Applying for Home Loan? Here’s How Women Can Save on Home Loan
Be it a man or a woman, searching for a dream home remains the first priority and in the mind of people because it gives them an assurance of stay and safety for life. The accomplishment or satisfaction feeling can’t be the same while staying in a rented space.
To purchase a dream home, you can now easily rely on a Home Loan which you can avail for a longer tenor as long as 20-30 years. What’s more, you can also get a higher Home Loan amount between Rs.20 lakh and Rs.10 crore from banks and NBFCs.
Although Home Loan EMIs may come down and helps you repay in easily over a longer tenor, the overall cost of the loan increases when you spread it over a longer tenor. As a result, you need to cough up higher Home Loan interest rates.
Nonetheless, that can reduce if you are a women Home Loan borrower. Yes, Home Loan interest rates for ladies is less as they get a subsidy as compared to their male counterpart.
Let’s provide you with some more benefits of Home Loan for womens that can be availed in India.
Home Loan Interest Rates for Ladies is Less
As you know that Home Loan interest rates hold the key either towards an affordable or expensive House Loan, one always take efforts to make it affordable. However, in the case of women, Housing Loan interest rates for ladies is lesser compared to males. As a result, they are able to pay smaller EMIs. Yes, even a slight difference in the interest rate can reduce the flow of interest in a period ranging 20-30 years. As a matter of fact, a women borrower can enjoy a subsidy of 0.05% in the interest rate from a majority of lenders in India. A thumb of rule is that a woman can save up to Rs.38,000 or more in interest over male Home Loan applicants.
Discount in Stamp Duty
You need to know that stamp duty does form a crucial part of the home or the property cost. And even a slight difference in the percentage is enough to make a difference in your home ownership cost. Since lenders fund up to 90% of the cost of the desired property, the stamp duty can vary from one lender to another. What’s more, when a woman buys a property, the stamp duty charges remains on the lower side. They can avail a concession of 1-2%. If a woman is purchasing a property worth Rs.50 lakh, she can easily pocket around Rs.50,000-1,00,000!
Just like the male counterpart, women borrowers can also enjoy a tax deduction on their Home Loan repayments. One can avail maximum tax deduction in the principal and interest repayments which is Rs.1.5 lakh and Rs.2 lakh, respectively. Women borrowers who have applied for a Home Loan along with their husbands are eligible to receive the Home Loan tax benefits in equal percentage.
The Bottom Line
Being a woman pays back beautifully during various events and walks of life, and a Housing Loan application is no exception. You just went through some of the noticeable benefits that a woman loan borrower can enjoy while availing a Home Loan.
If you are a woman who has long been craving to apply for a Housing Loan to purchase your dream home, you can now purchase an online House Loan hassle-free.
With so many benefits to make your women Home Loan deal even sweeter, why wait and suffer? Apply for a Home Loan for women and enjoy unexpected benefits! Good luck!