In today’s world, women play a crucial role in the home-buying process along with their spouses. More women are stepping into full-time careers and running businesses, no longer relying on their spouses or fathers for financial support. As a result, many are now contributing equally to home loans alongside their husbands. There are several advantages to having a woman as a borrower for a home loan, and we’ll explore why it’s a smart decision to include them.
Recognizing this shift, banks and housing financial organizations have been focusing more on empowering women by offering them customized home loan for women choices. These loans often come with lower interest rates, reduced processing fees, and, in some states, even lower stamp duties. By understanding the qualifying standards and supporting documentation needed, women can fully benefit from these advantageous home loan programs.
Home Loan Benefits for Women:
Increased Loan Eligibility: When women apply for a home loan jointly with their spouses, they are eligible for a higher total loan amount, which gives them greater options to select their dream home.
Tax Benefits: With a shared home loan, couples can save a significant amount of money on taxes. The tax burden of each partner can be greatly reduced by deducting up to Rs.1.5 lakh for the principal (under section 80C) and Rs.2 lakh for the interest (under section 24). Thus, a combined deduction of Rs.3 lakh for the principal and Rs.4 lakh for interest payments is allowed.
Reduced Stamp Duty: To promote female homeownership, several state governments reduce stamp duty for women by 1% to 2%. This can result in savings of between Rs.30000 and Rs.60000 for a property valued at Rs.30 lakh.
Increased Chances of Approval for a Home Loan:
Women are generally seen as better savers, more fiscally responsible, and with lower default rates. Because of these criteria, financial institutions are more likely to accept house loans for women.
Pradhan Mantri Awas Yojana (PMAY):
Women from EWS, LIG, or MIG sections of society are eligible for a government subsidy of up to Rs.2.67 lakh on the principal amount of home loans under PMAY, provided they are the sole or joint owners of the property.
Women’s Home Loan Eligibility Criteria:
To qualify for a home loans, a woman must meet specific eligibility criteria set by financial institutions. At Shubham Housing Finance, the process is simple and straightforward:
- She must be a citizen of India.
- She should be in the 20–60 age range.
- She needs to have worked for at least two years.
- It is necessary to have a credit score of 650 or above.
- The family’s monthly income should be Rs.15000 or more.
Additionally, you can use our home loan eligibility calculator to get specific information based on your financial situation. By fulfilling these requirements, women can take advantage of the many cost-saving benefits of home loans tailored to their needs, as well as accelerate the approval process. Involving the wife as the primary applicant or co-borrower can be beneficial as it helps reduce the EMI burden and promote women’s financial empowerment.
In order to make your dream home a reality, make the most of Shubham’s Home Loan program for Women if you are planning on buying your dream home.
Conclusion:
In the changing financial landscape of today, women play an important part in decision-making during the home-buying process. With the various benefits and incentives offered by banks and financial institutions such as lower interest rates, tax deductions, and more flexible eligibility criteria, there has never been a better time for women to take the plunge into homeownership You can make smart decisions that improve your financial independence by being knowledgeable about the eligibility conditions and taking advantage of the benefits offered. At Shubham Finance, we’re dedicated to helping women achieve their goal of becoming homeowners by offering customized solutions. With Shubham Housing Finance, take the first step toward home ownership and empower yourself today.
