Home Loan for Women - Check Interest Rates, Eligibility & Benefits - Kotak Bank

Home Loan for Women - Check Interest Rates, Eligibility & Benefits - Kotak Bank

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Home Loan EMI Calculator by Kotak Bank

Housing Loan for Women

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.

Home Loan Benefits for Ladies

Higher Approval Rate with Faster Processing

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.

Stamp Duty Concession

Reduced stamp duty (1 % to 2 % concession) is the most important among home loan benefits for women.

Lower Interest Rates

Home loans for women have reduced interest rates, lowering the overall cost.

Longer Repayment Tenures

A longer tenure enables women borrowers to easily repay the complete loan.

Home Loan Eligibility for Women

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

Home Loan Interest Rate for Women

Kotak Mahindra Bank offers the best home loan interest rate to women borrowers which is among the lowest in India.

Check Interest Rate

How to Apply for Home Loan for Women

Kotak Mahindra Bank’s simple application process makes it easier for women borrowers to apply for a home loan.

Home Loan Application Process:

Visit Kotak Bank’s website
Choose “Loans”
Select “Home Loan”
On the Home Loan page, click “Apply Now”
Fill the displayed “Application Form”
Click “Submit”

Documents Required for Home Loan for Women

Documents required for home loan for women from Kotak Mahindra Bank:

Signed application form with photograph
PAN Card
Aadhaar Card
Passport
Residence proof
Bank statement
Salary Slips of last 3 months; NRIs with variable salaries need to submit the same for last 6 months
Form 16 & ITR of last 3 years; computation of income should be included
Job Confirmation Letter
Relationship proof
Details of previously availed loans, if any
Proof of education

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Frequently Asked Questions

Is a housewife eligible for a home loan?

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.

Is home loan interest less for women?

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.

Who can be a co-applicant in a home loan for women?

According to the home loan eligibility criteria for women, the borrower’s husband, son or unmarried daughter are allowed to be the co-applicant.

What is the maximum home loan available for women?

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.

What are the processing fees applicable on a home loan for women?

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.

Is there any tax benefit available on home loans for women?

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.

Is there a scheme to refinance the home loan if the 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.

What are the stamp duty charges for women?

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.

Is the EMI lower if the home loan applicant is a woman?

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.

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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.