Home Loans for Women to buy their dream abode

Home loans are one of the popular ways to buy your dream home, and lately, it has observed there is been more inclination of banks and non-banking institutes to offer home loan for women applicant thereby motivating them for better empowerment. These measures taken by banks and government sector includes women in all types of financial decision is the step to finally secure the woman of India. 

Many lenders are comfortable to offer home loans to women borrowers because they feel women are much more responsible and tend to pay off their dues on time. Stats prove that women are less likely to default in comparison to male borrowers. These independent working women who are slowly and steadily making a mark on the global platform prefer their independent living spaces and therefore opt for housing finance. Women buyers have already constitute around 30-35 % of the urban real estate markets in India. 

There are a lot of benefits towards a home loan for women borrowers. If there is a house registered in women or your spouse's name, then there would be lower stamp duty in many of the states across India. And it is charged a lower rate comparatively for women applicant. It will help them save lakh of rupees when it comes to repayment of the housing loan. Because of the timely payments, most banks and lenders clearly prefer a woman as a co-applicant or as a primary applicant 

Banks and private lenders, change their interest rates as far as home loans are concerned and the amount that you pay is based on two things: one is the tenure for which the loan is availed and second would be the principal amount of your home loan. Lenders are keen on offering customized solutions for women applicants and often come up with festive or promotional discounts for them.

Well, the eligibility of the home loan for women will be based across common factors such as age, income source, job stability, location and property value, additional income source, existing debts and most importantly the credit score. After thoroughly evaluation lenders will offer particular interest rates. Experts say taking a loan at an early age, good income, and job stability and exceptionally well-maintained credit score contribute to negotiating with the lenders for better interest rate deals.

One of the greatest advantages of home loanfor women is that they can reduce their taxable income through home loan repayments under section 24, 80EE and 80C of the Income Tax Act, 1961. Of this, 1.5 lakh is the maximum limit on the interest amount paid and the remaining Rs 1 lakh is the amount she saves for paying back the principal money. Provided she has to stay in the house herself.  It’s better to visit online and compare the interest rates, the different subsidy schemes, and other factors of your home loan. Read the terms and conditions carefully before signing on the dotted line.

With the help of internet facilities, you can compare interest rates, make an application online, get your loan disbursal and start repaying your EMI as well. Make optimum use of technology.

Search for your dream home; make an application online for a home loan, now!