Home Loans For Women: Who Can Apply

Planning to buy a house? Here is why you should explore the option of a home loan. 

 
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Your 20s are for seeing the world and sowing your wild oats. Your 30s are for settling down and establishing roots, or so the belief goes. In other words, you reach the next level of financial independence at this stage of your life.

Buying a house is a big part of that. You’ll want a place of your own, that you can customise however you want, and start making your own memories. Home loans can facilitate it all with ease.

Why You Should Consider Taking A Home Loan

home loan women

With more and more women taking charge of their finances, the number of women taking home loans has increased over the last decade or so. There are numerous benefits associated with a home loan.

Lower Interest Rates

There is a two-fold reason why women can access lower interest rates. Firstly, it is part of an incentivisation effort to encourage more women to take home loans. Secondly, women are statistically more likely to pay off their debt on time.

This difference in interest rate is about 0.05-0.1%. It does not seem too major. But, if you consider the fact that home loan tenures can extend up to 20 years, the difference does add up.

Higher Approval

Normally, even if you apply for home loans, it takes a while to get approved. In some cases, if you don’t meet the eligibility criteria, your application may get rejected. However, this approval rate is much higher for women.

Under the Pradhan Mantri Awas Yojana, women who apply for home loans get approved and processed faster. This facility extends to working women and widows, mainly.

Lower Stamp Duty

Again, as part of the incentivisation process, women who apply for home loans get charged lower stamp duty. It is at least 1-2% lower than what male applicants have to pay.

Tax Benefits

The tax benefits of home loans are higher than all other kinds of loans. Both the principal loan amount and the interest payment are eligible for deductions. You can claim up to ₹1.5 lakhs on the principal and ₹2 lakhs on the interest payment.

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Can A Single Woman Get A Home Loan?

single woman home loans

Your marital status has no impact on your decision to become a house owner. Single women can indeed take home loans.

The only thing that you need to keep in mind is your budget. Most people tend to wait and buy houses with their life partners so that they may share the burden. It is, after all, one of the largest expenses you will make in your life. However, if you can afford it on your own, you are more than welcome to take a home loan whenever you wish.

Expert Tip: If you’re taking a home loan on your own, it’ll be wise to distribute the burden. Opt for a longer tenure so that you can get away with a lower EMI plan. You can extend the tenure up to 30 years. Take advantage of the time allowance to keep the monthly payments smaller.

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Home Loans For Housewives

Unfortunately, housewives cannot apply for home loans on their own. This is because you need a stable source of income to qualify. However, housewives can apply with their partners as co-borrowers.

In other words, if you have a stable source of income, you can apply for a home loan on your own. If you don’t have a stable source of income, you can still apply, but not on your own.

For more such stories, stay tuned to HerZindagi!

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