Why opt for a Home Loan in a Woman's Name? Top Housing Benefits for a Woman

India is a nation that promotes gender equality and several benefits to a woman. Nowadays, women are equally financially capable as men. Thereby directly increasing the number of female home loan borrowers. To promote women’s empowerment and support their dreams, there are several benefits offered to women to finance their dream of owning a home.

Also, as a family, when you apply for a home loan with a woman’s home, you are directly opening yourself to more benefits offered by the government. Here’s a blog you should read when you apply for a housing loan in India.

What Benefits can you get as a Female Borrower?

1. Simple Eligibility Criteria

   Simple eligibility criteria for women make home loans easily available.

   
   

2. Discount on Home Loan Interest Rate

   Lower interest rates are usually offered to women to encourage them to own assets and property. Therefore, Indian banks have introduced home loans with lower interest rates for women.

   
   

3. Tax Exemption

   Financial institutions generally accept home loan applications from the owner of the property. When a woman is the owner, she will be the borrower for a home loan, and she can be eligible for the tax deduction.

   
   

4. Stamp Duty Discount

   The stamp duty prices vary from state to state. The State Government of India provides discounts on stamp duty when a female becomes a home applicant or a joint home loan applicant.

   
   

5. Higher chances of approval

   With simple eligibility criteria for women borrowers, there are undoubtedly higher chances of getting the loan approved.

   
   

6. Higher Loan Amount

   As a woman, you can have access to a higher loan amount, starting from Rs.30 Lakhs to Rs. 10.50 Crore and more. It allows you to buy the home of your choice.

   
   

7. Long-term loan tenure

   Women borrowers are granted extended loan repayment periods, up to 40 years. With long-term loan tenure, the monthly installment amount is reduced. The flexibility will help you manage your other commitments well. When you make a partial pre-payment, you are not charged penalties as a woman borrower.

   
   

8. Pradhan Mantri Awas Yojana (PMAY) Benefits

   The Indian Government offers you up to 2.67 Lakhs as a subsidy under Pradhan Mantri Awas Yojana (PMAY). It also prefers female applicants. Hence there has been a noticeable rise of 6% in women applicants.

Conclusion

When you are searching for an instant online home loan, a Home Loan from Lenditt is one of the finest digital lenders in India. With lower interest rates, simple eligibility criteria, and the fastest loan disbursals, Lenditt offers you a quick home loan solution.

Visit our official website or app and get your personalised home loan at your fingertips!