In the current times Indian women are no longer confined only to the “Chulha-chauka” thing. Modern culture has made the Nari Shakti financially independent. And so even a woman these days dreams of owning a house of her own. Therefore to encourage women empowerment various benefits have been introduced in India. “Housing Loan Benefits” is one such benefit introduced for the women borrowers in India. A women borrower can enjoy multiple benefits which are as mentioned below.
- Concessional Rate Of Interest (ROI) – The woman as an applicant or as a co-applicant to the housing loan enjoys a concession in the housing loan interest rates. The rate of interest offered to the woman borrower is 0.10-0.20 paisa lower to the standard interest rate. For example – if the prevailing home loan interest rate in the market is -7.40 %, 7.30%-7.20% will be the interest rate for eligible women borrowers. Also the ROI benefits for women differ from lender to lenders. Some lender banks/NBFCs also give concessions on the processing fees for women borrowers.
Additional read: Know How To Deal With The Increasing Interest Rates Of Housing Loans
- Hire Home Loan Eligibility- Home loan eligibility is subject to the applicant’s legal income, age, CIBIL score and repayment track records and also on the market value of his property. Adding a working woman as a co-applicant to the loan will enhance the loan eligibility of the applicant as the lender banks/NBFCS will consider the total income of both the applicant & co- applicant. Hence mostly the joint applications are made for applying the home loan.
Additional read: What Do You Mean By Loan Eligibility In Home Loan?
- Income Tax Benefits– A woman borrower can also apply for tax benefits in an equal proportion with her spouse. Under section 80C of the Indian Income Tax Act principal amount repaid up-to Rs.1.5lakhs in a year and under section 24 interest paid of Rs.2lakhs per annum can be claimed as tax benefits.
- Hassle Free Loan Approval- A woman borrower with a healthy credit score, good repayment track record and with clear property title can get instant sanction approval & disbursement of the home loan from the lender banks/NBFCs because the lender banks/NBFCs believe women to be more reliable and responsible as compared to a men.
- Lower Stamp Duty: An “X” percentage of charge is levied on every purchase of a property in India which is paid to the government in the form of stamp duty. The percentage of stamp duty charge varies from state to state. In Maharashtra the stamp duty is charged at 5% for properties above Rs.30lakhs and 1% on the properties below Rs.30lakhs. A woman borrower as the owner or the co-owner of the property will enjoy a concession on the stamp duty percentage. At times 1%-2% concession on the stamp duty charges may be given to the woman borrower. This substantial saving on the stamp duty charges helps to minimize the cost of the property for the applicant.
- PMAY Benefits – The PMAY-Pradhan Mantri Awas Yojana is an affordable housing scheme announced by the government in 2015. This scheme provides special benefit of interest subsidy up-to Rs.2.67lakhs for the home buyer. However for an applicant to avail this benefit of PMA, he must have a woman owner or co-owner for the property. The property must be registered in the name of the woman in the government records. Secondly, the property has to be the applicant’s first property. The interest subsidy gets credited in the applicant’s account after 6-12 months from processing the PMAY application.
Documents Required For Applying Home Loan
- Duly signed loan application form.
- 2-3 latest passport size colour photographs.
- Self attested identity proof – PAN/Passport Copy/Driver’s License. (Any One)
- Self attested address Proof – (Aadhar card/passport/driving license/telephone/electricity bill/water bill/gas bill). (Any One)
- For Salaried – Latest 6 months salary slips, latest 2yrs form no-16, latest 6 months bank account’s salary credit statement & copy of appointment letter.
- For Self Employed –
- Latest 3yrs ITR copy with computation of income, profit & loss a/c, balance sheet and capital account – CA attested with membership number and USDIN number.
- Latest 2yrs copy of 26 AS.
- Business profile
- Business registration copy
- Latest 12 months bank account statement.
- GST returns for 1 year – If GST is applicable.
- CIBIL And Its Significance In Home Loan
- How To Read Home Loan Sanction Letter Of Bank.
- DON’T GET FOOLED !! MUST KNOW ALL COSTS IN HOME LOAN
- Know The Co- Applicant In Home Loan
- What Is Home Loan EMI?
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