All You Need To Know About Home Loan For Women

Home Loan for Women

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Home Loan for Woman

Buying a home is once in a lifetime and an emotional decision for many of us. For this, we shell out most of our savings, borrow money and take upon us monthly repayment commitments. These commitments may last for many years. While negotiating rate of interest and processing fee with financial institutions we often forget the cost-saving opportunity which is present right in front of our eyes. Some of the major concerns of every home loan borrower are being eligible for a higher loan amount so that one can comfortably choose one’s dream house and also to get a home loan sanctioned & disbursed quickly. Luckily, there is a way through which one can take steps not only towards reducing these concerns to a certain extent but also to avail of a host of other benefits at the same time. Home Loan for women is the answer.

In modern times, women have become an important part of the home buying decision process. A growing number of women are now taking up now fulltime jobs/businesses and are no longer dependent on their spouses or fathers for a living. Hence, many of them are able to contribute financially for home loans at par with their husbands. There are many advantages attached to a home loan if it is availed by a woman. We will take a look at some of the significant ones which will show us why is it wise to always include a woman as a borrower for availing a home loan.

Home Loan for Women Benefits:

  1. Higher Loan Eligibility: Earning women can apply with their spouses as co-applicants. This can benefit in terms of increasing their home loan eligibility which gives them more flexibility while choosing a new home.
  2. Income Tax Benefit: Tax deduction benefit is available for both husband and wife on home loan repayment of principal as well as interest on the same joint home loan. Individually, each can avail of a maximum deduction of Rs. 1.5 lakh on principal (under section 80C) & Rs. 2 lakh on interest (under section 24) components of the EMI. Thereby as a couple, they can avail of a combined maximum deduction of Rs. 3 lakh on principal (under section 80C) & Rs. 4 lakh on interest (under section 24) components of the EMI, which itself amounts to significant savings in income tax.
  3. Lower Stamp Duty: Being a woman can be a lot more beneficial compared to being a man when it comes to stamp duty charges while buying a property. Since many state governments encourage female homeownership thereby charging 1-2% lesser than their male counterparts, women homeowners owning property worth Rs. 30 lakh can easily save Rs. 30,000 to Rs. 60,000.
  4. Higher Chances of Home Loan Approval: Past trends of many Financial Institutes indicates that compared to men, women are habitual savers, they avoid unnecessary debts, are very prudent in household financial management & have historically lower default rates when it comes to borrowing. All these factors have made Financial Institutes keen to lend home loans to women.
  5. Pradhan Mantri Awas Yojana (PMAY): Under PMAY, a house owner belonging to EWS, LIG, or MIG sections of society can be eligible for availing government subsidy of up to Rs. 2.67 lakhs on the principal amount of home loan. One of the major caveats to avail PMAY is that a woman should be either a sole or joint owner of the property.

Home Loan for Women Eligibility:

For any Financial Institute to sanction a home loan to an individual, she should be able to meet certain criteria laid out by them. When it comes to HomeFirst, these home loan for women eligibility criteria are few and simple:

  1. She should be a Citizen of India
  2. Her age should be above 20 years and below 60 years
  3. She should have work experience of a minimum of two years
  4. Credit Score should be 650 or above
  5. Monthly family income of Rs. 15,000 or more

Apart from the points mentioned above, the exact home loan eligibility can be calculated using the home loan eligibility calculator.

Above mentioned benefits with respect to home loan for women can give a big relief to the borrower in terms of saving some cost associated with buying of a home and expedite the entire home loan approval process. Involving the wife as the main applicant or a co-borrower not only reduces the burden of home loan EMIs on an individual but also marks a significant step towards achieving women empowerment.

So, ladies, who are planning to buy a home, take good advantage of Home Loan for Women from Home First Finance Company scheme and move a step closer towards your dream!

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Also read:

How Much Home Loan Can I Get on My Salary?

Home Loan Top Up

How to Remove Co-Applicant from Home Loan

Tax Benefit on Top Up Loan

How to Reduce Home Loan Interest Rates

Tax Benefits on Second Home Loan

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Your home loan will be processed in 2 steps:

  1. You receive the approval of your home loan.
  2. You sign the loan agreement papers and complete other necessary documentation. The loan amount is thereafter paid directly to the builder by Home First Finance Company.

Loan decisions are made in less than a week. You will receive an SMS on your registered mobile number as soon as we make a decision.

HomeFirst does not charge any prepayment fees. This applies to both partial and full repayments. In fact, we have a special Auto-Prepay feature to facilitate this process for you.

HomeFirst offers loan tenures between 1 year to 25 years. If you opt for a longer tenure, you can get the advantage of a lower EMI each month.

HomeFirst can provide finance up to 90% of the property value. The balance has to be arranged by you from other sources. Please note: 90% financing is only available for loans amounting to less than Rs. 30 lakhs.

All co-owners of the property have to be co-applicants to the loan. A person who is not a co-owner can also become a co-applicant to the loan.

During the construction phase, HomeFirst will disburse funds to the builder on your behalf. These will be based on payment requests made by the builder as per the construction schedule.

HomeFirst will charge interest only on the amount disbursed as loan during the construction phase. In this period, interest is charged only on the disbursed loan amount. For example, if you have a sanctioned loan of Rs 10 lakhs, but the property is under construction and we have disbursed only Rs 4 lakhs, you will be charged interest only on 4 lakhs. These interest payments are referred to as pre-EMI interest payments.

EMI payments will start only after completion of the project and registration of the property.

All cheques to HomeFirst should be written out in favor of ‘Home First Finance Company India Limited’.

In the event of an unfortunate incident, home loan insurance will help you or your family pay off the home loan. This ensures that the burden does not suddenly fall upon family members at a bad time.

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