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Finance

5 Ways Women Can Benefit from Taking Home Loans

Having one’s own home gives a great sense of financial security, whether it’s a man or a woman.

In today’s generation, with more and more women becoming financially independent, there has been an increase in women home loan borrowers. But, at times, the process of home buying becomes complicated – whether it is years of savings to be given as down payment or finding the right home loan provider.

However, today, many banks and housing finance companies provide lucrative home loans to make one’s dream of owning a house come true. One of the most significant advantages of empowering women is the introduction to women-centric home loan schemes.

At Shubham, we have come up with Shubh Udyogini and Shub Shakti home loan to promote entrepreneurship, financial empowerment, and self-reliance among women in the rural and underdeveloped areas.

Let’s take a quick look at how women can benefit from home loans designed for them:
 1. Lower interest rates: 
Home Loan Company

When applying for a home loan, the element that attracts the maximum attention is the interest rate. Since home loans are for enormous amounts and run for relatively long durations, a small change in the interest rate can increase or decrease the burden on the borrower. At Shubham, we provide lower interest rates and discounts for women applicants. These discounts are not only available on the interest rate but may also involve other charges.

2. Women can make use of the PMAY scheme:
Housing Loan EMI Calculator

Women have the opportunity to apply as co-borrowers with their spouse. The Pradhan Mantri Awas Yojana (PMAY) makes your co-ownership mandatory, offering you an interest subsidy up to Rs.2.67 lakh.

Combined income allows you a higher loan eligibility and more flexibility in choosing a suitable home for your family. You can now create a space of your own with a customised home loan for women. Use the home loan eligibility calculator to see if you qualify and get started now.

3. Relaxation in stamp duty:
Home loan finance company

Stamp duty is another factor that adds benefits for the women borrowers. It is payable on the transfer agreement or cost of the property. To encourage women to own property, different states in India offer a reduction of charges in the stamp duty. For example – in Delhi, a woman home buyer needs to pay 4% as the stamp duty charge while men need to pay 6%.

4. Simple Eligibility Criteria:
Finance Company

As lenders increased the sanctions to attract women borrowers, thus it is a better option for women to access high loan amounts. At Shubham, we have a simple eligibility criteria for women borrowers. Our main aim is to provide formal credit to individuals who are a part of the informal economy.  We offer additional benefits to cater to the needs of women borrowers. To apply for a home loan at Shubham, we require you to be an Indian citizen between 21 to 65 years.

5. Women can choose longer repayment tenure:
Women PMAY scheme

Furthermore, we do provide a home loan for working women with high tenure and high loan amounts. A woman can repay the home loan at ease within a tenure of up to 5 years. This gives women a chance to lower their EMIs and thus reduce the financial burden. Also, a woman can prepay the loan without having to incur any foreclosure changes.

With the above-mentioned benefits, buying a home can be a pleasant experience. At Shubham housing Finance we help women in buying their own house and securing their future. We also offer customized EMI options to help them make the right home buying decision.

You can apply for a home loan today on your wife’s name to avail maximum benefits.

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