Today, as many women are becoming financially independent, they are applying for a home loan. And, to encourage the women to become homeowners and apply for a loan, the financial institutions offer special discounts on the interest rate and offer plenty of other exclusive benefits to the women borrowers.
If you are a woman in India, it is a great time to purchase a home and accomplish the long-cherished dream of becoming a homeowner. Let us look at some of the reasons why women should take housing loans in India.
- Loan at competitive interest rate
One of the significant reasons why women should apply for a home loan is that they can get the credit at a lower interest rate as compared to the interest rates offered to other applicants. Remember, even a small difference of 0.5% in the interest rate can help you save a significant amount in the overall interest payment in the long run.
Also, the interest rate has a direct impact on the affordability of the loan and the EMI amount, the lower the interest rate, the more affordable the EMI and vice-versa. When the EMI is affordable, you can easily repay the same without compromising on your other financial goals and regular expenses.
- Simple eligibility criteria
When you apply for a home loan with any lender, you must meet their specific eligibility requirements. And, if you don’t meet their criteria, they have the right to reject your loan application.
Today, many lenders offer the best home loan in India with simple eligibility criteria for women. This makes it easier for all women to qualify for the loan and become a homeowner. Simple eligibility criteria also means that you can easily go through the process and get a higher loan.
- More extended repayment tenure
A home loan affordability greatly depends on the loan term or the period to repay the amount. The longer the repayment tenure, the easier it is for you to repay the amount as the EMI is much more affordable as compared to a loan with a shorter term.
Today, most lenders in India offer a more extended repayment period for women home loan applicants as compared to the tenure offered for others. This can allow you to plan your repayment well and pay off the amount without any hassles.
- Attractive discount on the stamp duty
When you buy a home, you must pay stamp duty. It is a critical part of the home buying process, and it is a statutory fee levied by the government. Generally, the state governments in India offer an attractive discount of 1% to 2% on the stamp duty for women home buyers.
Although a 1% discount may seem to be a nominal amount, if you consider the overall property value, the discount can help you save a significant amount and reduce your overall property cost.
- PMAY benefits
PMAY or Pradhan Mantri Awas Yojana is one of the most popular affordable housing schemes in India that is touted to be a women-friendly scheme. It offers several attractive benefits for women home buyers and home loan applicants. For example, according to the PMAY mandate, any married individual who applies for a home loan under PMAY initiative must include a woman family member as the co-owner of the property, irrespective of whether they contribute to the repayment.
Thus, women home loan applicants can avail of several attractive benefits. Make sure that you are aware of the various benefits available to you and take advantage of the same.