More women nowadays are becoming financially independent. There has been an increase in women borrowers for home loans. And also Buying a home may give her a sense of identity & ownership. It doesn't always mean that you have to spend from your pocket. But also you can claim for a home loan. Women have tremendous benefits while claiming for a home loan. Here are a few benefits that you can apply for a home loan, especially women's.
Women have simple eligible criteria and can access high loan amounts from Rs 30 Lakh to Rs 5 Crore with a home of your choice. The lenders also offer sanctions to encourage womens owning a home. Few banks also offer simple eligible criteria for women like being Indian citizens, age limit from 25-68 years work experience of 3 years at least for a home loan.
We believe that women have equal potential to buy a home & pay the home loan. They are many banks which offers loan with minimum interest rate which is lower than the market price. The subsidised home loan interest rates may be only between 0.05% to 0.1% lower. It impacts on EMI & makes repay without any stress for women.
Women can repay the amount in tenure of up to 30 years. It gives you a chance to lower your EMI's & thus reduce the pressure on your finances. You can experience more convenience as a woman borrower.
Women who register the home in her name, The stamp duty charges may be 1% to 2% lesser charged in state. This may seem to be very less % but when we calculate it with the total cost of the property it may be quite high.
Women who registered the property in their name can experience the tax deductions. You can claim up to Rs 1.5 Lakh to Rs 2 Lakh on principal & interest on repayment for a self-occupied home.
These are very few benefits which can be experienced by a woman home buyer. We at KST have tied up with the banks for the loan arrangement.
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