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Special Schemes For Women Home Buyers

by admin

If you are a woman who is preparing to buy a budgeted flat in Borivali, you’ve got some reasons to cheer. It is a well known fact that women in India enjoy certain benefits when it comes to loans, more so in a case of home loans. They need to pay lower interest rates as compared to men. Moreover, there is a common belief that women pay their dues on time and are less likely to default. Special Schemes by banks for women home buyers are listed.

‘Her Ghar’

SBI proposed women home buyers loans at a concessional interest rate of 9.50 % under a scheme called ‘Her Ghar’. SBI has also waived processing fee for women home loan seekers. Whether the female is a sole owner or co-owner of a property or sole applicant or co-applicant of the home loan, this offer is applicable by SBI.

  1. Overview:

This is a home loan scheme planned to support women to have their own property. It is a variant of all the other home loans wherein if the property is owned by the woman, she can avail lower interest rates along with other benefits.  

  1. Eligibility:

Eligibility requirements are the same as a normal home loan scheme.

  1. Process Fee:

For all applicants loan amounts Up to 25 lacs, 0.25% of loan amount. Minimum Rs 1000 between 25 lacs and 75 Lacs

You may want to make a note of the documents required before you apply for a home loan to buy budgeted flats in Borivali.

  1. Documents Required:

List of papers/ documents applicable to all applicants:

  • Completed loan application
  • 3 Passport size photographs
  • Proof of identification (photo copies of Voters ID card/ Passport/ Driving license/ IT PAN card)
  • Proof of residence (photo copies of recent Telephone Bills/ Electricity Bill/Property tax receipt/ Passport/ Voters ID card)
  • Statement of Bank Account/ Pass Book for last six months
  • Signature identification from present bankers
  • Personal Assets and Liabilities statement
  • Signature identification from present bankers
  • Property documents

Additional documents required for salaried persons:

  • Original Salary Certificate from employer
  • TDS certificate on Form 16 or copy of IT Returns for last two financial years, duly acknowledged by IT Dept.

Note: All documents listed above are only indicative of the general list of documents requested by the bank; these may vary depending on your location and financial history. Do check with your bank while applying for the loan.

Link:  https://www.sbi.co.in/portal/web/personal-banking/her-ghar

 

‘Woman Power’

HDFC initiated a special scheme ‘Woman Power’ to encourage women to buy homes under their name. The bank provides loans at a 9.85% interest rate under this scheme. Just like SBI, even HDFC has granted this offer to women who may be either sole owners or co-owners of a property.

Link: http://campaigns.hdfc.com/women_campaign/

Other schemes

ICICI too offers home loans to women at concessional rates. As of July, 2015, the lowest rate at which a woman applicant could borrow a home loan was 9.85 percent, whereas the same for a male applicant was 9.90 percent. Similarly, stamp duty for house registration is lower in some states if the house is registered in the name of a woman.

Although banks do not mention these schemes in their advertisement, they usually show interest in accepting home loan applications from women applicants and co-applicants. Thanks to these schemes developed by banks and government, women can now make better decisions on home buying. If you are looking to invest in budgeted flats in Borivali, you can explore our pocket friendly but modern properties Ariana residency and Casa Palazzo.

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Comments 9

  1. As a home buyer many people don’t know about this schemes. Thanks!great information.

    5
  2. very helpfull blog.

    5
  3. I was looking to buy flat in borivali and this blog’s Information helps into that.

    5
  4. Nice blog

    5
  5. I always look for informative blogs. Thanks for giving this.

    4
  6. Great information

    5
  7. Love to see this kind of information which help in buying future products.

    5
  8. Thanks Paradigm for providing this very information.

    5
  9. Thanks for sharing this information with us and its very useful. keep Up the good work.

    5
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