We live in an era where women are no longer restricted by baseless orthodox mindsets. Today, women are making tremendous achievements in the areas which used to be deemed as “men only”. They are claiming top-level executive positions in corporates, running their own businesses, and even calling the shots when it comes to buying homes.
If you are a single woman planning to buy a home through SBI home loans, HDFC home loans, etc. then more power to you! However, before you finalize everything, it can help to learn about a few things first. These are:
Before applying for a home loan be sure to check your free credit report. You can easily get one from CIBIL, Equifax, etc. which are the top credit agencies in India. This will help you in the following ways:
If your credit score is good then you can have the upper hand when negotiating with a lender. It will be easy to convince them to give you an attractive interest rate.
Applying for a home loan with a bad credit score can lead to an easy rejection. Moreover, if you have applied for multiple home loans then your score can take a lot of damage, thus making getting a loan even more difficult.
Your credit score plays an important role when you have to take a loan. Thus, before you do anything, check your free credit report first.
Home Purchase Benefits to Indian Women
The government has made several provisions for women home buyers in the country. Some of these include:
In many Indian states, women home buyers have to pay a lower stamp duty in comparison to the male counterparts. For instance, if you are buying a home in Delhi or Haryana, then you can enjoy a 2% concession on the stamp duty. Since the amount of stamp duty can be quite high depending on the cost of the house itself, even a 2% relief can be a lot.
As a woman, you can also enjoy lower interest rates on SBI home loans, etc. For instance, SBI offers home loans at 8.50% rate of interest for women, in comparison to 8.55% rate for others. Similarly, HDFC Limited is offering home loans at 8.65% rate of interest to women in comparison to the 8.70% rate for others. The government also takes initiatives from time to time to make home loans more affordable for the women, which you can take advantage of.
Section 80EE of the Income-tax Act, 1961, you are allowed to claim tax benefits on the home loan repayments. You can get a tax deduction up to Rs. 1.5 lakh on loan’s principal amount, and Rs. 2 lakh on the interest amount.
Other Things to Keep in Mind
The following are a few other general things to keep in mind as a woman home buyer:
Buying a house is a big decision- man or woman, it doesn’t make much of a difference. So, spend time understanding the aspects of home loans and create a good financial standing before you take any major steps. By doing your homework you can make the entire process much easier and simpler.
Your email address will not be published. Required fields are marked *
Nice Article. There is always pros and cons of every aspect. Indian Cu ...
Thanks for finally writing about >Why Indian women fall short on cr ...
Thank you for sharing your infօ. I reɑlly appreciate yⲟur efforts and ...
Daily Tips to stay Credit Healthy
© All Rights Reserved at Credit Sudhaar