Everything You need to Know about Home Loans for Women

Dev Singhraha

Relocation Expert

Women are encouraged more and more to invest in the real estate and be the proud owners of the properties. They are given support from the government and the loan lenders as well. Like every cloud has a silver lining, being a property owner is not easy.

There are some things that every woman who is about to invest in the property must be aware of.

Let’s start with the rate of interest. Banks and loan lenders are offering a lower rate of interest for the women who are willing to invest in the real estate. But here is the catch; the rate of interest is only five basis points lower than the general rate of interest. In the long run, it does not serve the purpose. For example, for a loan of Rs 50 lacs for 20 years, the woman will be saving around Rs 40,000. It is better to make your mind before taking such a huge decision.
Women are offered stamp duty concessions across the country, and every state has their stamp duty fee. One thing to remember is that the women can only avail the concession if they are the sole owner of the property or if the co-owner is also a woman.
If you are looking forward to investing in affordable housing under Mahila Awas Loan, then a loan from Rs 2 lacs to 12 lacs is available. But this is a minimal amount of money for women who are willing to invest in metro cities.
To enjoy the various benefits of the same, then you must be the first applicant of the loan. Your husband can be listed as the co-owner of the property. You must be able to show the proof that you are capable of repaying the loan amount and have the financial standing for the same.
If your husband of the joint – owner of the property then you might not be able to enjoy the various benefits of owning the property. Such schemes are only for those women who can afford home loan based on their income and CIBIL score.

Experts advise the female buyers to not fall into the first option they come across. They must do their proper research. There is enough room for banks to make arrangements for the women who are willing to invest in real estate. To reduce the risk and if you are married, they encourage women to take a joint loan with their spouse.

Looking for property portal?

Find a property Post property

Why shouldn't you Take a Personal Loan to Make the Down Payment for the Property?

There are various endless reasons why a home buyer should make a proper saving before buying a house. The banks give out a home loan as much as 80 percent the cost of the property. The rest 20 percent has to be paid by the buyer from his own pocket. ...

Jun 28, 2017
Document Checklist While Applying for Home Loan

Here is your document checklist while applying for home loan Home loan has become a necessity along with other basic needs to lead a good life. Though home loans are easily available through online platforms and banks these days are more than ha...

Apr 21, 2016
Make the Most of Lower Home Loan Rates

The homebuyers across the country have been joyous with the home loan interest rates being cut down. The banking regulator of the country, Reserve Bank of India has reduced their repo rates and has urged the banks to pass the benefits to the home loa...

Jul 23, 2019
Complications Involved with Transferring the Home Loan

Banks and Home loan lenders have provided the facility to transfer the loan from one lender to another if the borrower is not happy and satisfied with the current lender. It might sound easy, but it involves a complicated process and a lot of paperwo...

Jan 10, 2017