Home Loan Schemes for Widows


By Anupama Deshpande | Mar 02, 2023

Homeownership is a dream for many individuals, and it's no different for widows. It can be challenging for widows to achieve it on their own as financial worries can add to the burden. After the loss of a spouse, widows may need to consider buying a house to provide stability for themselves and their children. Fortunately, several banks and financial institutions in India offer specific home loan schemes for widows. Discussed below are some of the home loan schemes for widows in India:

Home Loan Schemes for Widows

Pradhan Mantri Awas Yojana (PMAY) for Widows

PMAY is a government initiative that provides affordable housing for all. The scheme also has a separate category for widows to avail of home loans at subsidized interest rates.

The Pradhan Mantri Awas Yojana (PMAY) for Widows is a home loan scheme that aims to provide affordable housing for widows in India. This scheme is a part of the Home Loan Schemes for Widows category and is designed to help widows become homeowners and improve their living conditions. Under the PMAY for Widows scheme, widows can apply for a home loan at subsidized interest rates, which can reduce their overall borrowing cost. Additionally, the scheme provides financial assistance for the construction, renovation, and improvement of existing houses.

To be eligible for the PMAY for Widows scheme, the applicant must be a widow and not own a pucca house in her name. The scheme also requires the applicant to meet certain income criteria, which vary depending on the location of the house. The PMAY for Widows scheme is an excellent initiative by the government to provide affordable housing for widows in India. This scheme can help widows become homeowners and improve their living conditions without compromising their financial stability.

Under PMAY, widows are eligible to apply for a home loan with an interest rate subsidy of up to 6.5%. This subsidy is available for women belonging to the economically weaker section (EWS) and the low-income group (LIG). Additionally, widows can avail of a credit-linked subsidy of up to Rs. 2.67 lakhs, depending on their income level.

State Bank of India (SBI) Her Ghar

SBI offers the 'Her Ghar' scheme for women, including widows. Under this scheme, eligible widows can avail of home loans at discounted interest rates and with no processing fee. Moreover, women borrowers can get an additional 5 basis points concession on the interest rate if they have a good credit score.

The State Bank of India (SBI) Her Ghar is a home loan scheme designed for women, including widows, to help them purchase or construct a home. This scheme falls under the Home Loan Schemes for Widows category and aims to provide affordable housing to women across India. Under the SBI Her Ghar scheme, women can avail of home loans at concessional interest rates, which are lower than the market rates. The scheme also provides additional concessions on interest rates for women who are salaried employees and meet other eligibility criteria.

To be eligible for the SBI Her Ghar scheme, the applicant must be a woman, including widows, and must be an Indian resident. The scheme requires the applicant to meet certain income and creditworthiness criteria, which can vary based on the location and type of property.

The SBI Her Ghar scheme is a great initiative by the State Bank of India to provide affordable housing to women, including widows, in India. By providing concessional interest rates and additional concessions, this scheme can help women become homeowners and improve their living conditions without compromising their financial stability.

ICICI Bank Mortgage Loan

ICICI Bank offers a mortgage loan for widows at competitive interest rates. The bank also provides various repayment options and flexible tenures, making it easier for widows to repay the loan. Additionally, women can also get a discount on stamp duty charges.

The ICICI Bank Mortgage Loan is a home loan scheme that falls under the Home Loan Schemes for Widows category in India. This scheme is designed to provide financial assistance to widows who wish to purchase or construct a house. Under the ICICI Bank Mortgage Loan scheme, widows can avail of home loans at attractive interest rates and flexible repayment options. The loan amount can be used to purchase or construct a house, as well as for home renovation or improvement purposes.

To be eligible for the ICICI Bank Mortgage Loan scheme, the applicant must be a widow and must meet certain income and creditworthiness criteria. The scheme requires the applicant to submit relevant documents, such as proof of income, identity proof, address proof, and property documents.

The ICICI Bank Mortgage Loan scheme is a great option for widows who wish to become homeowners and improve their living conditions. With attractive interest rates and flexible repayment options, this scheme can help widows achieve their dream of owning a home. If you are a widow and wish to avail of this scheme, make sure to check your eligibility criteria and submit the relevant documents to the bank.

HDFC Bank Women Power

HDFC Bank offers the 'Women Power' scheme for women, including widows, who want to purchase a house. Under this scheme, women can avail of a home loan at a lower interest rate, with no processing fee and prepayment penalty. Women borrowers can also get a discount on stamp duty charges. This scheme falls under the Home Loan Schemes for Widows category and aims to provide affordable housing to women across India.

