women! FAQs

1. Is it better to get a mortgage from a bank or lender?

The mortgage company, unlike a mortgage, closes and funds a home loan directly. This is because these companies only provide services for mortgage loans and can streamline their process better.

2. How does a home equity loan work?

A home equity loan allows the borrowers to borrow money using their home as collateral. Here, the borrowers are provided with a lump-sum payment that they have to repay with the fixed-rate interest over a particular predetermined term.

3. What is the easiest mortgage to qualify for?

A government-backed mortgage includes loans from FHA. The federal Department of Housing and Urban Development (HUD) manages a mortgage insurance program that is operated by the Federal Housing Administration. These are the easiest mortgages that qualify for the down payment requirements to be as low as 3.5%.
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