With many women becoming financially independent, there has been an increase in women borrowers for home loans
. As a result, there has been a rise in the number of housing loan schemes available to women. The additional benefits like simple eligibility and the lower interest rate provided to women who apply for housing loans have played a significant role in encouraging women borrowers and have authorized them to invest in property and become homeowners. Here'sHere's why customized home loans for women are favored and what woman home loan borrowers can benefit from under current laws.
Today women are making career choices to be financially independent. Whether it is sports, adventure, fashion, or any field. Just like being financially confident is the goal of life, they are also taking an active and equal part in accomplishing big milestones of their life, like buying a home.
You can pay fewer interest rates on a loan.
Lenders assume women to be more reliable as borrowers and encourage them to own assets like property, and lenders offer special home loan interest rates that are a few points less than the market rate. While the subsidized housing loan interest rates may be only 0.05% to 0.1% lower, it wholly impacts the EMI and makes repayment more stress-free for women. Many home loan institutions provide lower interest rates for women borrowers. A lower rate makes a huge impact on Equated Monthly Instalments (EMIs) and provides significant savings over the tenure of the loan.
Women can get a higher loan amount.
Women can access high loan amounts from thirty lahks to five Crore, and even more, buy the home of their choice with lenders increasing sanctions to attract women borrowers. Although, the simple eligibility criteria make applying for a home loan easier for you. Housing Loan for Women requires you to be an Indian citizen between 23 years and 68 years with work experience of 3 years to be eligible for a home loan. Women can access a higher amount of interest with less complicated documentation work and hassle-free process for their loan and get a loan from the age of twenty-three.
The choice to choose longer repayment periods
Further, you can repay your home loan at ease within a period of up to 30 years. It gives you a choice to lower your EMIs and thus reduce the pressure on your finances, helping you take care of other expenses while paying off your home loan. Additionally, with no charges levied on making part-prepayments and foreclosing your loan, you can experience more convenience as a woman borrower. Women can choose longer repayment periods and the benefit of lower EMIs and can avail of maximum repayment tenures for 30 years or until the borrower turns 70 years of age, whichever is earlier.
Government charges less stamp duty and claims tax deductions.
Stamp duty charges make up an important part of the cost of the property, and most people consider stamp duty charges as part of the loan component. If a woman bought the house in her name, the stamp duty charges might be 1%-2% lower than that charged to male buyers by most state governments. Although 1-2% may look like a nominal amount, while considering the total cost of the property and calculating 1%-2% of the same, the amount saved is quite substantial. You can take more benefits from a home loan if you are a woman borrower by making the most of tax deductions. You can take up to Rs. 1.5 lakh and Rs. 2 lahks on interest and principal repayment for a self-occupied home.
Schemes like PMAY can also be used by women.
The Pradhan Mantri Awas Yojana (PMAY) makes your co-ownership crucial, offering you an interest subsidy of up to Rs. 2.67 lahks. It also gives importance to women applicants, causing a 6% rise in the number of women applying for a home loan in India. Moving towards financial independence and purchasing your own home with a customized home loan for women. As per this scheme, the government is making provisions to give people from economically feeble sections of society and scheduled castes and tribes a concrete or "pakka" house.
Loans Paradise offers you a chance to apply for a housing loan and make your dream come true. You can quickly check your eligibility and apply for a housing loan as per your choice. Every individual dream of owning a house and can fulfill their goals through the proper financial support. You can contact us by calling our team and learning about all the services we are offering. Here you stand an excellent chance to make it big by owning your property. Contact us now!