From home loan perks to special savings accounts — here are key financial benefits available for women

Many banks and housing finance companies (HFCs) extend a significant interest concession of 0.05-1% on home loan interest rates for women borrowers.

Although this interest reduction might seem marginal, it substantially lowers the overall interest cost, offering significant savings over the extended loan tenure.

Irrespective of gender, the government provides tax benefits on home loans under the Income Tax Act, 1961.

Women can claim tax deductions of up to ₹1.5 lakh on home loan repayment (Section 80C) and up to ₹2 lakh on home loan interest (Section 24B).

These benefits double when women apply for home loans jointly with their spouses or other blood relatives.

Also, adding female co-applicants enhances the chances of loan approval. Lenders consider the combined income and repayment capacity of both applicants, reducing credit risk.

Various banks and financial institutions offer high-interest savings accounts exclusively for women. These accounts come with benefits like debit card discounts, demat account waivers, and low-interest rates on loans.

Top savings accounts for women include RBL Bank Woman’s First Savings Account, Equitas Eva & Eva Elite Savings Account, Kotak Silk Women Savings Account, and others.

As per Kalpesh Chavan, Senior Vice President & Product Head of Elephant.in, a corporate insurance provider, insurance too is one significant category which offers women special health and life covers.

"There are special term plans for earning women, self-employed women, single mothers and home makers. Health insurance on the other hand, is significant for women. With the increase in lifestyle disorders like obesity, diabetes, stress related disorders and fast increase in breast and cervical cancer, it is crucial that women protect themselves with health insurance policies. Many insurance companies offer special covers for critical illness, breast and cervical cancer cover for women," he said.

Notable plans include Bajaj Allianz Women Specific Critical Illness Plan, NACare Joy Maternity Insurance Plan, and Star Women Care Insurance Plan.

Elephant.in also recently announced the launch of a comprehensive Cancer Insurance Policy exclusively for women.

In collaboration with private and public banks, education loan schemes specifically designed for women aim to empower them through quality education.

Examples include Central Bank of India Cent Vidyarthi, Indian Overseas Bank education loan (Vidya Jyoti), State Bank of India education loan, and IDBI education loan.

Government initiatives such as Pradhan Mantri Mudra Yojana and Stand-Up India continue to provide financial support to women entrepreneurs, encouraging the growth of small businesses in marginalised communities.