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Tata Capital > Blog > Loan for Home > Major Advantages of Availing a Home Loan for Women

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Major Advantages of Availing a Home Loan for Women

Major Advantages of Availing a Home Loan for Women

As a working woman, if your biggest dream has been to buy your home, then you shouldn’t wait to act upon it! No doubt, arranging funds to purchase a property is not always easy, but a home loan for women can help make your dream come true.

From affordable interest rates to higher loan eligibility, there are numerous perks you can enjoy as a woman borrower. Read on to find out.

1. Lower interest rates

Women borrowers are usually offered lower home loan interest rates than the typical rate. Since interest rates can create all the differences between an affordable and a financially draining loan, even the slightest reduction can lead to substantial savings. While this decrease can be anywhere between 0.05-0.1%, it can make the EMIs a lot easier on your pocket in the long run.

Additional Read - Home Loan with a Woman as Primary Borrower is Beneficial

2. Reduced stamp duty

Sure, you plan your loan based on the cost of your chosen property. But what about other costs? Additional expenses like the stamp duty charges can also add to the cost of the property. However, many state governments offer a reduction of 1% to 2% in stamp duty to encourage female ownership. This again leads to more savings.

Just consider this: For a house worth Rs. 2 crores, you can easily save up to Rs. 2 lakhs to Rs. 4 lakhs on stamp duty!

3. Simple eligibility criteria

Financial institutions have more flexible and simpler home loan eligibility criteria for women applicants.This means you can access a housing finance option easily.

Furthermore, you can also apply as a primary borrower with your spouse as a co-applicant. In such a case, the lender will assess the credit history and monthly income of both borrowers. Thus, increasing your loan eligibility.

4. Subsidy under PMAY

Under the PMAY, women borrowers are eligible for government subsidies up to Rs. 2.67 lakhs on the principal amount. This scheme is extended to women owners or co-owners in the EWS, LIG, or MIG category.

5. Extended tenure

Looking for more? Well, you can repay your loan with ease with an extended loan tenure of up to 25 years. This gives you a great opportunity to lower EMI payments and reduce the pressure on your finances. While you're at it, use a home loan EMI calculator online to estimate your monthly payments beforehand. With better financial planning, you can easily take care of other commitments along with the loan.

6. Tax deductions

Women applicants can also enjoy tax benefits on their loan repayments. You can claim tax deductions of up to Rs. 1.5 lakh on principal amount and Rs. 2 lakhs on interest payments. Moreover, if both you and your husband are the co-owners of a property with a separate income source, you can jointly claim better tax benefits.

Additional Read - Home Loan Benefits to Women in India

The bottom line

With such great benefits extended to women borrowers, affording a house is now easier than ever! And if you are looking for credible finance solutions, then turn to Tata Capital!

Not only do we have a wide range of tailored loan options, attractive interest rates, high loan eligibility, and structured EMI plans, but we also extend home loan amounts of up to Rs. 5 crores!

Get in touch with us to know more.

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