Buying a home is one of the biggest aspirations for Indians. The reasons are many. For some, it is having a home to call their own, or the sense of security it provides. For others, it is a ticket to an early retirement. It could also be a sense of accomplishment and a boost to one’s self-esteem. Or it could be simply an investment for the future.
Whatever the reason, buying a home is right on top of the priority list – somewhere very close to getting married, and we know how important that is for Indians!
However, arranging funds to buy a house is not always easy. This is where home loans come in. Banks today provide lucrative home loans to make one’s cherished dream of owning a house come true. Women are eligible for some additional benefits with a view to empower them and encourage them to be financially independent.
Let us take a quick look at the home loan benefits Indian women can reap:
Lower interest rate: The right home loan can spell the difference between a cost-effective house and a financial drain. So finding a bank or NBFC that caters to your needs is imperative. That aside, Indian women get a concession on the rate of interest when taking a home loan. This can be anywhere between 0.05% and 0.1%. This may not seem like much, but in the larger picture, it can make a big difference.
Home loans can stretch anywhere from 15 to 25 years. If you consider the cost of a home that runs into lakhs and crores of rupees, this lower interest translates to lower monthly EMI. It adds up to a considerable amount, which makes the home easier on the pockets.
Read more about Floating and Fixed Home Loan interest rates.
Reduced stamp duty: Stamp duty is another factor that adds to the cost of the property. To encourage women to own property, different states in India offer a reduction of 1% to 2% in the stamp duty. This again makes for considerable savings. For example, for a house worth Rs 1 crore, women can save up to Rs 1 lakh to 2 lakh.
Tax benefits: Women also enjoy income tax benefits on their home loan repayments. The maximum tax deduction allowed is Rs 1.5 lakh on principal amount and Rs 2 lakh on interest repayment. If both husband and wife are co-owners of the property and have different sources of income, both can claim tax deductions.
Lucrative add-on offers: Some banks also have enticing offers for women borrowers. This can be a gold coin, jewellery vouchers, a prestigious credit card, or a free holiday. Though small gifts, these are often enough to sweeten the already sweet deal.
Choose your banking partner wisely, and buying a home can be a pleasant experience. HDFC Bank believes in empowering women and provides Home Loans cater specifically to their needs. Its interest rate for women seeking loans above Rs 30 lakh start at 8.60%, as against 8.65% for other individuals. It also offers customised repayment options, along with expert legal and technical counselling, to help you make the right home-buying decision.
Establish your financial independence. Take the first step towards owning your home today!
To get started on your HDFC Bank Home Loan application, click here now.
* Terms & conditions apply. Home Loan disbursal at sole discretion of HDFC Bank Ltd. The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances.
