Which are the banks from where borrowing would make better sense for women home loan applicants? As the interest rates will always be the single-biggest influencer in driving the decision of a woman borrower, we have listed the banks that offer them the most affordable deals in 2023.
While making the list we have also determined the banks’ efficiency in offering loan affordability to women by factoring in the fringe charges, such as processing fees.
Also note that the rates mentioned in this article are with respect to the floating rate of interest linked with the RBI’s repo rate and not the previous marginal cost of funds-based lending rate (MCLR) regime or the base rate or prime lending rate regimes. Only Citi Bank is an exception, which has linked its home loans to the government’s treasury bills.
See also: All about RBI guidelines for home loan
Union Bank of India
Mumbai-headquartered Union Bank of India is among the banks offering the cheapest home loans in India.
Union Bank home loan interest rate 2023
| Rate of interest on home loans | Best rate* | Highest rate** |
| For salaried women | 8.60% | 10.45% |
| For self-employed women | 8.60% | 10.45% |
*Rate applicable from Jan 1, 2023
Longest tenure: 30 years
Processing fees: 0.50% of loan amount, subject to a maximum of Rs 15,000, plus GST
See also: All about Section 80EEA
Bank of Baroda (BoB)
While the slow processing of the application at this public lender might irk you, it is only for your benefit – and obviously for their own – that banks thoroughly scan all the documents carefully. If low interest rates are a driver, this might be a good option for you. If your loan requirement is low, you could get a home loan worth only Rs 2 lakhs at BoB, something not many banks offer.
Bank of Baroda home loan interest rate 2023
| Rate of interest on home loans | Best rate* | Highest rate* |
| For salaried individuals | 8.50% | 10.50% |
| For self-employed individuals | 8.55% | 10.60% |
*Effective from Jan 1, 2023
Maximum tenure: 30 years
Processing fees: 0.50% of the loan amount generally, with the minimum amount capped at Rs 8,500 and the maximum at Rs 15,000.
Kotak Mahindra Bank
Apart from getting a personal relationship manager to deal with your home loan queries, you would also enjoy a high level of ease of doing business with this private lender.
Kotak Mahindra Bank home loan interest rate 2023
| Rate of interest on home loan | Best rate | Highest rate |
| For salaried women | 8.85%* | 9.35% |
| For non-salaried women | 8.90%* | 9.40% |
*Rate applicable from Jan 2023.
Maximum tenure: 30 years
Processing fees: From 0.25 to 0.50% of the loan amount, in general.
Read about: Kotak IFSC code
See also: All about Kotak Mahindra Bank home loan
State Bank of India (SBI)
Irrespective of the rate at which the public lender offers the general public a home loan at any given time, it offers a lower rate by 5 basis points to women borrowers. This means that if SBI is currently offering home loans at 8% per annum, a woman borrower will be given this loan at 7.95%.
Note that a 100 basis points make up for one percentage point.
SBI home loan interest rate 2023
| Rate of interest on home loan | Best rate* | Highest rate* |
| For salaried women | 9.15% | 9.65% |
| For self-employed women | 9.20% | 9.75% |
*Rate applicability from February 15, 2023
Longest tenure: 30 years
Processing fees: 0.40% of the loan amount, subject to a minimum of Rs 10,000 and a maximum of Rs 30,000 with GST. For projects where the bank has a tie-up with the builder, the rate will be 0.40% subject to a maximum of Rs 10,000 plus taxes.
ICICI Bank
Apart from getting a lower rate of interest from this private lender, a female borrower will also enjoy ease of doing business at ICICI Bank.
ICICI Bank Festive Offer valid till March 31, 2023
| CIBIL Score | Salaried borrower | Self-employed borrower |
| 800+ | 9% | 9% |
| 750-800 | 9% | 9.10% |
Special processing fee is Rs 2,999
ICICI Bank home loan interest rate after March 31, 2023
| Rate of interest on home loans | Best rate* | Highest rate* |
| For salaried individuals | 9.25% | 9.90% |
| For self-employed individuals | 9.50% | 10.5% |
*Rate applicability from Jan 2023.
