Home Loan Benefits For Women In India
Women are the largest untapped reservoir of talent in the world accredited by Hilary Clinton. Nation can never be said developed nation without women empowerment as it clears up many social issues apart bringing progress of nation on right track. India recently positioned 6th rank in global economy however still needs a revolutionary change in socio cultural values of humanity . In rising India women makes the biggest outnumbered group which makes them entitled to special privileges like reservation ,quotas, policies and subsidized schemes. Government authorities regularly are functioning in direction to strengthen women and trying to upturn their role to financial matters. Banking is just one such field .
“Home is a starting place of hope ,love and dreams”. Owing a house is absolutely an important needed step in direction of socio and economic protection of women . To be endowed with beautiful home is a dream of every human as it gives them the guarantee of their stay for lifetime when compared to rented accommodation. If the home loan tenure is for prolonged time ,the actual loan cost from the customer end can be very high. However for the women as borrower it can be less. Leading banks and government nowadays bestows large benefits on women borrowers to enjoy in the case of home loans.
Major benefits they can enjoy are-
Reduced interest rates- As the interest rates plays the key role in the loan many bankers and financial institution offers less interest home loan for women .Home loans are perpetually in substantial measure for longer period. High interest rate can pinch your pocket . An insignificant difference in the interest rate can cut down the flow of interest considerably in a time period of 20 -30 years inclusive of reduced monthly repayments. In general interest rate difference is somewhere 0.05% from major banks to women borrowers.
Interest rates offers of different bankers ( assuming for loan of rupees 50 lakhs, duration period for 20 years)
| Lenders | Interest rate p/a ( women ) | Interest rate p/a (men) | savings in Interest outflow for women |
| SBI | 8.6 | 8.65 | 38130 |
| ICICI Bank | 8.65 | 8.7 | 38192 |
| HDFC Limited | 8.65 | 8.7 | 38192 |
From the table you can perceive that female borrowers save up to Rs 38000 when compared to male applicants.
Rebate in stamp duty-Stamp duty is levied for registering a property and its percentage is different from state to state. In many states if property is bought under women’s name the stamp duty is lower as compared for a men. For instance stamp duty in Delhi for women is 3% and 5% for male. So women can save up to 1 to 2% on stamp duty ,if its under her name.
Rebate in tax -Women inevitably enjoys tax benefits if she purchases home under her name solely or is co-partner with her spouse. They can redeem a large sum of money on gettingprivileged for tax reduction up to Rs 2 lakhs on the interest rate payment on their home investments. However go for the lender who offers loan at a substantial lower interest rates other than his rivals.
Special schemes – To boost women confidence and maximize their role in financial sector many renowned banks and financial institution on behalf of government as an act to empower women are taking steps to provide helping hand to fulfill their dream for home by offering various schemes. For instance – one the leading bank SBI ‘ Her Ghar’ scheme is notable effort where they offer home loans at a grant of 8.45% interest rate for loan up to 30 lakhs . Banks also sign away its processing fee for female home loan applicants. Similarly HDFC Bank offers subsidized housing loan schemes for female home buyers. Aforesaid schemes can assist women to take a step forward towards her financial independence.
To conclude, nowadays women can play a key role in monetary sectors and are able to make better decision on home buying.
