Home Loan for Women / Housewife

Creating a world with equal opportunity for both genders takes a lot of work. While the thoughts of the current generation are aligned, the format needed some tweaking. Thus, here we are with new-aged home loan schemes that are just designed for new-age women. From homemakers to salaried and self-employed, we have listed everything you need to know. 

Features of Home Loans for Women

There are many benefits when it comes to home loans for ladies, some of them are: 

• When filed under a woman’s name, You can get a better deal with lower interest rates.
• Flexible options are available under women’s home loan which goes up to 30 years.
• Home loans registered under women’s names get quick processing and usually get done within a week.
• Special plans for those with a salary or their own business.
• You can fill it out offline or any online platform of your choosing.

Eligibility Criteria Women’s Home Loan 

Eligibility criteria for housing loans for women:

• The applicant should be an Indian resident.
• Applicants should be between 21-60 years for salary, and 23-65 years for self-employed at loan maturity.
• Applicants should be salaried employees in listed companies, private firms, or self-employed professionals/business owners.
• Applicants should have a minimum monthly income of 20,000 for major cities, and Rs. 15,000 for others.
• Applicant should have a CIBIL Score of 750 and above

Documents Needed: Home Loan for Women 

Documents your need for a valid application for a home loan for females:

• Completed application form.
• KYC documents: PAN, Voter’s ID, Driving Licence, Employee Card, utility bills.
• Salaried: 6 months Bank Statements, Last 3 months Pay Slips, Form 16 (last 2 years).
• Self-employed: 6 months bank statements, IT Returns (last 2 years), CA Audited Financials, Balance sheet, Proof of business existence.
• Property-related documents (for collateral-related loans): Sales deed, NOC, possession certificate, construction cost estimation, bank statements/receipts, and occupancy certificate if applicable.
• For loans with a Co-applicant: Complete KYC Documents

Best Home Loan Schemes for Women

Here are some of the best home loan schemes available for women:

Tax Benefits of Home Loans for Women

Women availing of home loans enjoy tax benefits under the Income Tax Act, of 1961:

• Under the Principal Repayment (Sec 80C) you can get a tax deduction up to Rs 1.5 lakh.
• Under Interest Payment (Sec 24) you can avail deduction up to Rs 2 lakh.
• If you get a loan under Joint Ownership, both co-applicants can claim deductions individually, doubling benefits.