For years, women have been on an unequal footing with men, especially when it comes to financial freedom. To take a step forward in the right direction, Indian banks have started offering several benefits to women on home loans. Here are a few home loan benefits that woman living in India can enjoy.
Lower Interest Rate
In India, women often enjoy a lower interest rate on home loans. Since lenders believe women to be more reliable borrowers, they offer a lower rate to make housing loans attractive to women. A lower home loan interest rate can drastically impact your EMIs and make repayment easier.
Higher Loan Amounts
To attract women borrowers, lenders increase the home loan eligibility criteria. Most just require the borrower to be an Indian citizen for a certain amount of time with some work experience. This makes it extremely easy for women to borrow home loans.
A woman is also often offered longer tenures on the home loan. This reduces financial pressure with lower EMIs. You can take care of all your other commitments while paying off your home loan in your own time.
Lower Stamp Duty
When a property is registered in a woman’s name, stamp duty charges are typically lower, which can allow you to save a good amount. For instance, Rajasthan charges 1% lower stamp duty from women and Delhi, and Haryana offer a 2% reduction, no matter if the woman is a sole or joint owner.
Increased Tax Benefits
Women are also eligible for a tax deduction on home loan repayments, just like their male counterparts. If the house is owned jointly by a married couple, both partners can claim tax deductions separately.
Benefits Under Schemes
Thanks to schemes such as Pradhan Mantri Awas Yojana (PMAY), the benefits offered to women applying for housing finance have increased. Under PMAY, women are given preference when it comes to taking home loans. Women of all ages, class and marital status can apply for housing loans, without facing any discrimination. PMAY also makes it mandatory to have at least one female family member registered as the owner of the house. This gives women financial freedom and takes them one step forward towards equality.
If you’re a woman planning to make a property purchase, you can easily finance your purchase with home loans. While there are many benefits you can enjoy as a woman borrower, it is equally important to choose a lender that offers competitive home loan interest rates.
Tata Capital offers home loan interest rates starting at just 9.25%. Visit our website to check for your home loan eligibility and apply for a housing loan today. Tata Capital assists you in purchasing the house of your dreams with high home loan eligibility and easy repayment options. Get in touch with us today!