Buying a home is one of the most memorable moments of your life. It’s the place where you stay with loved ones and create beautiful memories. Thankfully, there are lot of private and public lenders, who offer a home loan with attractive interest rates and customized solutions. It has become a popular way of funding your dream project. Over a couple of years, there has been a rising inclination of banks and financial institutions towards offering home loan solution for women. It is a sheer effort by lenders to empower the women in India and encourage them to be financially independent. Women are eligible for housing loans with varied benefits and features.
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Home Loan for Women
At Apnaloan.com, we will help you compare quotes across top 35+ Banks & NBFCs and get the ideal home loan for women. Based on your income portfolio, credit profile and loan requirements, we would negotiate with the banks and NBFCs for the best interest rates and discounts for you. It would take just a couple of minutes to fill in the details and get a suitable match as per your income source and repaying capacity.
Let’s have a quick look at the home loan benefits for women
Lower Interest Rate: Women borrowers get a special concessional on the interest rate while taking a home loan. It could be anywhere between 0.05% to 0.10%. Although, it may seem a negligible amount, however, if you see at a broader spectrum it can make a big difference. The repayment tenure is around 20-25 years and this minor reduction can help save thousands of rupees. Your home loan will prove easier on the pockets.
Concession on Stamp Duty: It will add to your property costs. To encourage more women to buy their own property, many states in India are offering a concession of 1-2% on stamp duty. It will help you save a considerable amount. For instance, if the property worth is around 1 crore, women can save up to Rs 1 lakh to Rs 2 lakhs on stamp duty reduction.
Tax Benefits: Housing loan for women offer tax benefits as per the income tax act, 1961 on their loan repayments. Women can avail tax deduction up to Rs 1.5 lakh under section 80C on the principal amount and Rs 2 lakhs under section 24 on the interest repayment. The good thing is that if husband and wife are co-owners of the property, they both can claim for tax deductions.
Exciting deals and offers: Banks and NBFCs come up with enticing offers for women applicants. With round, the corner deals and discounts women can always stay on the winning side! They introduce gold coins, jewelry, shopping vouchers, premier credit card deals, holiday packages; festival offers etc. are some of the sweet ways to lure the women borrowers.
Co-Borrowing Home Loan for Women:
Most banks and NBFCs prefer joint home loan applicants, wherein the woman is the primary borrower. It helps them to predict their financial status in the near future. Some common benefits of joint home loan application with women would be higher loan limit, low-interest rate, and easy loan repayments. Some of the possible co-borrowing options are Husband and Wife, Father/Mother & unmarried daughter, brother and sister.
At Apnaloan.com, we come up with innovative solutions for women borrowers. We offer the best possible home loan for women that will match the risk potential and prove lighter on their wallets.
Plan well for a home loan for women and crack an enticing deal at Apnaloan.com today!