Dear Ladies, Watch Out for These 5 Home Loan Benefits!

Ladies are believed to be trustworthy borrowers, which has led to the creation of beneficial schemes and new opportunities by the lenders to encourage women to own assets as well. The increase in the number of women borrowers in the past decade has also heavily influenced the making of the schemes.

Considering the fact that the lenders visibly favour the ladies with the introduction of schemes and such, it is a significantly easier process for women to take loans as well.

There are several benefits for women when it comes to home loans. However, the purposes they serve are multifold as well. Five of them are as follows.

1. Co-borrower benefits

Alongside their spouses, women have also been allowed to apply as co-borrower. As a result, there is a possibility of being eligible for high loans if the couple's income becomes combined. This allows the ladies to choose a perfect dream house for their family freely.

In the case of the tax deduction on the repayment of the home loans, women enjoy a significant tax deduction, much like their male counterparts.

2. Low rate of interest

Since ladies are usually trusted regarding the matters of home loans by the lenders[SI3] , they are provided with a significantly low home loan rate of interest by many of the home loan institutions. Significant savings can be done in the meantime, and the interest rate creates a huge impact on the EMI as well.

Home loan lenders tend to offer special benefits of home loans to women. The interest rate, which is generally given by these lenders, is usually a bit lessened than the market rate. This makes it far easier for the ladies to repay the home loan without too much pressure. Even if the interest rate is 0.05%, it has a significant impact on the EMI in the long run.

3. Simple eligibility criteria and access to high sum

The lenders tend to increase the sum sanctions in regards to the ladies for helping them to buy their own home, with the motive to attract the women borrowers. The sum borrowed can even be as large as 30 lakhs as well. On top of that, the women have very simple eligibility criteria for the home loans, making it extremely easy for them to take loans in the first place. 

4. Longer payment tenure

There is a long tenure of repayment for bank loans that belong solely to the ladies. While you can successfully calculate your EMI with your home loan calculator, the long tenure influences the EMI as well. This allows the women to fulfill their other obligations while repaying the home loan without stressing out. It also lessen the strain on their financial condition. A woman borrower has more conveniences like no extra charges on foreclosing loans or making part-prepayment.

5. Usage of schemes like PMAY and alike

The Pradhan Mantri Awas Yojana (PMAY) offers an interest subsidy of up to Rs.2.67 lakh. The co-ownership is mandatory regarding this particular scheme. This scheme has caused a 6% rise in the women borrowers who wish to receive a home loan. The women are generally given the first preference in this type of scheme.

There are several reviews about home loans. IDFC FIRST Bank home loan review directly points out all the beneficial reasons for a lady to take a home loan to buy her dream home.