While women constitute approximately 14% of the entrepreneurship market across the nation, further initiatives are being launched to empower them and reiterate their financial stability. Considering that housing is one of the key elements that safeguard one’s future, multiple endeavours are being taken to streamline the purchase of houses by women. It includes offering substantial funds along with multiple benefits that cater to the financial requirement of women.
At the time of availing long term advantages of home loan scheme for women, applicants can enjoy further reduced rates of interest and hence lower cost of the loan. Such advances bring in a host of such benefits that make this financial aid the preferred go-to for women wanting to purchase an appreciating asset.
Housing Loan Benefits for Women in India
Despite multiple government housing schemes to boost the availability and affordability of housing, the hiked real estate market still poses a challenge for potential home buyers. In an attempt to help individuals meet their housing financial demands, several leading NBFCs now offer secured advances across an extended repayment tenor. Such advances come with a high-value loan amount that is adequate to fund the purchase of residential properties.
However, taking into consideration the need to strengthen the financial stability of women and secure their future, housing loan from leading NBFCs now come with various additional features. These help women benefit from taking home loans –
- Concession on Home Loan Interest Rate
While secured loans fetch a higher credit amount to cover the finances incurred during a house purchase conveniently, the rate of interest is kept to a minimum. It is because lenders have the reassurance to recover the outstanding loan amount by liquidating a mortgaged property, in case of a default.
However, for potential women borrowers, lenders provide a further reduced rate of interest that makes the EMIs pocket-friendly. This reduction in the interest rate varies from lender to lender and may go up to 1%. The significant reduction in interest rate lowers the total cost of the loan and hence eases the repayment process.
Following this, you can calculate the approximate EMI value using a loan EMI calculator of your preferred NBFC; tally it with your current financial obligations, and then settle upon a loan amount that best caters to your financial requirements.
- Convenient Loan Approval
Considering that such secured loans are sanctioned after property evaluation, they can easily be availed over hassle-free steps to easily get a home loan in India. However, in case prospective women borrowers with a healthy credit score approach a lender, the application process gets further streamlined, leading to faster approval and disbursal of the sanctioned loan amount.
- Tax Benefits
One of the perks of availing home loans is that borrowers can avail tax benefits on-
- Both interest and the principal amount of the credit under Income Tax Act Section 24 (b) and 80 (c) respectively. While the home loan tax benefits in India can help an individual claim exemptions of up to Rs. 2 Lakh, that on the principal amount can be a maximum of Rs. 1.5 Lakh per year.
- In addition to this, first time home borrowers can also claim an additional deduction of Rs. 50,000 on the latest home loan interest rate, in case the cost of the property is within Rs. 50 Lakh and the loan amount lies within Rs. 35 Lakh.
- Add-On Offers
Reputed financers now provide Home Loan for women that come with a list of added features –
- Higher loan amount of up to Rs. 10 Crore.
- Home balance transfer facility with a top of up to Rs. 50 Lakh.
- Extended repayment tenor till 25 years.
Potential women borrowers who are salaried employees can easily avail such advances by furnishing the following documents –
- Passport size photographs.
- KYC documents.
- ID proof.
- Address proof.
- Latest Salary slip / Form 16 and bank account statement of the last 6 month.
In addition to this, women home loan borrowers can also avail reductions on the stamp duty charges, which further reduces the financial burden.