Everyone’s aspiration and perhaps the biggest financial commitment or life goal is to own a home. Home is one of an Indian’s greatest desires because it is a necessity. Being a homeowner can help you gain respect in society, provide you a place to call your own, and pave the way for an early retirement for some people. It might also provide one a sense of achievement and raise their self-esteem. Or it can just be a long-term investment. So, can say buying a home is one of the supreme priorities as we know how important it is to all of us.
Now-a-days, we can see, women on pace as they are financially independent. In result, we can see the growth in home loan for women. But if we talk about property rates can say a phrase that fits here is “sky has no limit” as it is touching the sky. It is not at all possible to afford purchasing a home without support of external finance. Here home loans take a great entry. Banks are offering home loans now-a-days, and because of it, one’s dream of being a homeowner, is turning into realty.
HDFC believes in empowering and encouraging women for being more financially independent, so it offers some additional benefits to them and gives relief to women who are eligible for home loan.
Women who is eligible for home loan:
- a citizen of India.
- between 18 and 70 years old.
- the lone or the principal applicant.
- a salaried individual with good credit scores.
Let’s roll over your eyes at the home loan benefits a women can get!
- Reduced interest rate: The right mortgage might mean the difference between a home that is cost-effective and one that is a financial burden. So, it’s crucial to locate a bank or NBFC that can meet your needs. Apart from that, women in India receive a discount on the house loan interest when applying for a home loan. This could range from 0.05% to 0.1%. Although it might not seem like much, in the grand scheme of things, this can have a significant impact.
Loan terms for homes can range from 15 to 25 years. This reduced interest equates to a lower monthly EMI when you consider the cost of a home, which might reach hundreds and crores of rupees. It all adds up to a sizable sum, making the house more affordable.
- Increased approval rate for loans: The Indian government has introduced the Pradhan Mantri Awas Yojana (PMAY) Plan in which government is creating measures to give concrete or “pakka” houses to members of scheduled castes and tribes, low- and middle-income groups, and economically deprived parts of society. Additionally, this plan includes considerations for widows and working single women. This programme expedites the processing of loans where women are the principal or joint applicants.
- Reduced stamp duty fees for women: Reduction in stamp duty is another element increasing the cost of the property. Several states in India give a concession in the stamp duty of 1% to 2% to encourage women to purchase property. Again, this results in significant savings. Women can save up to Rs 1 lakh to Rs 2 lakh, for instance, for a house worth Rs 1 crore.
- Tax benefits for women: On their house loan repayments, women also receive income tax benefits. The most that can be deducted from taxes is Rs 1.5 lakh for principal and Rs 2 lakh for interest payments. Both the husband and wife may file tax deductions if they are both co-owners of the property and earn money from various sources.
- Women receive flexible repayment tenures: While most home loans have repayment terms of up to 25 years, women applying for home loans can take advantage of maximum repayment terms of up to 30 years, or until the borrower becomes 70 years old, whichever comes first.
- Profitable add-on offerings: Several banks also provide appealing deals for female borrowers. This can be a gold coin, jewellery gift cards, an exclusive credit card, or a cost-free vacation. Even though they are modest gifts, they can go a long way in sweetening the offer.
Considering the aforementioned, it is obvious that women’s house loan rates contribute significantly to savings.