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Home loans benefits for women: Owning a property does not just bring security but also looked as one of the long-term value-creating investments. Although, investing in real estate was mostly male-dominated, women in recent times are realizing the benefits of investment in properties. However, arranging funds for the same is not always easy. This is where home loans come in. Therefore, various banks, non-banking financial institutions (NBFIs), and mortgage lenders are offering female applicants exclusive and competitive home loan interest rates. Also, according to the government, women home loan borrowers can avail of a discount on stamp duty ranging from 1 percent to 2 percent. In this way, they can save around Rs 50,000 – Rs 1,00,000 on a property worth Rs 50 lakh.
State Bank of India
SBI offers women home loan borrowers a concession of 5 basis points, as per its website. Interest rate for women starts from 9.15 to 10.15% depending on the credit score.
HDFC
HDFC also offers women borrowers a 5 basis points discount on home loans. Interest rate for women borrowers starts from 8.95% and can go up to 9.85% depending on credit score and loan amount.
Canara Bank
For women borrowers, a concession is available for 5 basis points. Canara Bank home loan interest rates start from 8.85%.
Union Bank of India
Union Bank of India gives a concession of 5bps for women borrowers. The bank Website says, “Union bank of India offer 0.05 % concession in the applicable rate of interest where female applicant/s stands as borrowers/co-borrowers in the loan and owner/co-owner in the proposed housing property.”
Punjab National Bank
Punjab National Bank offers a wide variety of housing loans that are beneficial to women, whether salaried ladies, entrepreneur women, or housewives. These schemes have the following features: 0.05% p.a. lower interest rate to women borrowers, Cost of furnishing may be included up to 10% of housing loan to a maximum of Rs.25 lakh, Moratorium of up to 3 months from date of advance or till the possession date, whichever is earlier.
Lower stamp duty for women
Stamp duty is an additional expense that raises the price of the property. Several Indian states give a 1% to 2% reduction in the stamp duty in an effort to encourage women to purchase property. Again, there are significant savings from this.
Benefits from taxes
Women don’t get separate tax breaks on home loan repayment. For principal repayment and interest payments, the maximum tax deduction is Rs 1.5 lakh and Rs 2 lakh, respectively. If a husband and wife own the property jointly and each has a different source of income, both may be eligible for tax deductions.
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