Being a working woman, one of the biggest aspirations you may have is to purchase your own home. If you too aspire of owning a home, you must not wait to act! No doubt, accumulating funds to buy a property is not simple, but women can assist make your dream a reality.
From an affordable rate of interest to higher eligibility for a home loan, not just through Tata Capital Home Loan, there are various perks you can enjoy being a woman loan seeker. Let’s find out:
Lower rate of interest
Women seekers are generally provided with a lower home loan rate than a typical interest rate. Not just HFCs (Housing Finance Companies) like Tata Capital home loan offers lower Tata Capital home loan interest rates, but also private, and public sectors banks too offer lower Home Loan Interest Rates. As the rate of interest can create a huge difference between the financially draining and affordable loan, the slightest decrease can result in substantial savings. While the decrease can anywhere be between 0.05 and 0.10 percent, it can make the Tata Capital home loan EMIs or EMIs through other lenders easier on your pocket in the long term.
Lower stamp duty
Sure, you can plan out your loan basis the cost of the selected property. But have you thought about other expenses? Additional costs like stamp duty charges can even add to the property cost. However, many of the state governments provide a deduction of 1 percent to 2 percent in stamp duty for encouraging female ownership. It again results in higher savings.
Consider this: For a home costing Rs 2 crore, you simply can save nearly Rs 2 lakh to Rs 4 lakh on the stamp duty.
Simply eligibility criteria
Banks have higher flexibility and simpler loan eligibility criteria for women applicants. It means you can easily access a home finance option of Tata Capital home loan or other lenders. Moreover, you can even apply as a primary seeker with a spouse as the loan co-applicant. In these cases, the lender will evaluate the monthly income and credit history of both the home loan borrowers. Thus, this enhances your loan eligibility.
Subsidy under the PMAY
As per the PMAY, women seekers are eligible for government subsidies of up to Rs 2.67 lakh on the principal amount. This specific scheme is extended to the women owners or co-owners in the LIG, EWS or MIG category.
Extended tenure
Are you looking for a higher repayment tenure? Well, you can easily repay your home loan with ease with the extended loan repayment tenure of up to 25 years. It endows you with a greater opportunity to reduce your EMI repayments and lower the financial pressure. While you are at it, ensure to use the home loan EMI calculator of Tata Capital home loan to estimate your month-on-month payment beforehand. With a better financial plan, you simply can take care of your other financial commitments along with a home loan.
Tax deduction
Women home loan applicants can even enjoy the tax benefits on their repayments. You can easily claim the tax benefit of up to Rs 1.50 lakh on the principal component and Rs 2 lakh on the interest payments. Also, if both you as well as your spouse are the property co-owners with a separate income source, you jointly can claim a better tax benefit.
Crucial positives of being a woman home loan borrower
Overview
These days women are equal participants in the field of investing in residential buildings and properties. Long gone are days when just men in the family tool the finance linked decisions of purchasing a property. Today women are proving to be sensible and better investors, with extremely few defaulting on the repayments. If you, too, are a woman planning to buy residential properties, do not fret as our country has opened now to provide special rates and offers to women for home loans.
Future planning
With the increasing inflation, we hardly can sustain without adequate savings. Women also have understood the importance of investing and saving for their future. Not only for themselves today, but women have taken full control of saving for their dependents also. The lower rate of interest offered to the women encourages a greater number of women to invest in different kinds of sectors, from gold properties to business.
Benefits of being a women’s home loan borrower:
Financing a property or home can be a massive financial responsibility. A home loan can be an effective source for decision-making. While joint borrowing can simplify and ease the loan burden a little, women must have their individual independence when it comes to choosing a home. Forming an asset base assists a woman to secure their future.
Few of the positives of becoming a woman home loan borrower are:
- Combined income, i.e., of both the spouses, endow a higher chance of availing a home loan.
- A joint home loan permits a relatively enhanced tax exemption.
- Women are thought to be eligible home loan borrowers because they are considered to have a disciplined approach towards due repayments.
- There are many banks or financial institutions that offer home loans to women at relatively lower interest rates.
Note that to be able to get an exclusive home loan interest rate, a woman should either be the primary borrower or the co-owner of the property.
Concessional rates on home loans for women
Due to the reduced risk profile of women than men, women can enjoy a better and lower home loan interest rate, not just through HFCs like Tata Capital home loan but also other lenders. As the rate of interest of the home loan is based directly on the applicant’s risk profile, women tend to usually enjoy a concessional rate on a home loan. However, it is crucial to remember that regardless of gender, banks or HFCs may not provide a home loan if your credit history and credit score is not at a satisfactory level. Also, the required documents should be handy and provided to the financial institution for availing of home loan approval.