Getting a home loan is seen as a highly serious obligation as well as an investment especially considering the increasing interest rates. Several banks are giving loans at reduced interest rates for women, which is good news for applicants. Female borrowers can take advantage of special and low interest rates on home loans from a number of banks, NBFIs, and mortgage lenders.
According to regulations, women’s home loans are eligible for a stamp duty rebate of between 1% and 2%. For a house valued Rs 50 lakh, they can save between Rs 50,000 and Rs 1,000,000 in this way.
This is a list of banks that provide female applicants with a discount on home loans:
SBI
Women who apply for home loans are eligible for a five basis point rebate from State Bank of India. Depending on the applicant’s credit score, the interest rate for female applicants ranges from 9.15 to 10.15 percent.
HDFC
Similarly SBI, HDFC gives female borrowers on home loans a 5 basis point discount. For female borrowers, the interest rate ranges from 8.95% to 9.85%, depending on the loan amount and credit score.
Canara Bank
A 5 basis point concession is available to female borrowers. Interest rates for Canara Bank home loans begin at 8.85%.
Union Bank of India
Women borrowers receive a 5 basis point concession from Union Bank of India.
Punjab National Bank
The Punjab National Bank provides a range of housing loan options for women. They provide discounts to housewives, businesswomen, and women who work for salaries. 0.05% less per year in interest rates for female borrowers, With a moratorium of up to 3 months from the date of advance or until the possession date, whichever is earlier, the cost of furnishing may be included up to 10% of the housing loan, with a maximum of Rs. 25 lakh.
Additional advantages for female loan applicants:
Lower stamp duty for women
An additional cost when purchasing a home is stamp duty. In an effort to entice women to buy real estate, many states reduce stamp duty by 1% to 2%.
Benefits from taxes
There are no specific tax incentives for women while paying back house loans. The maximum tax deduction is Rs 1.5 lakh for principal repayment and Rs 2 lakh for interest payments. Both may be qualified for tax breaks if a husband and wife jointly own the property and each has a different source of income.
