Home Loan for Women
To encourage the role of women in home-buying decisions, lenders across the country as well as the government have been coming up with initiatives and offers that encourage housing loans for women. Home Loan for women come with special benefits, such as low-interest rates, lower stamp duty, income tax benefits, etc. Here, we discuss the benefits enjoyed by female borrowers and why they should take a loan in their name.
Home Loan for Women: Advantages
Lower Interest Rates
Most lenders offer better Home Loan interest rates to female borrowers. Since Home Loans are long-term loans, even a minor reduction in the interest rate offered can lead to a person saving a considerable sum in the long run.
Higher Loan Eligibility and Approval Chances
If your spouse is working, adding her name to the Home Loan application will make you eligible for a higher amount since your lender will consider your combined income while assessing the loan amount that you qualify for. Further, when two earning individuals are responsible for repaying a loan, the chances of loan approval also increase considerably.
Lower Stamp Duty
Most states in India promote women's homeownership by charging lower stamp duty charges when a woman is a co-owner. Women have to pay 1% to 2% lower stamp duty charges than men. Given how expensive homes are, this usually turns out to be a significant amount. The stamp duty calculator tool present on the Bajaj housing finance website can help you accurately assess the amount of stamp duty you will have to pay for your property.
Tax Benefits
The Income Tax Act allows all co-owners to claim Home Loan tax benefits. Under ITC, one can claim tax benefits up to a maximum of Rs.1.5 Lakh on payments made toward principal repayment and up to a maximum of Rs.2 Lakh on payments made towards interest repayment. Thus, when a husband and wife apply for a loan as co-borrowers, together they can claim tax benefits up to a maximum of Rs.7 Lakh and save a substantial amount of money each year.
Home Loan for Women: How to Apply
Applying for a Home Loan for ladies is easy. Follow these steps to apply:
- Open the application form.
- Fill in the form with personal and professional details. You may be asked to disclose your income details, so keep all income-related documents handy with you.
- Submit the form and someone from the sales team will connect with you to explain how to go about the rest of the process.
- Women are more than just homemakers now. Most women are professionals and are no longer financially dependent on their spouse or father. The number of women Home Loan applicants has increased considerably over the last few years and with the efforts being made by the government and lenders, we hope this number will continue to grow.
*Terms and conditions apply.
