As a woman home buyer, did you know that the government gives you better interest rates on home loans for women and discounts on your stamp duty? These advantages make it easier for women to invest in a new home and become a homeowner without much hassle.
This year is an ideal time for women to buy a new home. Interest rates have never been lower and women are able to get favorable loans to invest in a home that has all the hallmarks that they believe will offer a comfortable and luxurious lifestyle.
In this article, we will be telling you about the best banks that offer attractive home loan schemes to women. Take advantage of these home loan schemes to invest in the home of your dreams, the best interest rates are waiting for you.
Before we begin the countdown of the best banks to take a home loan from, let’s have a quick look at the documents that are required to get a home loan.
The documents required to secure a home loan are as follows.
- Filled out home loan application:
- 3 passport size photographs
- Copy of proof of identity i.e passport, voter id card, driving license, etc
- Residence proof such as utility bill, passport, etc
- Six months bank statements
- Personal assets and financial liabilities statement
- Details of any other loan
Hidden charges when taking home loans
There are numerous hidden charges when buying a new home using a home loan. Let’s take a look at what these hidden charges are so that you are aware of the complete cost when buying a home.
- Application fee
- Processing fee
- Legal fee
- Conversion fee
- Evaluation fee
- Physical visit fee
- Late payment fee & prepayment fee
- Document retrieval charges
SBI (State Bank Of India)
SBI offers 5 points lower rates to women home buyers as compared to any other home buyer. In other words, if SBI is offering home loans at 7%, it will offer women home buyers a discount @6.95%. This Home loan for women can prove advantageous for home buyers.
The longest tenure offered to women who take home loans is 30 years. The cost of a processing fee for a home loan is 0.40% of the home loan or any amount up to a maximum of 30,000 with GST.
Women home buyers get better interest rates from ICICI bank as compared to other home buyers. The highest home loan rate for salaried women is 7.95% and for non-salaried women is 8.05%.
The maximum tenure for a home loan for women is 30 years and the processing fee is 0.50% of the home loan amount.
Just like the State Bank of India, HDFC offers 5 points lower rates to women home buyers as compared to male home buyers. The best rate for home loans to salaried women is 6.75%. The home loan for women for self-employed people is the same rate as that of employed women, at a minimum of 6.75%
HDFC bank offers a maximum tenure of 30 years for female home buyers and charges a processing fee of 30%.
Union Bank Of India
This public bank gives home loan interest rates for women the advantage of having 5 points lower interest rates as compared to male home buyers. Union Bank Of India also offers ease of transaction and swift service to attain a home loan. UBI offers the best home loan for women rates to those who have a credit score that is better than 800.
The lowest home loan rate for women offered by Union Bank Of India is 6.80%. The home loan rate for self-employed women home buyers is 6.85%
The maximum tenure for a home loan from this bank is 30 years. The processing fee and various other fees for a home loan such as valuation, legal, and stamp duty areas actuals.
Kotak Mahindra Bank
This private bank offers ease of doing business for women looking to buy a home. Kotak Mahindra Bank offers women their own relationship manager and loans that are at an attractive interest rate.
The home loan rate for salaried women is as low as 6.75% and for self-employed women, the home loan rate is 6.85%.
The maximum tenure for a home loan from Kotak Mahindra Bank is 30 years and the loan processing fee is from 0.25% to 0.50% of the total home loan.
With such attractive interest rates, more and more women are realizing their dream of investing in a home. As a general rule, most banks offer women home loan rates that are 5 to 10 points lower than what the interest rate would be for a man. The above banks are the best financial institutions for women to take a home loan.
Here is an article you might be interested in. Things you should know while buying a home in COVID-19 Pandemic.