Are you a woman looking to purchase a home? Did you know that the government offers women lower interest rates on house loans and stamp duty exemptions? These benefits make it easier for women to purchase a new house and become homeowners with less effort.
This is an excellent year for women to purchase a new home. Interest rates have never been lower, and women may now obtain advantageous loans to purchase a home with all of the features that they believe would provide them with a comfortable and luxurious living.
Today, we’ll inform you about the banks that provide excellent house loan programs for women. Make use of these home loan programs to invest in the home of your dreams, and take advantage of the greatest interest rates available. Let’s have a look at the list of documents that are required to secure a home loan before we get into the details about the banks that offer loan schemes.
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
When it comes to home loans, there are a lot of hidden fees.
When using a home loan to purchase a new home, there are various hidden fees. Let’s look at what these hidden costs are so you know what you’re getting into when you buy a house.
- The cost of the application
- Fee for processing
- Fee for legal services
- Fee for conversion
- The cost of the evaluation
- Fee for a physical examination
- Fees for late payments and prepayment
- Fees for document retrieval
SBI (State Bank of India)
Women home buyers receive a 5-point discount from SBI when compared to other home buyers. In other words, if SBI offers home loans at 7%, it will provide women home purchasers with a 6.95 percent discount. This women’s house loan may be beneficial to home buyers. The maximum loan term available to women who take out home loans is 30 years. A house loan processing charge is 0.40 percent of the loan amount, or any sum up to a maximum of 30,000 with GST.
In comparison to other property buyers, women enjoy better interest rates from ICICI bank. For employed women, the maximum home loan rate is 7.95 percent, while for non-salaried women, it is 8.05 percent.
A house loan for women has a maximum term of 30 years and a processing fee of 0.50 percent of the loan amount.
Women home buyers get 5 points lower rates from HDFC than male home buyers, just like the State Bank of India. 6.75 percent is the best rate for house loans for salaried women. Self-employed women can get a home loan at the same rate as employed women, with a minimum interest rate of 6.75 percent.
Female home purchasers can borrow for a maximum of 30 years from HDFC Bank, which levies a 30% processing fee.
Union Bank of India
When compared to male property buyers, this public bank offers women home loan interest rates that are 5 percentage points cheaper. In order to obtain a home loan, Union Bank Of India also provides ease of transaction and quick service. For individuals with a credit score of at least 800, UBI offers the best house loan rates for women.
Union Bank Of India has the lowest house loan rate for women at 6.80 percent. The interest rate on a home loan for self-employed women is 6.85 percent. A home loan from this bank has a maximum term of 30 years. Actuals for the processing charge and numerous additional fees associated with a house loan, such as valuation, legal, and stamp duty.
Kotak Mahindra Bank
This private bank makes it simple for women who want to buy a home to do business with them. Kotak Mahindra Bank provides women with their relationship manager as well as low-interest loans. The home loan rate for salaried women is as low as 6.75 percent, while the home loan rate for self-employed women is 6.85 percent.
A house loan from Kotak Mahindra Bank has a maximum term of 30 years, and the loan processing charge ranges from 0.25 percent to 0.50 percent of the entire loan amount.
With such low loan rates, an increasing number of women are achieving their ambition of owning a home. In general, most banks offer women home loan rates that are 5 to 10 percentage points cheaper than those offered to men. The banks listed above are the best for women looking to take out a home loan.
So, if you’re a woman, then worry no more. The above-mentioned banks are here to help you. Book your dream home now.