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With more women taking up jobs and planning their careers, there has been a commendable increase in the number of women borrowers for home loans. In response to this, the number of home loan schemes available for them has also increased. The additional benefits like lower interest rate and liberal eligibility criteria significantly encourage women borrowers to invest in property and become homeowners.
Customized home loans for best luxury flats in Mohali have become a very popular choice as female borrowers can earn a great benefit from current laws.
Lower Interest Rates
Women are believed to be more reliable borrowers. Female lenders are offered special home loan interest rates, a few points lower than the usual rates to encourage them to own an a property. It makes the home loan affordable and makes it easier to repay it.
The subsidized interest rates are lower than 0.05% to 0.1% but it makes a considerable difference while paying EMI and repayment of loans.
Simple Eligibility Criteria to access high amounts
Women borrowers are eligible of taking a home loan from amount 3.5 Lakh to 3.5 Crore to buy a property of your choice. Lenders keep increasing their sanctions to attract female borrowers. The eligibility criteria of women borrowers are simpler as compared to the other gender, which makes applying for home loans easier for them.
For example, Bajaj Finserv’s Home Loan Simply requires women to be an Indian Citizen between ages between 23 to 58 years with a work experience of minimum 3 years for granting a home loan.
Longer Repayment Tenors
The latest guidelines allow women to repay their home loan within a tenor of up to 25 years. It gives women a chance to lower the EMIs and thus reduce pressure on monthly expenses. It ensures an easy and smooth repayment of loans. No charges are levied on pre-payments or foreclosing of loan. Any real estate company in Mohali will guide you about choosing the right scheme.
Lower Stamp Duty and Claim Tax Deductions
You might be aware of this fact that if the house is registered on the name of women, the stamp duties charges are 1-2% lower than the usual one. Although, 1-2% fraction of amount sounds very nominal but when calculated on the amount of property, it makes a huge difference.
Schemes like Pradhan Mantri Awas Yojna (PMAY)
This Government Scheme makes the co-ownership of women compulsory while purchasing any property. Also, it gives preference to women owners. A hike 6% in the number of women applicants has been observed after the launch of the scheme.