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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 processing fees for women are usually up to 0.5 % of loan amount for salaried individuals and up to 1 % for self-employed professionals.
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.
Yes, an affordable home loan balance transfer facility is available to women applicants as well. The interest rate starts at 8.75% per annum.
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.
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.
