Are you a woman and looking to buy a home on a Home Loan? If you are a woman who wishes to apply for a loan, you can grab many benefits exclusively available to you!
However, you should also know that since a Home Loan can go on for many years such as 20-30 years, the cost of the loan for a customer could be higher. However, that can see a reduction when it comes to home loan for women borrower.
Stay tuned as you quickly read some of the major housing loan benefits that women borrowers can enjoy!
- Lower Interest Rates
The housing loan interest rates hold the key to a user-friendly housing loan journey. Home Loans carry on longer durations in large amounts. Thus, if your Home Loan rates are higher, it will cost you! Even a slight interest rate reduction can pave the way for relief in the next 20 or more years. As a result, the EMIs will also come down. A women borrower can enjoy a concession of around 0.05% in interest rate from major banks and lenders in India. Thus, if you are women borrower who is seeking a Home Loan, you must ask your lender about the concession that they can offer. Getting a deal on it will help you afford the loan super-easy!
- Stamp Duty Reduction
You need to know that stamp duty always form a part of the property cost. Even a difference of percentage can still make a huge difference in your home ownership cost. If you talk about the stamp duty cost, it varies from lender to lender. If you are a women borrower, you can enjoy a discount of around 1-2% compared to others. If a property is of Rs.50 lakh, a woman can easily save around Rs.50,00-1,00,00.
- Tax Benefits
Just like their male counterparts, even women borrows can also enjoy the home loan tax benefits. The max tax relief that’s allowed in the principal and repayment of the interest is Rs.1,50,000 and Rs.2 lakh. What’s more, women borrowers who are seeking a housing loan along with spouses are eligible to enjoy tax benefits in an identical quantity.
These are some of the major benefits that a women borrowers can lap up if they are willing to apply for Home Loan. A women borrower can also use a Home Loan EMI calculator available at a lender’s website free to determine an exact EMI figure. Like this, she can prepare herself for the loan and decide a loan amount as per her affordability and repayment capacity.
Eligibility Criterions
Here are some Home Loan eligibility conditions that one needs to fulfil to acquire a Home Loan. You can also use a Home Loan eligibility calculator available free at a lender’s website to determine your eligibility quickly.
- You should be an Indian citizen
- Your age should be between 25-58 years
- You should be a salaried professional with expertise not less than 3 years
- The minimum loan amount that you can borrow is Rs.30 lakh and maximum loan limit is Rs.10 crore. The minimum and maximum loan amount can vary as per your lender.
The Bottom Line
Yes, being a woman has its advantages when it comes to availing a Home Loan. Now that you are aware of the benefits that a female Home Loan borrower can enjoy, it will help you to strike a better deal with your lender and save money! All the best!
