Skip to content
Home » Home Loan for Women: Advantages and Benefits You Will Get as a Woman

Home Loan for Women: Advantages and Benefits You Will Get as a Woman

There was a time when it appeared that building your own home was a difficult matter, particularly for a woman. However, with the implementation of various supportive legislation and the financial security gained by women’s workers, things have grown considerably easier.

Over the last ten years, the percentage of Indian women who have borrowed a home loan has risen significantly. This represents stability in finances, independence, and freedom from previous hurdles.

As these figures continue to rise, several lenders are developing a variety of home loan programmes specifically for women. Women have the opportunity to take advantage of a variety of offers when applying for a house loan, including easy financing, speedier approvals, cheap rates of interest, and interesting add-on options.

To support women having a home, the government of India, as well as several banks and HFCs, provide advantages on housing loans to female borrowers. A number of these advantages include lower interest rates, tax breaks on home loan principal as well as interest reimbursement, and a higher likelihood of loan acceptance. Continue reading for more information on these advantages.

Home Loan Advantages for Women

The number of female employees in India is steadily rising, as is their role in monetary choices for the families they care for. Both banks and non-bank financial companies offer additional perks on their home loan offerings to inspire women to own homes, such as favorable rates of interest, increased possibilities of approval for loans, and so on.

A Preferred Rate of Interest

Because women have a superior history of returning loans, financial institutions inspire them to invest in real estate and purchase new homes. To go forward, several banks and HFCs provide interest rate concessions ranging from 0.05% to 1% on house loan rates. The interest rebate may appear insignificant, but considering the enormous size and extended payback period (often up to 30 years) of a housing loan, it greatly cuts the entire interest cost. Furthermore, savings generated from the amount of interest paid might be saved or used to pay off other monetary responsibilities.

This is a Perfect Illustration of How Much Women Applicants Can Save on the Reduced Home Loan Rates


Woman Applicants

Other Applicants

Loan Size

Rs. 80 Lacs

Rs. 80 Lacs

Interest Rate on Home Loan



Rate Difference


Loan Tenure

20 years

20 years

Monthly Installment (EMI)

Rs. 72,752

Rs. 73,010

Total Amount of Interest

Rs. 94,60,394

Rs. 95,22,471

Total Amount Payable

Rs. 1,74,60,394

Rs. 1,75,22,471

Savings on Interest

Rs. 62,077

According to the scenario mentioned above, women house loan recipients gain a total of Rs. 62,077 over the rest of the borrowers. Women can utilize this money for their own needs or make investments in a mutual fund.

Have a Look on the Lenders Offering Lower Interest Rates on Home Loans for Women

Sl No.


Loan Amount


Loan Tenure

Processing Fee


5.00 Lacs and above

8.45% – 10%(Reducing Per Annum)

5 Years – 25 Years

0.5% – 1%

Kotak Bank

20.00 Lacs and above

8.75% -10%(Reducing Per Annum)

5 Years – 20 Years

0% – 0.25%

Bank of India

10.00 Lacs and above

8.5% – 10.75% (Reducing Per Annum)

5 Years – 30 Years

0.5% – Rs.10000

Canara Bank

10.00 Lacs and above

9.25% – 13.8% (Reducing Per Annum)

5 Years – 30 Years


Aavas Housing Finance

25 Lacs to 5 Cr

9.9% – 18% (Reducing Per Annum)

5 Years – 30 Years

1% – 1.5%

Bajaj Housing Finance

5 Lacs – 75 Cr

8.45% – 10% (Reducing Per Annum)

5 Years – 25 Years

0.2% – 0.5%

PNB Housing Finance

5 Lacs – 20 Cr

8.75% – 14% (Reducing Per Annum)

5 Years – 30 Years

0.25% – 0.5%

Shri Ram Housing Finance

10 Lacs – 1 Cr

Rate of Interest : 11.5% – 13% (Reducing Per Annum)

5 Years – 20 Years

1% – 1.25%

We Rize Home Loan

5 Lacs – 75 Cr

10% – 18% (Reducing Per Annum)

5 Years – 20 Years

0.5% – 1%

Mahindra Finance

3 Lacs – 75 Lacs

9% – 15% (Reducing Per Annum)

5 Years – 25 Years

1% – 3%

Home Loan Tax Advantages for Female Applicants

Regardless of males and females, the nation’s government provides tax breaks on loans for homes of up to Rs. 3.5 lac according to the provisions of the Income Tax Act of 1961. Following Section 80C of the Taxation of Earnings Act, women are allowed to deduct up to Rs. 1.5 lakh in taxes on their home loan repayments. In addition, according to Section 24(b) of the Income Tax Act, female applicants are allowed to deduct up to Rs. 2 lakh in home loan interest. Whenever women seek housing loans together with their partners or other blood relatives, their income tax savings are doubled. Although the couple must prove that they are both joint owners.

