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Are Special Home Loan Rates for Women Really that Special?

Hello Gruhini’s

In the run up to the Women’s Day on March 8, guess who is trying to get your attention?

It’s the large banks and housing finance companies (HFC).

Some of the large public and private sector banks and HFCs have been offering home loans at a discount of 0.10%-0.35%, to you.  In order to avail this discounted rate you need to be the main applicant and either an owner or a co-owner in the property to be financed.

Special Home Loan Rates for You  
Company name Women Other borrowers
Tata Capital ( till Mar 8 2014) upto Rs 40 lakh–10.15% 10.50%
State Bank of India upto Rs 75 lakh-10.10% 10.15%
above Rs 75 lakh-10.25% 10.30%
ICICI Bank ( till Feb 28, 2014) upto Rs 15 lakh-25 lakh Rs 10.1% upto Rs 75 lakh–10.25 %
above Rs 25 lakh–10.20% above Rs 75 lakh -10.50%-11.50 %

Expect more such offers to come your way as we approach Women’s Day.

Your Great Gruhini did a quick comparison of the equated monthly installments (EMI) on special home loan rates with the EMI on the loan rates applicable to other borrowers.

My verdict: You do save few bucks but savings aren’t substantial enough for you to consider these borrowers just because they are offering lower rates.

For a Loan of Rs 40 lakh, 15 year period, the discount translates into a saving of…
  Equated Monthly Instalment  (in Rs) Savings in (in Rs)
  Women Other borrowers Month Loan Tenure
Tata Capital 43352 44215 863 155340
SBI 43229.2 43352 122.8 22104
ICICI Bank 43475 43598 123 22140

Think otherwise? Do educate me about why you think such schemes really offer value for your purse. So write to me at thegreatgruhini@gmail.com

 

About Rachna Monga Koppikar

Rachna aka your Great Gruhini is a finance writer with over a decade's experience in writing about personal finance matters with leading financial publications of India. As she studies to be a certified financial planner, she is also on a mission to make every woman a money savvy individual. So shed your inhibitions. Get over your money worries with The Great Gruhini. Write to her at thegreatgruhini@gmail.com

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