Special Benefits for Female Home Loan Applicants in India

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Special Benefits for Female Home Loan Applicants
in India
https//www.clix.capital/clixblog/special-benefits
-for-female-home-loan-applicants-in-india/
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Overview
With Indian women becoming financially stable and
independent, many of them have started realising
the significance of purchasing a property. Owning
a house is one of the primary goals of many
families, and taking a home loan can be a crucial
aspect of planning the finances.
Since the length of a home loan can be 20 to 30
years long, the difference of even a few
percentage points can mean a lot of savings in
the long run. To encourage more women to own a
property, Indian banks and financial institutions
are giving increased benefits to women who apply
for a home loan. These may mean customised loan
schemes, lucrative discounts, lower interest
rates, tax benefits, and lower loan processing
fees for women.
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Benefits of Home Loan for Womens
LOW INTEREST RATE
FOR GIVE MORE VALUE
If you ardently want to call a house your own but
are concerned about managing your finances with
the EMIs, the best way is to find a home loan
with a lower interest rate. Here, are some tips
to get lower interest rates on your home loan
USAGE FLEXIBILITY
FOR SOLVE PROBLEM
Lower Rate of Interest
Higher Loan Amount
FAST APPROVAL
FOR HELP CUSTOMER
Longer Repayment Terms
Lower Stamp Duty
Tax Deductions
Benefit of PMAY
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Lower Rate of Interest
Moneylenders perceive women to be more reliable
borrowers. That is why betting on females to
expand their loan portfolio seems to be a safer
bet for the lenders. So, to encourage more women
to apply for a home loan, they offer interest
rates a few points lower than the regular market
rate. This makes it easier and more affordable
for women to buy a home and repay its loan over
time. Although the interest rate is only 0.05-1
lower, it can make a significant difference in
your EMIs and the overall interest amount you pay
over the loan term.
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BALANCE TRANSFER CAN BE ONE OF THE ALTERNATIVES
The concept of balance transfer comes into light
when the borrower has already started repayments
for the loan. If you come to know tha the
interest rate levied by your home loan provider
is somewhat high as compared to other providers,
you can transfer the existing loan amount to
another bank or provider with lower interest
charges. Yet, balance transfer should be among
the last options to be considered the borrower as
it can cause higher penalties in the case of
due payments.
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Higher Loan Amount
Since female borrowers are safer bets for money
lenders, they do not mind sanctioning a higher
loan amount for women. You can get a home loan of
? 30 lakh to as much as ? 3.5 crores with simple
eligibility conditions.
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Longer Repayment Terms
Women borrowers can repay their home loans for a
longer period. This reduces the amount of your
EMIs so that they do not put pressure on your
finances. In this way, you can cater to your
other commitments while repaying your home loan.
Since lenders do not charge anything for making
part-payments or loan foreclosures, you enjoy
more loan repayment convenience as a female.
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Lower Stamp Duty
Stamp duty is a mandatory tax that you have to
pay to the state government while buying a
property. The rate may be different from one
state to the other. The stamp duty may also
differ, depending on the propertys location,
type, state, and usage. Since the stamp duty
maybe 4 to 10 of the propertys total value,
even a little concession can make a big
difference in the cost you have to pay. If the
property is registered in a womans name, most
Indian state governments charge 1-2 lower stamp
duty than that charged for men. Although this
makes a nominal difference, remember that the
total stamp duty cost is calculated as per the
propertys total cost, which can be substantial.
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Tax Deductions
As a woman, you can get most of your tax
deductions back. You may reclaim ? 1.5 lakh to ?
2 lakh on your interest and principal payment,
provided that the property is self-occupied. If
you are an independent applicant, Section 80C
allows you to claim a tax deduction up to ? 1.5
lakh on your principal amount. However, if you
apply under Section 24, you can claim a tax
deduction up to ? 2 lakh. If you jointly take the
home loan with your spouse, Section 80C allows
you to claim ? 3 lakh of tax deduction, while you
may claim ? 4 lakh under Section 24.
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Benefit of PMAY
PMAY or Pradhan Mantri Awas Yojana is a special
scheme under which female property owners or
co-owners get an interest subsidy of up to ? 2.67
lakhs on their home loan. Since it aims to give
preference to female property buyers, it has
increased the number of female applicants by
6. The PMAY scheme aims at providing Housing
for All by 2022. To be eligible for the scheme,
you must be 21 to 60 years of age (for salaried)
or 21 to 70 years of age (for self-employed). The
property you are buying should be your first
property and you must not be the owner of any
other property. For certain categories, the woman
of the house should be the propertys owner or
co-owner. Widows and single women from the EWS or
LIG categories can also avail the benefits of
this scheme. Another benefit of this scheme is
that elderly women are given accommodation on the
ground floor for their convenience.
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Eligibility Conditions to Apply For a Home Loan

• Now that you have made up your mind to apply for
  a home loan, you must know about a few
  eligibility conditions that you must meet
• You must be at least 18 years of age.
• You must be less than 65 years of age by the time
  your loan term ends.
• You should be a self-employed or a salaried
  individual.
• The combined annual income of your household
  should be over ? 3 lakhs.
• You must be a residing citizen of India.
• You must have a credit score of at least 750.

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You will have to submit a few documents as well
while applying for a home loan, including your
loan application form, ID proof, address proof,
and a passport-sized photograph. Salaried
individuals must submit salary slips of the last
3 months, bank statements of the last 6 months,
and the latest Form 16 copy. Self-employed
individuals must submit their business profile,
bank statement of last 6 months, and income tax
returns and financials of last 2 years.
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OUR VISION
Applying for a home loan requires long-term
planning and comparison of different lenders.
Always check your eligibility to ensure the loan
amount you can apply for, and ways to improve
your eligibility. Use the home loan calculator
available at Clix Capital to know your EMIs and
choose the right plan.
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