Receiving a home loan necessitates careful consideration and comparisons of rates of interest, advantages, along other factors.

The Advantage of PMAY

The Pradhan Mantri Awas Yojana (PMAY), an Indian government initiative, is a widely used credit-linked subsidy plan. The project aims to offer affordably priced homes to the nation’s citizens.

As a female prospective borrower, you can take advantage of the PMAY plan. This is because it is now required that the property in question bought through this plan must be recorded in the legal name of at least one woman in the beneficiary’s household.

Furthermore, if a female borrower applies for a home loan through this CLSS, she will be eligible for interest rate discounts.

Enjoy Lower Stamp Duty Fee

Stamp duty is a legal fee charged by the state government when registering a residence, which can be a pricey expense. However, women are eligible for a 1% to 2% reduction.

Points to Keep in Mind While Asking for a Home Loan

Listed below are important factors to consider when requesting a home loan.

The Overall EMI Cost

You will continue to make monthly payments on the balance of the loan until it is paid off. Every single EMI contains both interest as well as principal. As a result, with each EMI, the total amount of your principal repayments increases, but your interest payments go down gradually.


Calculate how long it will take you to complete the repayment of the money you’ve borrowed. You can select a time frame that is suitable for you depending on the nature of your projected earnings.

Interest Rate

A banking organization or financial organization asks for interest for lending products. The amount of the principal sets your interest rate, which you have to repay.

Additional Charges

Along with the EMIs, banking institutions may charge applicants additional operational, processing, or service-related charges when they apply for a loan. Ensure that you go over these factors with the lending institution just before applying for a loan.

Double-check to see if these are regular costs or one-time expenses; if the latter, revise the monthly spending plan to include those with your EMIs.

Basic Documents to Apply For a Home Loan

Documents Required

Salaried Applicants

Self-Employed Applicants

KYC of Applicant & Co-Applicant



Last 3 Month Salary Slip


Last 12 Month Bank Statement



Last 3 Year ITR with Computation



Last 2 Year Form 16


26AS of Last 2 Years



Appointment Letter

If available

Agreement to Sale

If purchase case

If new purchase case

Property Paper with Chain

Complete chain of last 13 years

Complete chain of last 13 years

Approved MAP of Property

If available

If available

LOD, Foreclosure Statement, SOA

If BT case

If BT case

Sanction Letter of Running Loans



Latest Utility Bill

If owned residence or rent agreement if rented

If owned residence or rent agreement if rented

Reference with Contact Details



Last 3 Year Audited Balance Sheet


Last 3 Year Tax Audit Report


Copy of GST Registration


Copy of MSME Registration


Last 12 Month GST Return


Debt Sheet


Latest Utility Bill of Office

If owned or rent agreement if rented

Last 3 Years Debtors & Creditors

On letterhead

List of Directors & Shareholders

If applicant is Company or List of Partners if applicant is Partnership firm/LLP

This table organizes the document requirements for both types of applicants, making it easier to

How Will You Apply for a Home Loan?

If you’re looking for a quick loan, complete the instructions below:

  1. Open
  2. Navigate to the loan option.
  3. If you’re an existing client, complete the form. New people must first register before submitting their application form.
  4. Enter all of the information along with the mobile phone or email OTP authentication.
  5. Bring in your earnings and KYC information.
  6. Choose your loan size.
  7. Attach all relevant papers.
  8. Send your application form.

Bottom Line

When you’ve figured out the most favorable lenders and banking institutions for home financing, keep in mind that not every financing programme is right for each applicant.

Whenever you ask for a home loan, you must thoroughly review the conditions, which vary depending on the applicant or the financial institution. Therefore, you need to choose a house loan according to your borrowing needs, payback capacity, and financial situation.

Leave a Reply

Your email address will not be published. Required fields are marked *