We often overlook the cost-saving opportunity when negotiating rates of interest for home loans and processing fees. The major concerns of every home loan borrower are being able to take out a larger loan amount so one can afford their dream home. By taking certain steps, one can reduce these concerns to a certain extent along with enjoying a variety of other benefits.
Home loans for women can solve the concerns.
Many women are now able to contribute financially to home loans. A home loan for women offers many advantages. Let’s look at some of them.
Higher Loan Eligibility.
Income Tax Benefit
Lower Stamp Duty
Higher Chances of Home Loan Approval
Pradhan Mantri Awas Yojana (PMAY): A government subsidy of up to Rs. 2.67 lakhs can be obtained on the principal amount of the home loan.
Home Loan for Women Eligibility
She should be a Citizen of India
Her age should be above 20 years and below 60 years
She should have work experience of a minimum of two years
Credit Score should be 650 or above
Monthly family income of Rs. 15,000 or more
A woman’s participation in a home loan application or co-borrowing not only reduces the burden of EMIs on an individual, but marks a significant step towards women’s empowerment as well.
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Kishan Thakkar is working as a writer for the real estate and architecture industry. His experience includes working for various reputed firms. He is currently pursuing MBA in Business Management and handling operations for The Real Talks platform. He has a penchant for research, analysis, and understanding various fields. Discipline is the key to balance his diversified interest and work routine.