Did know about these 4 benefits of a home loan for women.

A home loan for women comes with a number of benefits. These benefits make a home loan, which is already a great way to finance your homeownership plans, all the more advantageous. This article will highlight and details 5 of these benefits to help you make a better-informed borrowing decision.

1. A home loan for women comes with lower interest rates.

One of the most important factors of a housing loan is the interest rate that’s applicable. Some individuals drop the idea of a loan simply because of this cost. With a normal loan, a borrower would have to pay anything between 8.40 and 9.15 percent depending on their loan slab, type of interest rate and their financial capacity.

However, to make it easier for women to own their own home, even if they do not have all the funds up front to support the purchase, a home loan for women comes with discounted interest rates. Yes, that’s right! A women borrower can avail 0.05% concessions on the normal interest rate. You might think that this isn’t much, but imagine the savings this lowered rate would bring you on every EMI over the tenure of around 20 or 30 years.

Therefore, it goes without saying that lowered interest rates are one of the most substantial and noteworthy benefits of a women’s home loan.

2. Reduced stamp duty.

A home loan for women will also mean reduced stamp duty. This is because most states in India provide a reduced stamp duty for women borrowers. The reduction can help borrowers save a sizeable amount of money. As a woman borrow, the stamp duty remains 1 or 2 percent lower than the stamp duty for men. Considering this discount on a property worth Rs. 60 lakh, you could stand to save as much as Rs.60, 000 or Rs.1, 20,000 through this benefit.

3. Joint home loan tax benefits.

Applying jointly with women will ensure you get the above benefits in addition to doubled tax benefits. So, where a normal home loan helps you save through deductions of Rs. 1,50,000 against principal repayment & Rs. 2,00,000 against the interest payments in a year under section 80C and 24 of the Indian Income Tax Act respectively.

However, when you apply with a women borrower, both you and your co-borrower can avail these deductions. This turns deductions up to Rs. 3, 50,000 into deductions of up to Rs. 7, 00,000.

4. Special schemes.

Some lenders extend special offers on occasions such as women’s day wherein they offer longer loan tenures, gold vouchers or coins and other such incentives on a home loan for women. They might not sound like much, but the more benefits you receive, the easier it is to repay the loan.

We hope this article has been insightful and help you make better-informed borrowing decision. For more information regarding the benefits of a home loan for women, consult a financial expert or contact one of the leading lenders today! Good luck and all the best!