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From being a homemaker to becoming a breadwinner, the Indian woman has gained tremendous financial independence in the last few decades. With this newfound financial confidence, many women are choosing to invest in their own homes. To encourage women home buyers, Kotak Mahindra Bank offers affordable housing loans for women.
Under PMAY, single women and widows are eligible for a home loan. Women borrowers also enjoy a better approval rate and faster processing under this scheme.
Reduced stamp duty (1 % to 2 % concession) is the most important among home loan benefits for women.
Home loans for women have reduced interest rates, lowering the overall cost.
A longer tenure enables women borrowers to easily repay the complete loan.
Kotak Mahindra Bank’s home loan eligibility guidelines for women borrowers are clear and transparent.
Criteria |
Description |
---|---|
Age |
Salaried: 18 to 60 years Self-employed: 18 to 65 years |
Residential Status |
Must be an Indian citizen |
Employment |
Salaried or Self-employed |
Minimum Monthly Income |
● Rs. 20,000 per month for Delhi, Bangalore, Chennai, Mumbai, Pune ● Rs. 15,000 per month for other cities |
CIBIL Score |
Minimum credit score should be 750 |
Kotak Mahindra Bank offers the best home loan interest rate to women borrowers which is among the lowest in India.
Kotak Mahindra Bank’s simple application process makes it easier for women borrowers to apply for a home loan.
Home Loan Application Process:
Documents required for home loan for women from Kotak Mahindra Bank:
Clicking on ‘Apply Now’ will redirect you to a third party website.
Clicking on ‘Proceed’ will redirect you to a third party website.
Disclaimer (Things you should know):
For loans: Credit at the sole discretion of the Bank and subject to guidelines issued by RBI from time to time. Bank may engage the services of marketing agents for the purpose of sourcing loan assets.
Clicking on ‘Apply Now’ will redirect you to a third party website.
Clicking on ‘Apply Now’ will redirect you to a third party website.
Clicking on ‘Apply Now’ will redirect you to a third party website.
No, a housewife cannot independently apply for a home loan for women owing to the lack of a steady income. However, she can be a co-applicant.
Yes, in the case of home loans for women, interest rates are lower. At Kotak, home loan interest rate starts from 8.75% p.a.
According to the home loan eligibility criteria for women, the borrower’s husband, son or unmarried daughter are allowed to be the co-applicant.
Usually, banks provide a home loan for women that is equivalent to 85 % of the property cost. In some cases with a good credit record, they may even increase the limit.
Home loan tax benefit can be availed on principal and interest amount as well as stamp duty when the primary or co-applicant is a woman.
Most Indian states charge a stamp duty which is 5 % to 7 % of property’s total value. Women get a concession of 1 % to 2 % on already ascertained stamp duty.
Yes, women enjoy a lower EMI as most lenders offer them a lower interest rate. Kotak Bank’s home loan calculator can help you find out the exact EMI amount.