An Easy Home Loan Guide for Women Borrowers

Dev Singhraha

Relocation Expert

There is no certain separate rule for men and women for applying for home loan. However, there are certain special incentives exclusively meant for women borrowers.

Here is the list of those aspects of this subject.

Women home loan borrowers get 0.05 percent discount on the interest rate.
Women are also eligible to get relaxation in stamp duty and registration charges for about 1 to 2 percent.
In terms of tax payable women are lucky in this domain also. Women borrowers are eligible for maximum of Rs 2 lakh of tax deduction in the principal amount and amount of interest paid annually. And if a woman is a co-applicant with her husband than she is eligible to get tax deduction in equal proportion along with her husband.

Now let’s talk about the documentation that a woman home loan borrower should know and needs to take care of:

A photo ID proof like PAN, AAdhaar or voter ID card is mandatory.
Address proofs like voter ID card, driving license, electricity bill, bank statement or any other related document issued by the government.
If a woman is a self employed then she needs to arrange any valid income proof or a salary slips of last three months.
Passport size photographs.
Bank statements for the last six months.
Details of the number of dependents on the applicant.
Document proof of the total assets and liabilities.
Duly signed an application form.
A cheque for the processing fee.
If a woman is applying for the home loan regarding a specific property then she needs to provide the proof of down payment.

However, in order to avail benefits of the home loan, women need to remember certain points that include:

A woman needs to be the primary applicant for the home loan to apply for a home loan for women category and avail the benefits accordingly.
It is always advised by the experts to arrange all the relevant documents handy that are required before applying for the loan to the bank.
Another crucial factor to take care is the credit report of an individual.

A woman as a home loan borrower should keep a track of her credit report as a credit history reflects a lot about her position and capability in financial matters. It is always advised to maintain a healthy credit score to avail a hassle free loan.

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