20 exclusive loan benefits for women that men never get

These are 20 benefits that women get for their loans from various banks and financial institutions that men don’t get. On the contrary, there is no benefit that men get for loans but women don’t get.

Home Loan

1.   SBI

sbi-home-loan

2. ICICI

icici_women_weaker-sector

What is important to note that even the weaker segment people don’t get cheaper loan beyond 28 lacs. But even highly earning progressive family women get cheaper loans.

ICICI bank offers same amount of loan at 0.05% premium to salaried men.

3. HDFC Bank

hdfc-home-loan
HDFC also charges 5 basis point lower rate for women applicants

4.   Kotak Mahindra Bank

Kotak Mahindra Bank offers Home loan at interest rate of 9.75% to women and at 9.85% to men for amount upto 75 lakhs.

Other benefits for women

  1. Delhi and Haryana women pay two percent lower stamp duty than men on property registration.
  2. Women need to be either sole owner or primary owner in a co-owned affordable house. A poor man can’t get affordable housing in his own name.

  3. Women are also eligible for tax deduction of Rs. 2 lakhs on interest paid on home loans.

  4. Women are also allowed to deduct the interest rate paid against the mortgage loan against the net rental value when they rent out their home.

  5. Banks give preference to women loan applicants over male applicant. Thus getting such an application rejected is less if the applicant or primary applicant is a woman.

Car Loan

10.   State Bank of India

sbi-auto-loan
Women pay lower interest for SBI car loans as well

11.   Federal Bank

Federal Bank offers car loan @ 10.5% to women while the rate is 11.3% for others including weaker and sections.

12.   Andhra Bank

For women they offer auto loan 1% above the base rate while for men they offer 1.75-2% above the base rate.

13.   Mahindra Finance

Mahindra Finance offers 0.5% rebate to its women customers.

  1. Bharatiya Mahila Bank offers loans at base rate to women. There is no bank that offers loan at base rate to men.

Education Loans

Not only home loan or car loans, women are given special discounts in education loans as well. Andhra Bank and Indian Overseas Bank give 0.5% discount on education loan to women.

15. HSBC’s India Student Education Loan Program – Offers 50 basis point discount to girl students

16. Central Bank of India’s Cent Vidyarthi Program – They offer a lower base rate of interest for female students at 1.5%, as compared to 2% for male students.

17. Corporation Bank’s Corp Vidya Program The bank offers concession in rate of interest at 50 BPS for girl students.

18. Overseas Bank’s Vidya Jyoti Program – The bank allows interest concession at 0.5% on all education loans to girl students for pursuing education in India and Abroad.

19. State Bank of India’s SBI Student Loan Scheme –Like other banks, SBI also has a lower rate of interest for girl students at 0.5%

20. Allahabad Bank’s education loan – Rebate of 1% allowed under all slabs for girl students.

There may be other banks offering other facilities only to women that are not captured here.

Buying flat in joint name?

If you are an Indian man looking for some tax benefit and lower interest liability by buying a flat in your wife’s name (or in joint name) while you keep paying the EMI solely, remember DV case still allows her to throw you out of that house while you keep paying the EMI and maintenance to her. Let her pay the EMI and get all benefits of the loans, while you enjoy the life without owning any property.

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