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The governments have introduced policies to encourage women empowerment and also in aiding financial inclusion of women in all spheres. Women too have realised the importance of saving and investing for their future and dependents as well. Lower interest rates offered to women encourages more women to invest in every sectors be it property, gold, or businesses. Says Gaurav Gaur, CEO and Founder, mudrahome.com
A property or house is a huge financial responsibility and home loan is an effective way for making that dream come true. Though joint borrowing can ease the burden to some extent yet women should as an individual have the independence when it comes to owning their own house. Creating an asset base for themselves, helps women in securing their future
Combined income of both the spouses, gives a higher probability of being eligible for a home loan.
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Owing to a lower risk profile than men, women enjoy better and reduced home loan rates by various lenders. As the interest rates of home loan is directly based on the risk profile of the applicant, women tend to enjoy a good concession on home loans. However, it is important to note that irrespective of gender, the bank does not offer any home loan if the credit score is not satisfactory. Apart from all this, the required documentation has to be provided to the bank for the home loan approval.
Many banks have introduced exclusive home loan packages for women. HDFC’s ‘Women Power’ home loan, SBI’s ‘Her Ghar’ and ICICI’s Home loan for Women, are some of the loans being offered exclusively to women at discounted rates. The lowest rate being offered to women borrowers currently is 8.55%, while for male applicants, it was recorded to be around 9.90%. Some states offer an additional benefit for women where they can avail a home loan at lower house registration charges than men applicants.
Additional Reading: Benefits of being a women borrowers
Interest rate of a home loan is one of the most important factors that decides whether it will prove economical or not. Even a small difference in interest rate can have a great impact on your Equated Monthly Installments (EMIs). If you are a women and a primary applicant of a home loan, you can enjoy lower rates as well as take a home loan. Though the difference in the interest rate between home loans being offered to women and men is a mere 0.05% but it helps in saving over a long period.
While applying for a home, eligibility plays a crucial role in getting an approval. Most lenders offer loans which are 55 to 65 times of borrower’s net income per month. Apart from the income, the credit record and repayment capacity also aids in enhancing your home loan eligibility. Applying for a home loan jointly or co-borrowing, you can ascertain the bank of a relatively more stable financial status in the future. Apart from husband and wife, co-borrowing, other possibly combinations who can borrow together are brother-sister, father-unmarried daughter and mother-unmarried daughter.
When availing a home loan jointly, the pay out may tend to be very huge. However, when claiming tax deductions, the tax benefit can also be doubled for each joint applicant. Joint borrowing can also increase tax exemption when a property purchased using a loan is let out. In this case, the interest paid after deducing rent, can be availed for tax exemption.
