On Women’s Day, let’s take a look at some of the gender-specific interventions by the government and banks to encourage women homebuyers to invest in property under their name. Under the Pradhan Mantri Awas Yojana (PMAY), the ownership of a house should mandatorily be in the name of the female member of the family. Many banks also offer special rates of interest to encourage women buyers. Besides, several state governments also offer an additional stamp duty waiver if the house is registered in a woman’s name.
There are quite a few banks that provide special housing loan rates to women borrowers. The rates vary according to the profession and amount of finance applied by these borrowers.
“On an average, the women borrowers can get an interest rate concession of 0.05 per cent over their male counterparts,” said Rishi Mehra of Wishfin.com
State Bank of India (SBI) offers home loans of up to Rs 30 lakh to salaried and non-salaried women borrowers at 8.35 per cent and 8.45 per cent, respectively. On the other hand, loans from Rs 30-75 lakh are priced at 8.50 per cent to 8.55 per cent and 8.65 per cent to 8.70 per cent for salaried and non-salaried borrowers, respectively. Whereas, salaried and non-salaried women borrowers can get loans above Rs 75 lakhs at 8.60 per cent to 8.65 per cent and 8.70 per cent to 8.75 per cent per annum, respectively.
The flagship schemes of PM @narendramodi under @MoHUA_India a are gender sensitive & responsive providing ownership of homes in @PMAYUrban and health & sanitation in @SwachhBharatGov & @amrut_MoHUA to @SmartCities_HUA that provide safe & accessible infrastructure to women. (2/3) pic.twitter.com/wJ4t79K0uW
— Hardeep Singh Puri (@HardeepSPuri) March 8, 2018
Like SBI, HDFC Limited also provides special home loan rates to women borrowers. Loans of up to Rs 75 lakhs and above Rs 75 lakh can be availed by women borrowers at 8.35 per cent to 8.85 per cent and 8.40 per cent to 8.90 per cent per annum, respectively.
ICICI Bank also offers special rates to women borrowers. Salaried and self-employed women borrowers can get home loans at 8.45 per cent and 8.60 per cent, respectively, for loans up to Rs 30 lakh. Women borrowers seeking a loan of Rs 30 to Rs 75 lakh, Rs 75 lakh to Rs 5 crore and above Rs 5 crore would need to service at 8.75 per cent, 8.80 per cent and 8.90 per cent per annum, respectively.
|State/UT||For Women||For Men|
|Haryana||4% in rural areas and 6% in urban areas||6% in rural areas and 8% in urban areas|
Interest Subsidy Amount for Different Categories of Borrowers
|Type of Borrowers||Interest Subsidy Amount (In ₹)|