The Indian government has always strived to attain financial inclusion for the women citizens of India. And online lenders and banks too have happily taken all measures for the same. It is owing to this reason that there are various advantages that women applicants can get while availing a home loan in India. A few of the benefits involve –
∙ Low home loan processing fee and interest rates
∙ Tax benefits
∙ Reduced stamp duty
Additionally, to the above advantages, most home loan deals for women are provided under a special scheme, which basically is accompanied by crucial features like extended repayment tenure of as high as 30 years, no home loan processing fee, lower rate of interest and so on.
Read on to check out some of the crucial home loan deals or schemes for home loan women applicants –
HDFC women power home loan scheme
With this scheme, HDFC ltd. the home loan aims at promoting women who want to purchase a home by providing a concession on rates of 5 bps (basis points). This concession is applicable only to the variable interest rate home loan category. This concession is applicable just if the woman applicant is the sole owner/joint owner of the land or property and is even an applicant or co-applicant for a home loan.
SBI her ghar home loan scheme
This scheme is particularly formed to allow women to buy residential land or property or opt for this as a co-owner. Women applicants/co-applicant may avail a concessional rate of interest of 20 basis points. Provided to women who fall between the age group of 18 and 70 years, this loan infers an extended repayment tenure of as high as 30 years provided you as an applicant repay the same before you reach the maximum age equaling 70 years. Apart from this, the scheme even allows you as an applicant to get a loan at a considerably lower processing charge.
ICICI bank home loan for women borrowers
Like other financial institutions or banks, even ICICI offers home loans on special concession if you are a female applicant. In the case of floating interest rate home loans, interest rates provided by the financial institution range anywhere between 8.75 per cent and 9.85 per cent per annum.
Also Check: Best Home Loan Interest Rate
Axis bank home loan
The financial institution or bank provides home loans to you if you are a woman at a concessional interest rate that ranges anywhere between 7.60 and 8.05 per cent per annum based on your loan proceeds, repayment tenure and income.
Punjab national bank housing finance
As is the scenario with all other banks, even PNB provides the concessional rate of interest to you if you are a woman borrower. In case you as a woman borrower over the age of 18 years with a regular income source, then you can conveniently go for the floating interest rate home loan. In the case the limit of the loan is as high as 75 lakhs, the rate of interest may be anywhere from 8.65 per cent. If, however, the proceeds of the loan are over 75 lakhs, then interest may be levied at 8.70 per cent per annum. In such a case, it is crucial for you to repay the loan in totality before you reach the age of 70 years.
Purchasing a home while being single is an entirely distinct proposition from opting for one in the case of a couple. A couple can jointly work as a team, design a plan, identify, and fund the property/land together. Financial institutions consider their joint income, thus, enhancing their eligibility for a home loan. Through this, they even get the chance of sharing the responsibility of repaying your EMI or equated monthly instalments.
Read on to understand some of the important ways to meet the challenges that you may face as a women borrower.
How much amount can you afford?
It certainly makes zero difference if you are a single man or a single woman. The challenges you may face are more a less the same for both. The initial step is to determine your affordability and repayment capacity. You must factor in 2 important parameters –
How much margin fund you must have?
How much loan EMI you can afford without hampering your usual monthly expenditures?
Designing a realistic aim is crucial. Financial institutions sanction up to 80 per cent of the home cost. In the scenario, the loan is less than Rs 25 lakh, financial institutions can go a step further and disburse up to 90 per cent. Note that, the financial institutions do not fund the registration fee and stamp duty today. Hence, you must be ready for bearing the additional expenditures. You must arrange the listed –
∙ Processing charges amounting to nearly 1-2 per cent of the loan proceeds.
∙ Margin fund to the highest extent of 20 per cent.
∙ Stamp duty based on the state that you stay in.
∙ Registration fees to the extent equaling 1 per cent.
∙ Stamp duty on registration fees and equitable mortgage.
Save for the down payment
Begin with your savings as early as possible. In fact, it is an extremely great idea to save a considerable portion of your monthly income in a separate investment like SIP. The mentioned below instance can explain the same in a better way.
Saving Rs 20,000 on monthly basis for five years in SIP offering returns of 10 per cent will assist you to form a corpus of nearly Rs 15.61 lakh. Saving nearly a similar amount in recurring deposits in the bank at 7.50 per cent will generate a sum of Rs 14.60 lakh. You can use the sum as margin money. In case you are working and single, it must not be tough to save Rs 20,000 every month from your income. This corpus must come in handy in paying for margin and other expenditures as listed above.
Form your credit score
Financial institutions endow a lot of importance on your credit score and profile before providing you with any loan. It is simple to form an excellent credit score. Note that, you must begin on a thoroughly clean slate initially. Availing a credit card without a credit history may be tough. One of the best routes to go around it is, to go for a secured credit card. Such cards work the same way as regular credit cards and hence you can use them to build a good credit score.