With more women becoming financially independent, there has been an increase in women borrowers for home loans. This has increased the number of home loan schemes available to women. The additional benefits, like simple eligibility and lower interest rate, provided to women who apply for home loans has significantly encouraged women borrowers and has empowered them to invest in property and become homeowners. Here’s why customised home loans for women are such a popular choice and what woman home loan borrowers can benefit from under current laws.
Women can access high amounts with simple eligibility criteria
You can access high loan amounts from Rs.30 lakh to Rs.3.5 crore to buy a home of your choice, with lenders increasing their sanctions to attract women borrowers. This, coupled with simple eligibility criteria, making applying for a home loan easier for you. For example, Bajaj Finserv’s Home Loan for Women simply requires you to be an Indian citizen between 23 and 58 yearswith work experience of 3 years to be eligible for a home loan.
Women can choose longer repayment tenors
Further, you can repay your home loan at ease within a tenor of up to 25 years. This gives you a chance to lower your EMIs and thus reduce the pressure on your finances, helping you take care of other commitments while paying off your home loan. With no charges levied on making part-prepayments and foreclosing your loan, you can experience more convenience as a woman borrower.
Women pay lower stamp duty and claim tax deductions
If the house is registered in the name of a woman, the stamp duty charges may be 1%–2% lower than that charged to male buyers by most state governments. Though 1–2% may seem 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 further benefit from a home loan if you are a woman borrower by making the most of tax deductions. You can claim up to Rs.1.5 lakh and Rs.2 lakh on principal and interest repayment for a self-occupied home.
Additional Read: Stamping and Franking Charges on Home Loans: Know the Difference
Women can make use of schemes like PMAY
The Pradhan Mantri Awas Yojana (PMAY) makes your co-ownership mandatory, offering you an interest subsidy up to Rs.2.67 lakh. It also gives preference to women applicants. This has caused a 6% rise in the number of women applying for a home loan in India.
Move towards financial independence and purchase your own home with a customised home loan for women. Use the home loan eligibility calculator to see if you qualify and get started now.
Bajaj Finserv brings you pre-approved offers for personal loans, home loan, business loans and a host of other financial products. Not only does this simplify the process of availing financing, but also helps you save on time. All you have to do is share a few basic details and check out your pre-approved offer.
Need instant financing? Think it. Done with Bajaj Finserv.
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