It's a
women's world - as the saying goes. The spirit of this saying extends to
financial world too. If you are woman looking to purchase a house using home
loan for women, then you have reason to cheer.
There is a
general perception that women pay their dues on time and are less likely to
default, when compared to their male counterparts. This is the reason that
lenders are willing to offer certain financial benefits to women.
One of the
biggest benefits for woman borrowers is that they need to pay lower interest
rates as compared to men. As of now, this differential is around 0.05%. This
might seem small at first but it can have a significant impact on the total
repayment made to the lender. Mathematically speaking too, when the amount
involved is in lacs, any concession that is available on interest rates is a
welcome one. However, women can get loans on lower rates only when they become
primary applicants or co-applicants for home loan for women.
The benefits
don't end there. Many Indian states have lower stamp duty for house
registration if the house is registered in the name of a woman. Although banks
do not mention these schemes in their advertisement, they usually show interest
in accepting home loan for women
applicants and co-applicants.
Similarly,
stamp duty for house registration is also lower in some states if the house is
registered in the name of a woman. This in itself can result in a lot of
savings as registration costs run into several lacs.
But it
should always be remembered that lenders are there to earn profits and are not
doing any social service. So they will lend, only if they are reasonably sure
that the borrower will pay back his or her dues on time. Hence irrespective of
whether the borrower is a male or a female, having a good credit history is
absolutely necessary for getting the home loan approved.
No comments:
Post a Comment