A home loan is seen as both an investment and a huge responsibility. Particularly in light of the skyrocketing interest rates. Women are being offered lower interest rates on loans by some banks, much to the relief of applicants. Female applicants are being offered exclusive and competitive home loan interest rates by a number of banks, NBFIs, and mortgage lenders.
A 1% to 2% discount on stamp duty is available for women’s home loans, according to a government ruling. On a property worth Rs 50 lakh, they can save between Rs 50,000 and Rs 1,00,000.
The following is a list of banks that give female applicants a discount on home loans:
SBI
Women who apply for a home loan can get a discount of five basis points from SBI State Bank of India. Depending on the credit score, the interest rate for female applicants ranges from 9.15 to 10.15 percent.
HDFC
Like SBI, HDFC provides women with home loans a discount of 5 basis points. Women’s interest rates range from 8.95 percent to 9.85 percent, depending on the loan amount and credit score.
Canara Bank
This bank offers a 5 basis point discount to female borrowers. The interest rates for Canara Bank home loans start at 8.85%.
Union Bank of India
Union Bank of India offers female borrowers a 5 basis point discount.
Punjab National Bank
The Punjab National Bank provides a variety of incentives for women seeking housing loans. They provide discounts to salaried women, homemakers, and entrepreneurs. 0.05% p.a. a moratorium of up to three months from the date of advance or until the date of possession, whichever comes first, a cost of furnishing that can be included up to 10% of the housing loan up to a maximum of Rs. 25 lakh, and a lower interest rate for borrowers who are women.
Other advantages for women who apply for loans
Lower stamp duty for women
Stamp duty is an additional cost associated with purchasing a home. In an effort to encourage women to purchase property, many states offer a 1 percent to 2 percent reduction in stamp duty.
Benefits from taxes
Women do not receive separate tax breaks for repaying their home loans. The maximum tax deduction for principal repayment and interest payments is Rs 1.5 lakh and Rs 2 lakh, respectively. Both spouses may be eligible for tax deductions if they own the property jointly and each has a different source of income.
