Home Loan Benefits For Women
13 November, 2024
Synopsis
When applying for home loans, women borrowers may benefit from exclusive perks.
Banks, government schemes, and income tax provisions incentivize women to become homeowners.
Additional benefits for female borrowers can include longer tenures, reduced EMIs, lower processing fees, and co-borrower advantages.
Thanks to competitive interest rates and favorable terms, owning a home has become more attainable. Banks and government schemes offer unique benefits designed to encourage homeownership among women. These may include lower interest rates, concessions on processing fees, and subsidies. If you are a woman looking to secure a home loan, here is a breakdown of the key benefits you can access.
Key Home Loan Benefits for Women Borrowers
Outlined below are the various advantages available to female borrowers. Note that these features and benefits may vary across lenders.
1. Lower Interest Rates
One of the most attractive benefits for women is access to lower interest rates on home loans. Even a small reduction of 0.05% to 0.1% can result in significant savings over the loan tenure. Lower interest rates enhance the affordability of monthly EMIs, helping borrowers save more in the long term.
2. Flexible Loan Tenures
Women borrowers often benefit from longer, flexible repayment periods. Matching the tenure with your financial capacity ensures manageable EMIs and smooth repayment. HDFC Bank, for instance, offers home loan tenures of up to 30 years, allowing women to tailor repayment schedules to suit their financial needs.
3. Lower Stamp Duty
Several states in India offer a 1% to 2% reduction in stamp duty for women purchasers, leading to substantial savings. For example, on a property valued at ₹1 crore, women can save between ₹1 lakh and ₹2 lakh in stamp duty fees.
4. Tax Benefits
Women borrowers can claim deductions on home loan repayments under multiple income tax sections:
• Up to ₹2 lakh on interest paid (Section 24B of the Income Tax Act, 1961).
• Up to ₹1.5 lakh on principal repayment (Section 80C).
5. Government Subsidy on Home Loans for Women
Government initiatives, such as the Pradhan Mantri Awas Yojana (PMAY), offer preference to women applicants. The PMAY scheme requires women to be co-owners of the property and provides an interest subsidy of up to 6.5% for eligible female borrowers. This scheme aims to boost homeownership among women, especially from lower-income groups.
6. Co-Borrower Benefits
Women applying for joint loans with spouses or family members may enjoy enhanced benefits. Lenders often consider the combined income of co-borrowers to assess financial capacity, which can increase loan eligibility and reduce risk.
• Both co-borrowers can claim tax benefits, enhancing overall savings.
• Housewives contributing to the household in any capacity can also become co-borrowers and access these benefits.
Apply for a Home Loan with HDFC Bank
As a woman, you can turn your dream of homeownership into reality with HDFC Bank Home Loans. Enjoy flexible repayment options, competitive interest rates, and tenures of up to 30 years. Manage your finances efficiently and plan your EMIs with ease. Check your eligibility today using our Home Loan Eligibility Calculator and start your journey toward owning a home.
*Disclaimer: Terms and conditions apply. The information in this article is for general informational purposes only and is not a substitute for personalized financial advice. Loans are granted at the sole discretion of HDFC Bank Limited and are subject to documentation and verification as per the bank's requirements. Interest rates may change over time—please contact your relationship manager or visit the nearest branch for the latest rates.
