Buying a House- Banks Offering Concessions On Home Loan Interest Rates To Women

Property ownership not only provides security, but it is also regarded as one of the long-term value-creating investments. Although investing in real estate has traditionally been dominated by men, women are increasingly seeing the benefits of doing so. However, raising the necessary funds is not always simple. This is where mortgages come in. As a result, many banks, non-banking financial institutions (NBFIs), and mortgage lenders are offering exclusive and competitive home loan interest rates to female applicants. In addition, women home loan borrowers can get a 1% to 2% discount on stamp duty, according to the government. Many banks and non-banking financial companies (NBFCs) offer discounts to female borrowers. Here are some banks that offer discounts to female home loan applicants.

State Bank of India

According to the SBI website, women home loan borrowers receive a 5 basis point discount. Women's interest rates range from 9.15 to 10.15%, depending on their credit score.

HDFC

In addition, HDFC provides a 5 basis point discount on home loans to women borrowers. Women's interest rates start at 8.95% and can reach 9.85% depending on credit score and loan amount.

Canara Bank

Female borrowers are eligible for a 5 basis point discount, and Canara Bank home loan interest rates begin at 8.85%.

Union Bank of India

Union Bank of India provides a 5 basis point discount to female borrowers. According to the Union Bank of India website, Union Bank of India offers a 0.05% interest rate concession to female applicants who are borrowers/co-borrowers in the loan and owners/co-owners in the proposed housing property.

Punjab National Bank

Punjab National Bank provides a wide range of housing loans that benefit women, whether they are salaried, business owners, or housewives.Female borrowers benefit from a lower interest rate of 0.05% per annum. Furnishing costs of up to 10% of the housing loan, up to a maximum of Rs.25 lakh, may be included, with a moratorium of up to three months from the date of advance or until the date of possession, whichever occurs first.

Lower stamp duty for women

Stamp duty is an additional cost that raises the property's price. Several Indian states offer a 1% to 2% reduction in stamp duty to encourage women to buy property. Again, this results in significant savings.

Tax Benefits

Women are not entitled to separate tax breaks for home loan repayment. The maximum tax deduction for principal repayment and interest payments is Rs 1.5 lakh and Rs 2 lakh, respectively, and is available to everyone. If a husband and wife jointly own the property and each earns a different type of income, both may be eligible for tax breaks.