Over the past years, Indian women have progressed and paved their path towards successful careers.
Women have entered many job roles, from being experts and professionals to successful entrepreneurs. With women taking up new roles and becoming independent, buying property and houses has become common.
Financial institutions and banks are seeing a steady rise in women applicants for home loans over the past few years. They now understand the importance of being independent.
Many women have understood the invest in property as an asset class. It makes them independent not just emotionally but financially as well.
While there are endless reasons for women to invest in homes, there are a few benefits for women applying for home loans too.
Here, we will highlight some of them:
Lower interest rate
In the Indian investment landscape, women are yet to make their mark in investing periodically.
Women have a clean chit when it comes to borrowing money from the banks.
Hence, to encourage women to save and invest women are offered a comparatively lower home loan interest rate from banks and financial institutions.
While the difference in the interest rate differs by few basis points it does make quite a difference in the overall loan value and interest payments.
With modernization, girls’ education, and women’s empowerment, many women have stepped up and started paying closer attention to their financial independence.
Seeing the change in women’s position in society, the government has introduced many schemes to encourage this stance across India.
One such scheme is the Pradhan Mantri Awas Yojana scheme where women can co-own a home and get a subsidy on the first home purchase.
Women who are widows, single women, or from various SC-ST categories too can now apply for home loans in India.
Longer Tenure and higher loan amounts
Banks and finance companies provide the required support and are encouraging more women to apply for home loans.
Financial institutions and government authorities are offering higher loan amounts with an extended repaying period to support women.
It means, when a woman applies for a home loan, she can get access to a higher amount and are free to choose a longer tenure to repay the loan basis her financial situation.
By looking at these current benefits, many families have chosen the women of the home to initiate the loan process to make the most of this facility.
Ease from stamp duty
When individuals purchase any property or home, they are entitled to pay stamp duty towards the government officials and the purchasing commodity.
Stamp duty differs from state to state. The government authority has implemented a reduced stamp duty towards home loans for women applicants.
Post this move, India has seen a significant increase in the number of applications for home loans at various banks and financial institutions.
Having discussed the benefits of home loans for women, it is best to get advice from a financial expert about the varied home loans and allied benefits one can receive.