Today women are becoming financially independent in the country, they are also taking big decisions of life like buying a house for their family. This is the reason that banks or other financial institutions are providing some special home loan benefits for women and are helping women to build their home by bringing special schemes from time to time. If you are also a working and capable woman, then you can take advantage of the facilities available while applying for a home loan.
Women benefits as co-bouraror
Women can apply as both the borrower and co-co-star. The borrower and co-co-owner can increase the possibility of getting a joint income loan which means more loan eligibility and more flexibility in choosing a suitable house for family. Also, women also get the benefit of home loan repair deduction, in which the maximum deduction in principal and interest is Rs 1.5 lakh and Rs 2 lakh respectively.
Low stamp duty
The central and state governments are also encouraging the ownership of the house for women. Home loan benefits for women include a low stamp duty fee of up to 1-2% by several state governments. Thus a woman registers assets worth Rs 80 lakh, but can save from Rs 80,000 to Rs 1,60,000.
Home loan approval likely to meet early
According to HDFC Bank, if the customer is a woman as an applicant/co-applicant, then the possibility of home loan approval has a positive effect. There are some special reasons behind this, including women’s disciplined savings habits, a tendency to avoid unnecessary debt and their prudent management of finance. At the same time, data shows low default rates among women borrowers, increasing the confidence of financial institutions in offering them home loan offers.
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