All You Need to Know About Women Home Loan

With the year coming to an end many women turned out to be proud homeowners. Some are halfway through the process, while some still are clueless about the process of women homeloans. 

There are many apprehensions about home buying for women. As the year ends, we decided to share all you need to know about women homeloans. This detailed blog about women homeloans in India will act as a guide in your home buying journey.

Hence, we suggest you scroll through the blog post and find out things about homeloans for women.

1.     Eligibility for Women Applicants

Below are the points that make applicants eligible to avail homeloans for women. 

• Firstly, the woman should be of 18 years or more. 
• Secondly, she should be a Resident of India. However, any Non-Resident Indian (NRI) and Person of Indian Origin (PIO) can also apply for women homeloans. 
• Thirdly, the applicants should either be self-employed or salaried. 
• The person should have a Permanent residential address. In the case of a tenant’s application, she should have resided in the rented premises for last one year. 
• Lastly, the net annual income depends upon the financial lenders and the loan amount which needs to be sanctioned. 

2.     Documents Required for Women Homeloans

Below-listed are the documents you must have to get homeloans foe women sanctioned. 

• Identity Proof – Under this category, you can either submit Aadhaar Card, Pan Card, or Voter Id Card. 
• Residence Proof – The copy of Aadhaar Card, Ration Card, Electricity Bill, Gas Connection Bill and Water Connection Bill will work in your favour. 
• Other Documents – It includes self-attested photographs, duly filled application form, last six month salary Slips (for salaried people), and one year bank statement. 

Benefits of Homeloans for Women

The major reason behind the increase in application for women homeloans is PMAY (Pradhan Mantri Aawas Yojna). However, there are a few more reasons behind the inclination toward homeloans for women. The other benefits of homeloans for Women are listed below:

• Lower Rate of Interest – Usually, banks offer lower interest rates to women home loan applicants as compared to their male counterparts. Also, various offers/schemes are operational to attract women homebuyers. However, the difference between the rate of interest for men and women is marginal. But the change in economic scenario and repo rates make interest rates a reason to cheer for women.
• Lower Stamp Duty – – A huge amount of savings goes into stamp duty charges. However, many Indian states have the provision to offer lower stamp duty charges when a woman is entitled to ownership of a property. The states like Uttar Pradesh and Maharashtra, stamp duty charges are 1% lower for women property buyers. The number is lesser in percentage to the male applicants.
• Tax Benefits – Women can claim income tax rebate up to Rs. 1.5 Lakhs* on the principal amount under Section 80C. This amount is equivalent to the amount which is deducted from the income tax of the male counterpart when the property is owned by them.

PMAY Scheme

By owning a residential property in the name of a wife/mother/daughter/sister (above 18 years), you can avail subsidy of Rs.2.67 Lakhs*. There is a certain financial criterion to follow if you wish to fall under the Pradhan Mantri Awas Yojna.+

Frequently Asked Questions about Women Homeloans

Q: Can a Housewife apply for a home loan?

A: No, a housewife is not eligible to apply for women homeloan as financial stability is the primary basis of availing loan.

Q: Is it mandatory to make female counterpart owner avail PMAY subsidy?

A: Yes. The wife/ daughter/sister needs to be the co-owner to avail PMAY interest subsidy. Also, the female counterpart has to be 18 years or above to be entitled as the co-owner.

Q: Do banks offer home loan at a lower interest rate to women?

A: Yes. Many banks offer home loan at lower interest rates to women homeloan borrowers.

Q: Apart from PMAY, is any other scheme operational for women homebuyers?

A: Govt. is running PMAY Scheme only. To find other schemes, you can connect with banks.