In a bid to empower women to be more financially independent, many financial institutions are offering Home Loan benefits and special concessions to women borrowers. From eligibility criteria that is easy to meet and ample funds for home purchase to lower interest rates and flexible repayment options, you can now borrow Home Loans with greater ease and convenience than before.
Here’s a look at some of the benefits offered to women Home Loan applicants.
Substantial Loan Amounts with Simple Eligibility
You can avail high loan amounts, ranging from Rs.10 lakhs to Rs.3.5 crore, to buy a home of your choice, without compromise. You don’t need to apply as a co-borrower to get a sanction for a substantial amount, though you are free have a co-applicant if you want to. Rather than face uncertainty about whether your application will be approved, you can check the simple eligibility criteria that most lenders have created especially for women applicants. You can use the eligibility calculator or read the qualification criteria on your lender’s website to start the process.
Concessions on Interest Rates
Lenders like Bajaj Finserv who have customised Home Loans for Womens often offer competitive interest rates to women. Financial institutions set these anywhere from 0.05% to 0.1% lower than the rate offered to other borrowers. This makes borrowing a Housing Loan more affordable for you. If you already have a Home Loan, some institutions also offer affordable Home Loan transfers to you. So, you can switch your current loan to pay the remainder of your loan at a lower interest rate.
Long-term Tenors Make EMIs Affordable
You can now apply for a tenor of up to 25 years, which means you can enjoy more manageable EMIs that don’t cause an unnecessary strain on your budget. Additionally, you can choose a Flexi-Hybrid Home Loan, which offers you the option of paying interest-only EMIs in the first few years of your repayment tenor. This helps you ease into the monthly repayment obligation while helping manage your finances with greater convenience. Then you can shift to paying regular EMIs, and make part-prepayments at no charge. You can also borrow additional loans to meet home repair/renovation costs or your other personal needs at nominal interest. Using an online Home Loan EMI calculator, you can get a sense of exactly how to manage your repayment and start your journey towards becoming a homeowner.
Lower Stamp Duty for House Registration
Stamp duty is the tax levied on property transactions and many Indian states are now offering concessions on stamp duty if the property is registered in your home. This further makes saving up for a home easier and quicker for you.
Easy Online Application and Management
Along with simpler eligibility requirements, you also benefit from having to submit minimal documents to apply for a Housing Loan. With fast online application, you can apply for a Home Loan at your convenience too. Once your application is approved and the amount disbursed directly into your bank account, you can also manage the loan account online, keeping track of your EMIs payments, schedule, and interest payments on the go.
Tax Deductions on Home Loans
Like other borrowers, you are also eligible for Home Loan tax benefits both on the interest and principal repayment of your Housing Loan as well as on the stamp duty and registration fees.
Keeping all these advantages in mind, it’s time you start reviewing the options for Home Loans customised for women and gear up to purchase your dream home.