With rising income and salaries nowadays even women, married or single, have started buying house for themselves which otherwise was dominant by men. Other reasons why women buy house and become homeowners with ease apart from higher salary are:

• Low interest rate offered by lenders especially to the women which is less compared to that offered to other individuals.
• Higher appreciation is guaranteed even if investment is the prime reason
• Tax advantage
• Financial independence
• Long term security

Before buying a house women tend to do detailed study of the project, builder in addition to other aspects such as safety, comfort, accessibility which helps them in choosing best property.

Who offers home loan for women in India at lowest interest rate

Here is the list of prominent lenders in India offering home loans exclusively to women helping in making their dream come true and that too at a rate less than the ones offered to other individuals.

1) State Bank of India – HER GHAR

Interest rate: 9.85% provided the woman is the sole applicant or the first co-applicant. And the property should be on the name of the woman. If the property is jointly held then she should be the first owner.
Tenure: 30 years with an EMI of Rs. 867 per lac
SBI contact number: 1800 11 2211 (toll-free), 1800 425 3800 (toll-free) or 080-26599990

2) HDFC – Women Power

Interest rate:

• 9.85% for buying new home/improvement of home/extension.
• 9.90% for buying a plot

Terms and conditions are similar to SBI and require women to be the sole or joint owner and first applicant of the property. Any woman who is Indian resident or non-resident Indian can take this loan.
To contact HDFC over phone: visit http://hdfc.com/helpline and get contact number of your nearest branch. You can also E-mail HDFC here: http://hdfc.com/write-to-us/service-request

3) ICICI:

They offer two interest options fixed and floating for women home loan seekers.

• Floating interest rate: For loans upto Rs. 75 Lacs, interest rate is 9.85%.
• Fixed interest rate: For loans upto 30 lacs, fixed rate of 9.85% is charged for 10 years. And from 11th year I-Base + 0.10%. And for loans between 30 lacs to 75 lacs, fixed rate of 9.95% for 10 years months and I-Base + 0.20% from 11th year

ICICI Home Finance customer care contact details: Visit http://www.icicihfc.com/callus.html to get phone number of your nearest branch. You can also E-mail: customer.care@icicihfc.com

Other charges involved: Apart from the interest rate, lenders also charge borrowers with the following. The rates and charges would vary for each lender.

• Processing fees
• Prepayment penalty
• Late payment
• Conversion charge: If you are moving from fixed to floating and vice versa.
• Cheque bounce
• Document retrieval

There could be many other charges and borrower should get this checked before buying any type of loan to avoid extra fees.

Documents required for housing loan (asked by most of the lenders)

• Completely filled loan application form
• Passport sized photographs
• ID Proof: Voter ID, passport, PAN card, driving license
• Address Proof: Utility bills – landline telephone, electricity bill, passport, property tax receipt
• Bank account statement for 6 months