financial independence has become an essential component of our lives. this has led to an increased number of home loan plans catered towards women.
the lenders tend to trust female borrowers and are willing to offer additional benefits to them for a home loan. if you're a woman planning to own your dream home, you should know what benefits you are eligible for while securing a home loan.
however, before deciding to apply for a home loan, it is always a good idea to first check your home loan eligibility calculator. it is also advisable to calculate the affordable monthly emi based on your financial appetite. you can calculate the home loan emi using the home loan calculator.
what are the benefits that you as a woman are eligible for while applying for a home loan?
- lower rate of interest
the banks and nbfcs think of females as more reliable borrowers. this is why the banks offer them lower rates of interest along with special attractive offers. though the difference in interest rate may be as low as 0.05% and may look insignificant, it affects the monthly emi value and helps you save a positive amount of money.
- longer repayment tenure
the male borrowers need to repay the loan in a maximum of 20 years or before they turn 65, whichever is early. however, for females, the loan tenure is as long as 25 years or till they turn 70, again whichever is earlier. this relaxation in the tenure implies smaller emi values, helping you focus on other financial commitments. further, the lenders do not levy any charges in the case of part-prepayments or foreclosing your loan. you can calculate the monthly emi through a home loan emi calculator.
- lower stamp duty
the female borrower is charged 1%-2% lower stamp duty compared to male borrowers. while the percent of exemption looks negligible, it makes a substantial difference in the final amount paid. further, female borrowers can make the most out of tax deductions, making home loans more attractive. as a female, you can claim up to inr 1 lakh to inr 2.5 lakhs.
- simplified eligibility criteria
as females are perceived as reliable customers by the lenders, they tend to offer home loans to female borrowers with ease. the eligibility criteria for the female borrowers are simplified as compared to their male counterparts.
- make use of schemes like pmay
under pradhan mantri awas yojana (pmay), as a woman, you are compulsorily a co-owner of the home and can avail interest subsidy of up to inr 2.67 lakhs. this scheme also gives female applicants preference, leading to a whopping 6% rise in home loan applications by women.
if you are a woman and planning to buy your dream home, you have now got all the reasons to secure a home loan at the earliest. however, before you apply for a home loan, ensure that you calculate how much emi you can afford based on your financial appetite. you can calculate home loan emi through cred's home loan emi calculator.