It’s a women oriented world and if you are a woman who is willing to purchase her own nest, you should note that there are various Home Loan schemes for women.
Yes, ever since the Central Government of India coined the slogan ‘Beti Bachao, Beti Padhao’, the emphasis shifted to the empowerment of women in India.
The finance industry has followed suit and customized many loan schemes for women to cater to their needs. Yes, banks, non-banking finance companies (NBFCs) and more lenders have started giving a helping hand to facilitate women borrowers’ needs.
In fact, the wind is blowing in the favour of women Home Loan borrowers as many lenders have realized that women are more prompt in repaying the loan than men.
As a result, Home Loan for women that have been readjusted these days come with the advantage of a lower Home Loan interest rate compared to men. Yes, they can now grab up to 0.05% as the interest rate discount.
Yes, the figure looks so small but it can easily count for thousands of rupees which is a good amount when it comes to the repayment of the loan.
Women can grab a lower interest rate when they avail a House Loan either being a primary member or become a co-applicant along with other relatives and others.
Home Loan Benefits for Women
Other than just availing a concession on the Home Loan rates, loan schemes for women also allow them other benefits such as:
- Exemption of the stamp duty in some states if the home is registered on her name
- The stamp duty is charged at a lower rate when compared to males if there is a woman involved as the loan applicant in some states with no waivers
- Such charges help women save thousands to lakhs to rupees when it comes to repayment of the housing loan
- Banks and lenders prefer such Home Loan borrowers who have a women applicant as the primary or the co-applicant
- Such Home Loan applicants are given priority when it comes to loan approval or the money disbursal into their bank accounts
Home Loan Calculators can Help You Out
If you are a women loan borrower and wanted to know an exact Home Loan EMI amount that you will be able to pay, you can use the Housing Loan EMI calculator. The wizard is available at a lender’s website free of cost.
Similarly, if you want to know your loan eligibility, you can take the help of a Home Loan eligibility calculator available with leading online lenders. Once you enter your desired loan and other details on the tools, they give you the results quickly.
The Bottom Line
If you are a woman who is willing to accomplish your dream of living in your own home, you can now take the advantage of the Housing Loan schemes for women and enjoy! To get started, you can apply for a Housing Loan and see your application see through! Good luck!
