Top 5 Home Loan Benefits for First-time Woman Buyers

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Top 5 Home Loan Benefits for First-time Woman Buyers_WC

5 min 14 May 2024

Highlights:

Home Loan Benefits for Women
Home Loan Eligibility Criteria for Women
Documents Required to Avail of Home Loan for Women
Availing of Home Loan for Women

With women recognising their true potential and becoming financially independent, they are now weighing in on major life decisions, such as purchasing a house or investing in properties. This has led various lending institutions to come up with exclusive Home Loans for women offering a host of benefits for women homebuyers. Read on to learn about the top Home Loan benefits for women.

Home Loan Benefits for Women in India

Banks and financial institutions in India offer various schemes and exclusive Home Loan benefits for women to encourage them to invest in assets. Here is a look at the top ones –

1. Preferential Home Loan Interest Rate

Some lenders may offer relatively cheaper Home Loan interest rates. While the subsidized rate of interest may not be significantly lower than the regular Home Loan, however, even a slight difference may affect the overall monthly instalments, making it easier and more convenient for women to repay the loan amount.

2. Home Loan Tax Benefits

Lenders also offer income tax rebates for women on Home Loan repayments. As per the Income Tax Act Section 80C and Section 24, a maximum amount of Rs.1..5 Lakh and Rs.2 Lakh are deductible on principal amount and interest repayment respectively. Besides, if the woman is married, both partners having their sources of income and co-ownership of the property are eligible for tax deductions.

3. Reduced Stamp Duty

The government charges 1-2% lesser stamp duty on Home Loan for women than for male counterparts in certain states. Although the rate may seem nominal, it accounts for a substantial amount considering the total property cost.

4. Repayment Tenure

One of the many Home Loan benefits for ladies is the longer repayment tenure. An extended loan tenure of up to 32 years offers a fairer chance of repayment as it lowers the Home Loan EMIs, making it easier for women to settle the entire amount while taking care of other commitments.

5. Higher Loan Amount

With lending institutions increasing sanctions to attract female homebuyers, women can get a high loan amount of up to INR 50 Crores* to purchase a property. This combined with simpler home loan eligibility makes it easier for women to apply for a home loan. For instance, some of the best Home Loan providers require salaried individuals to be between 23 and 67 years** of age with at least 3 years of work experience to be able to get a Home Loan in India

Home Loan Eligibility Criteria for Women

The eligibility criteria for women to avail of a Home Loan in India are much simpler. Most financial institutions have the following set of parameters to determine the eligibility of first-time female borrowers –

Parameters	Eligibility Criteria
Nationality	Indian
Age	Salaried Borrowers: 23-67 years Self-employed Borrowers: 25-70 years
Employment Status	Salaried Borrowers: Minimum 3 years of work experience in the public/private sectors or MNCs Self-employed Borrowers: Minimum 5 years of business continuity
CIBIL Score	750+

**The upper age limit is considered as age at the time of loan maturity. Additionally, the upper age limit for applicants is subject to change, depending on the property profile.

Documents Required to Avail of Home Loan for Women

One of the most important aspects of applying for a housing loan is the documentation process. While the tedious paperwork may seem dreadful to many, the documentation process can be a lot more hassle-free provided the above eligibility criteria are met. The following set of documents are required to avail a Home Loan in India –

Mandatory documents such as PAN card or Form 60
ID Proof – PAN card, Aadhaar Card, Driving License, Passport, Voter’s ID
Residential Proof – Aadhaar Card, Ration Card, Passport, Utility Bills etc.
Proof of Income – Salary slip of last 6 months, bank account statement of last 3 months, Income Tax Returns
Passport-sized photographs

Note: Additional documents might be required during loan processing.

How to Avail of Home Loan for Women

The steps to apply for a Home Loan for women are simple and straightforward. The easiest and most convenient way to apply is to go online as it speeds up the entire process. One can apply for a Home Loan online by visiting their preferred lender's official website and fill the online Home Loan application form. Alternatively, they and also visit the lender's nearest branch and apply for a Home Loan.

It is advisable to use the online Home Loan EMI Calculator to assess the best suited loan amount and repayment tenure before applying for a Home Loan.

Conclusion

Women taking on property and financial decisions has led various financial providers to offer a great number of Home Loan benefits for ladies. A more competitive Home Loan interest rates, income tax rebates, higher loan amount and repayment tenure, are among the top advantages of availing of a housing loan. For first-time homebuyers, additional and exciting features are offered as well. Check out the eligibility criteria and documents needed for loan buyers before applying online.

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