Rewind thirty years back and you will only see the men in the family being the central figures in making vital life decisions such as buying a home.
Fast forward to 2023. Today, women are more financially independent and have equal participation in the home buying process. This is a key reason why a number of financial institutions in India are offering custom-designed products such as home loans for women.
Eligibility for Home Loan for Women
When women apply for home loans, they too need to ensure that they meet all the required eligibility parameters as outlined by Grihashakti.
This includes:
- You should be an Indian resident.
- Be at least 21 years when applying for the home loan for women.
- A maximum of 60 years for salaried women and 65 years for self-employed women at the time when the home loan matures.
- You should be salaried or self-employed.
In case you are salaried, you need to:
- Be an employee in a multinational company, listed public limited company, private limited enterprise, closely held or unlisted companies, partnerships, proprietorship firms or government service.
In case you are self-employed or a business owner, you need to meet any of the eligibility criteria below:
- Self-employed individual business woman or own a sole proprietorship firm.
- Self-employed professionals such as a doctor, architect, chartered accountant, etc.
- Owner of a partnership firm.
- Owner of private limited companies or closely held/ unlisted companies.
SMFG Grihashakti also has a free tool called the home loan eligibility calculator on its website that can also help women get an estimate on if they qualify for a home loan for ladies.
Documents Required for a Home Loan for Women
If you have met the required eligibility criteria for women, then the next step is to get your documentation in order. You will need to provide SMFG Grihashakti with the following paperwork:
- Complete home loan for women application form.
- All KYC related documents including proof of identity and residence – PAN Card, Voter’s Card, Driving Licence, Employee Card, utility bills for water or gas.
- All KYC documents for co-applicant or guarantor.
Salaried women will need to provide the following income documents:
- 6 Months Bank Statements with Salary Credit.
- Last 3 months Pay Slips.
- Form 16 for the last 2 years.
Self-employed women or ladies’ business owners will be required to submit the following financial paperwork:
- 6 months bank statements for the primary account.
- IT Returns for the last 2 years.
- CA Audited Financials. (if applicable)
- Balance sheet.
- Proof of business existence – PAN, GST registration certificate, Trade license, Partnership deed, Articles of Association / Memorandum of Association, Import / Export code, SEBI registration certificate, ROC registration certificate.
The following property related documents will also need to be provided to the prospective lender:
- Sales deed, stamped sales agreement of sale, or allotment letter.
- NOC from the housing society or property developer.
- Possession certificate and land tax receipt from the land/ land revenue / revenue department.
- Detailed estimation of the construction cost.
- Bank account statement or payment receipt that outlines all information related to any payments made to the property developer or seller.
- Occupancy certificate. (applicable for constructed apartments)
Home loan for ladies is becoming a popular route for women to purchase properties across India. The loan can be easily applied online on the SMFG Grihashakti website.
Upon receiving your application and documents, Grihashakti’s dedicated home loan department will vet your application and verify your documents before deciding on sanctioning or rejecting your home loan. Generally, if everything is in order, you should receive your approval letter anywhere between 3 to 7 business days.
To get started, check our Home Loan Eligibility Calculator to know the maximum loan amount you may be able to get on your home loan.
Interest Rates & Charges:
Home loan interest rates for women are low and affordable to give them the best financial support possible. The factors that affect the final interest rate for your home loan are the existing market conditions, income, current debt obligations, age, credit score, etc.
The attractive interestk rates at SMFG Grihashakti for home loans for women start from only 9.50%* for salaried individuals and 10.50%* for self-employed women. Also, minimum additional fees and charges include processing fees, MID fees, documentation charges, stamp duty fees, CERSAI charges, etc.
How to Apply for Home Loans for Women
If you’re interested in taking up an instant home loan for women, you can apply to SMFG Grihashakti’s online portal. Follow these steps:
- Visit the website: https://www.grihashakti.com/
- Once you click on “Apply now”, enter your mobile phone number for verification.
- Enter your principal amount, type of home loan required, type of property, city of residence, and other mandatory details.