Many banks and financial institutions today want to empower women financially and that is why among all the various offers and schemes they also offer special home loan benefits and concessions to women borrowers. You can easily avail these customised home loans on low interest rates and flexible repayment terms by matching the eligibility criteria that have been put in place keeping you in mind. Read on to know more about the benefits on offer for women home loan applicants.
Avail a high amount loan on simple eligibility criteria
Complete the purchase of the home of your choice by using a substantial home loan for women ranging from Rs.10 lakhs to Rs.3.5 crore. To get this high amount sanctioned, you do not need any co-applicant or co-borrower. You can easily get the loan by qualifying for it based on the terms and conditions put in place by your lender keeping your customised needs in mind. So, use the home loan eligibility calculator, ask the lender about their terms of eligibility or read them on your lender’s website to initiate the process.
Access low interest rates
In a bid to offer you home loans on easy and friendly terms, financial institutions are offering 0.05% to 0.1% lower interest rates to women as compared to other borrowers. This adds more affordability to your home loan. Keeping this in mind, you can get a tailored Home Loans for Women on competitive home loan interest rates from lenders like Bajaj Finserv. Alternatively, if you already have a home loan, then you can easily choose an affordable home loan balance transfer and pay the remainder of your existing home loan at a lower interest rate.
Get a home loan on affordable EMIs
Once you are eligible for a customised home loan, you can proceed to choose a longer tenor of up to 25 years. This means that you can keep your EMIs within your budget. Moreover, if you choose a Flexi-Hybrid Home Loan, you also have the option to pay interest-only EMIs in the first few years of the tenor. This will further ease your monthly financial obligations while allowing you more time to build your savings corpus. Once your interest-free period is over, you can switch to paying regular EMIs or decide on making part-prepayments using the funds you have saved at no extra charge.
You can also avail additional loans at nominal interest as required to fund your home repair or renovation or fulfil other personal or professional needs. This apart, you can also use a housing loan EMI calculator to forecast your EMIs in advance so that you can plan the repayment more efficiently.
Pay reduced stamp duty for house registration
The tax levied on property transactions is also known as stamp duty. In recent times many Indian states are offering concessions on stamp duty if the property is registered in your name. These concessions for women will allow you to save more on your home purchase making it easier on your pocket.
Apply for and manage your home loan online
Since this is a customised loan, you will have to submit minimal documents to apply. Moreover, to add more convenience to your application, you can choose to apply for a home loan online. Once you submit your application, it will be approved within a few hours and your sanctioned amount will immediately get disbursed into your bank account. This convenience is also extended to you beyond disbursal, basis which you can also manage and keep track of your EMI payments, loan account statements, and interest payments from anywhere using your online account.
Enjoy home loan tax benefits
You are eligible for an array of tax benefits both on the interest and principal you are repaying on your home loan. Just like other home loan borrowers you can also claim tax exemptions basis the stamp duty and registration fees. To start with you can claim a deduction of up to Rs.1.5 lakh paid towards the repayment of your home loan principal under Section 80C of the Income-tax Act, 1961. You can also claim up to Rs.2 lakh for the interest repayment on your home loan every financial year.
Armed with these significant benefits, proceed to compare various options of home loans for women so that you can complete the purchase of your dream home as and when you desire.
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