Home Loan for Women – Know the Benefits & Eligibility

Until a couple of decades ago, owning a home seemed like a distant dream for many, especially for women in India. However, over the years, the scenario has changed drastically and for the better. Today women in India becoming financially independent and the easy availability of home loans for women, buying a home has become much easier.

Over the last 10 years, the number of Indian women applying for a home loan has increased considerably. Since the number is rising every day, many financial institutions, including banks and HFCs (housing finance companies), offer many home loan schemes that are specially designed for women. From fast approval to low interest rates and easy eligibility, women can avail themselves of several benefits while getting a home loan.

So, if you are a woman, and are looking to apply for a home loan, this guide is just for you as we discuss home loan benefits for women and the eligibility requirements. Read on!

Benefits of home loan for women

• Preferential interest rates

When you apply for a home loan, the interest rate is one of the critical factors you must consider as it directly impacts the EMI (equated monthly instalment). Many Financing Institutions in India offer home loans at a lower interest rate for women so they can aspire to take a home loan and make their dream of being a homeowner come true.

The home loan interest rate for women is generally lower as compared to men borrower's Who you can get a upto 0.5% concession on the home loan interest rate, you can save a lot of money on the overall interest payment throughout the loan tenure. This can help you use the money you save for investment purposes and meet your future goals or repay the home loan faster before the actual tenure and become debt-free faster.

• Lower stamp duty and registration fee

When you buy a new, ready-to-move home or invest in an under-construction property, you must pay the stamp duty and registration fee. This is a statutory expense that you cannot avoid, as it is a fee levied by the Indian Government, and paying this fee is an integral part of the home purchase transaction.

The stamp duty and the property registration fee in India can vary from one state to another. But generally, the government charges a certain percentage of the property’s value that you want to buy. As a woman, if you are buying a home, you can get a discount of up to 2% on the actual stamp duty and registration fees that are applicable for other home buyers.

A lower stamp duty and registration fee means you can enjoy more savings. This, in turn, can reduce the home loan amount and easily manage the repayment.

• Tax benefits

Apart from the low interest rates and discount on stamp duty, the you can enjoy many tax benefits. You can leverage these benefits and lower your annual tax liability. The best part is that these tax benefits are applicable throughout the loan tenure.

As per the Indian tax laws, you can enjoy a tax benefit of Rs. 1.5 Lakh on the repayment of the home loan principal amount and Rs. 2 Lakh on the repayment of the interest amount. These benefits are guaranteed under Section 80C and Section 24 of the Indian Income Tax Act, 1969.

If you avail yourself of a joint home loan with your spouse or any other tax-paying family member, both of you can individually enjoy these tax benefits. This means you can enjoy higher tax savings in a year.

• Longer repayment tenure

While applying for a home loan, you must choose the repayment tenure carefully so that the EMI is affordable and fits in your monthly budget without compromising on your other financial goals. Generally, lenders in India give you the flexibility to choose the repayment tenure as per your repayment capacity, with the maximum cap being 30 years.

So, the longer the home loan tenure, the lower the EMI, but the overall interest you pay is higher. In contrast, if you choose a shorter tenure, the EMI will be high, but you can save a lot on the overall interest. If you are a salaried woman aged under 30, you can opt for a loan with a longer tenure. This will give you enough time to repay the amount easily while taking care of your other financial obligations.

In addition, many Financing Institutions in India do not levy any penalty or additional charges on partially or fully repaying the home loan, especially if you have availed the loan on a floating interest rate basis. Thus, you can enjoy many amazing benefits through the home loan repayment period.

Eligibility criteria for home loan

The eligibility criteria for home loans may vary from one Financing Institution to another, but HFCs like Aditya Birla Housing Finance Limited have simple eligibility requirements for all, including –

• You must be at least 21 years old at the time of applying for the loan, and the maximum age at the time of loan maturity must be 60 years and 70 years for salaried and self-employed individuals, respectively. However, with the Extended Tenure Loan offering at Aditya Birla Housing Finance you can enjoy a higher loan tenure of upto 70 years of age.
• You must have a steady income source.
• You must have a high credit score.

Apply for a home loan with Aditya Birla Housing Finance Limited

Aditya Birla Housing Finance Limited is one of the leading HFCs in India that offers home loans to all at the most attractive interest rates, starting from 8.60% per annum. Also, you can avail a loan of up to 90% of the property’s value that you want to buy so you can aspire to buy a bigger and better home for your family. To add to that you get a repayment period of up to 30 years. Moreover, simple documentation and easy eligibility requirements, comfort of doorstep service, complete control & transparency with the “Track My Loan” feature, you no longer need to run around to know the status of your loan application will ensure your Home Loan journey is completely stress-free and happy.

For a Happy Home Loan Journey visit the Aditya Birla Housing Finance Limited website to learn more about the loan. Apply NOW!