The increase in the number of home loan options has made home loan borrowers spoilt of choices. The rising competition in the home loan space has also meant that banks and non banking financial companies are being forced to think out of the box to attract new home loan clients.

State Bank of India, the largest public sector bank of India and one of the biggest lenders of home loans in the country has recently announced an extension of its special home loan rates for women borrowers. Following suit, ICICI Bank one of the largest private sector banks and lender also announced a 0.10% reduction in home loan interest rates effectively offering Home loans for women borrowers at 10.10% for loans under Rs. 75 Lakhs. LIC Housing Finance limited, a popular non banking financial company was the first to launch such women centric schemes helping the company consolidate its standing in the home loan market.

LIC Housing Finance Bhagyalakshmi plus:

Catering exclusively for its women buyers and women co borrowers, LIC housing Finance was the first in the market to introduce a women centric home loan scheme. Named as the LIC Bhagyalakshmi Plus scheme, the plan offered a rate of interest of 10.10% for women borrowers fixed for the first two years of the home loan tenure. The rate of interest automatically got converted into a floating rate after the initial period of two years. The scheme was offered for all home loans by women borrowers or co borrowers with more than 50% share in the property at a fixed rate of 10.10% for loan up to Rs 75 Lakhs. The scheme was a limited period offer and ended on January 31, 2014 after receiving an overwhelming response for seven months from its launch date.

SBI Loan Scheme for Women Borrowers:

The State Bank of India has its own women centric scheme named as the SBI Her Ghar scheme offering a special rate of interest of 10.10% to women borrowers. The scheme was a limited period offer as well and was meant to expire on March 31, 2014 but has been extended indefinitely. For loans up to Rs. 75 Lakhs, women borrowers are offered a discounted rate of interest of 10.10% compared to 10.15% for general public. For loans above Rs. 75 Lakhs women borrowers get a discounted interest rate of 10.25% compared to 10.30% for other clients.

A comparison of various women centric Home Loan Schemes: