How banks are empowering women to get home loan

If you are a woman residing in India and are planning to buy a residential property then you know there are several reasons to cheer. It’s widely known that women enjoy certain privileges and benefits when it comes to availing loans and even more so in home loans. They rate of interest for them is comparatively lower than their male counterparts. This is because of the perception that women pay their dues on time and won’t default. Interest rates offered to women is low and it helps save a good amount over a period of time.
Promotion of Women Empowerment
Banks promote women empowerment by providing concessional home loan interest rates. By doing so they encourage women to have an independent life, also they do so because they believe there are less risk factors compared to males. This makes sense as interest rates and loans are determined by the risk profile of the applicant. However, if the bank deems the women to have a higher risk profile then the interest rate will also be higher. Another factor affecting t interest rate will be credit score. These criteria fall under the eligibility for home loan and are checked by banks before handing over the loan.
Special Home Loan Offers for Women from Different Banks
Several banks have introduced their own home loan packages for women claimants. While HDFC has ‘Women Power’, SBI has its own ‘Her Ghar’ policy. These banks are also joined by ICICI that offers home loans to women at concessional rates. As of 2015, the lowest rate at which a woman claimant could apply for a home loan was 9.85 percent, whereas for their male counterparts it was 9.90 percent. Similarly, stamp duty and registration of the house is lesser in certain states if the registered name is of a woman.

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