Maximum tenure: 30 years
Processing fees: 0.50% of the home loan amount, starting from Rs 1,100.
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Also see: How to check ICICI Bank home loan status and process to get ICICI home loan statement
HDFC
Similar to SBI, HDFC also offers women borrowers a 5-basis-point discount on home loans. However, it does not currently offer any waiver on the processing fee.
HDFC home loan interest rate 2023
| Rate of interest on home loan | Best rate* | Highest rate* |
| For salaried women | 8.70% | 9.60% |
| For self-employed women | 8.70% | 9.60% |
*Rate applicability from Jan 2023
Maximum tenure: 30 years
Processing fees: Up to 0.50% of the loan amount or Rs 3,000, whichever is higher.
Check out: IFSC code HDFC Bank
See also: Home loan interest rates and EMI in top 15 banks
Also read about : HDFC net banking
Punjab National Bank (PNB)
This is another public lender that has significantly reduced its home loan interest rates for borrowers. If you have already retired, you could still get a loan from PNB, as it offers loans to individuals of up to 70 years of age.
Punjab National Bank home loan interest rate 2023
| Rate of interest on home loans | Best rate | Highest rate |
| For salaried individuals | 9.25% | NA |
| For self-employed individuals | 9.25% | NA |
Rates applicable from Feb 10, 2023
Maximum tenure: 30 years
Processing fees: 0.35% of the loan amount with the lower and upper limit capped at Rs 2,500 and Rs 15,000, respectively.
See also: Best banks to get your home loan in 2023
Read about : PNB net banking
Axis Bank
If you are looking only for a small sum to make the purchase, eying tax benefits, this is the bank for you, as it offers loans starting at Rs 3 lakh. Those who already have a good credit history can reap other benefits, as the bank will look favourably at customers with good repayment records and high credit scores and may offer faster approval and disbursal or flexible repayment schedules or lower processing charges. In some cases, the bank may offer a lower interest rate, too.
Axis Bank home loan interest rate 2023
| Rate of interest on home loan | Best rate | Highest rate |
| For salaried women | 8.75% | 9.15% |
| For non-salaried women | 8.75% | 9.15% |
Maximum tenure: 30 years
Processing fees: Up to 1% of the loan amount, subject to a minimum of Rs 10,000. An upfront processing fee of Rs 5,000 plus GST, at the time of application login.
Read about : Axis bank login
Citi Bank
Women looking for big-ticket loans to secure a luxury unit, will find this bank willing to lend to their requirement, with Citi Bank offering up to Rs 10 crore as home loan. Unlike most banks which now offer home loans linked with the RBI’s repo rate, Citi Bank’s home loan is linked with the treasury bill benchmark-linked lending rate (TBLR).
Citi Bank home loan interest rate 2023
| Rate of interest on home loan | Best rate |
| For salaried individuals | 845% |
Maximum tenure: 25 years
See also: All about CERSAI
Hidden charges in home loansProcessing fee Application fee Legal fee Conversion fee Evaluation fee Physical visit fee Late payment fee Prepayment fee Part payment fee Cheque bounce fee Annual Statement fee Document retrieval charges
Documents to be provided to get a home loanDuly filled home loan application 3 passport-sized photographs Photocopies of any proof of identity, namely, voter’s ID card, passport, or driving licence Photo copies of any residence proof, namely, utility bills, passport, driving licence, etc. Business address proof for non-salaried individuals Bank statement of the past six months Signature identification Personal assets and financial liabilities statement Details of other running loans |
See also: Hidden charges associated with home loans
FAQs
What is the difference in home loan rates for men and women?
Most banks offer women a rebate of five to 10 basis points on interest rates. This means that if the lowest rate at a bank is 6.90%, it would offer women the loan at 6.85% annual interest.
What are the best public banks for women to secure home loans in 2023?
Going by the interest rates, SBI, HDFC, ICICI Bank and PNB are currently the best banks for women home loan borrowers.
Do banks give 100 percent home loans?
Banks and housing finance companies never finance 100% of the cost of the property as loan. Generally, financers ask the borrower to arrange 10%-30% of the cost from their own funds.