The HDFC Bank Women Power is a home loan scheme designed for women, including widows, to help them purchase or construct a home. This scheme falls under the Home Loan Schemes for Widows category and aims to provide affordable housing to women across India. Under the HDFC Bank Women Power scheme, women can avail of home loans at concessional interest rates, which are lower than the market rates. The scheme also provides additional concessions on interest rates for women who are salaried employees and meet other eligibility criteria.

To be eligible for the HDFC Bank Women Power scheme, the applicant must be a woman, including widows, and must be an Indian resident. The scheme requires the applicant to meet certain income and creditworthiness criteria, which can vary based on the location and type of property. The HDFC Bank Women Power scheme is a great initiative by HDFC Bank to provide affordable housing to women, including widows, in India. This scheme can help women become homeowners and improve their living conditions without compromising their financial stability.

Punjab National Bank (PNB) PNB Balika Shiksha Loan Scheme

PNB offers the 'PNB Balika Shiksha Loan Scheme' for widows who want to purchase a house to provide education to their children. Under this scheme, widows can avail of home loans at concessional interest rates.

The PNB Balika Shiksha Loan Scheme is a home loan scheme designed for women, including widows, who wish to construct or purchase a house for their daughters' education. This scheme falls under the Home Loan Schemes for Widows category and aims to provide financial assistance to women who wish to educate their daughters and improve their future prospects. Under the PNB Balika Shiksha Loan Scheme, widows can avail of home loans at attractive interest rates and flexible repayment options. The loan amount can be used to purchase or construct a house that will be used for their daughters' education.

To be eligible for the PNB Balika Shiksha Loan Scheme, the applicant must be a woman, including widows, and must have a daughter who is studying in a recognized institution. The scheme requires the applicant to meet certain income and creditworthiness criteria, which can vary based on the location and type of property.The PNB Balika Shiksha Loan Scheme is a great initiative by PNB Bank to provide financial assistance to women, including widows, who wish to educate their daughters and improve their future prospects.

LIC Housing Finance Griha Shobha Scheme

LIC Housing Finance offers the Griha Shobha Scheme to encourage women to become homeowners. Widows can apply for this scheme and avail of a lower interest rate on their home loan. Additionally, they can also enjoy a processing fee waiver, and there is no prepayment penalty on the loan. This scheme falls under the Home Loan Schemes for Widows category and aims to provide financial assistance to women who wish to become homeowners and improve their living conditions.

Under the LIC Housing Finance Griha Shobha Scheme, widows can avail of home loans at competitive interest rates and flexible repayment options. The scheme also provides additional concessions on interest rates for women who are salaried employees and meet other eligibility criteria. To be eligible for the LIC Housing Finance Griha Shobha Scheme, the applicant must be a woman, including widows, and must be an Indian resident. The scheme requires the applicant to meet certain income and creditworthiness criteria, which can vary based on the location and type of property.

Widows can choose from the above mentioned schemes to find the one that suits their needs and provides the best financial assistance. When choosing a home loan scheme for widows, it's essential to consider the interest rates, processing fees, repayment options, and other terms and conditions of the loan. It's also crucial to determine the amount of loan required, the repayment capacity, and the eligibility criteria for the loan scheme.

In conclusion, becoming a homeowner can be challenging for widows, but several home loan schemes in India offer financial support and encourage them to achieve their dream of homeownership. It's crucial to research and compare different home loan schemes, evaluate the eligibility criteria, and understand the repayment options before choosing one to ensure that they are getting the best deal. Additionally, borrowers can choose between regular EMIs and flexi EMIs based on their financial situation and preferences.

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About Anupama Deshpande
Anupama is a Co-Founder of CodeForBanks.com. She is an MBA (Finance) and Chartered Financial Analyst (CFA). She also carries a Fellowship degree in Life Insurance Sector and is a Master of Computer Application (MCA). She is an expert in Finance Field with an experience of over 18 years on different managerial positions in finance industry including Stock Market, Depository and Mutual Fund Sectors. Apart from that she has remained for few years in the field of marketing as well. Her suggestions and advice for investments have been very useful to many people.
Her vast interest & expertise in the field of finance have encouraged her to write the articles so that others can also get benefitted out of them. She never loses any opportunity to learn and be creative. She is a valuable asset for CodeForBanks.com & important resource to all those around her.