Melinda Gates, an American philanthropist; had commented that a woman can only be called strong and/or independent if she makes her voice heard. To commemorate and spread this awareness, about the rights of girls and to bring to light, the inequality endured by women and girl children, the Indian government celebrates National Girl Child day on 24th January every year. As a part of Women’s empowerment, The Indian Government had issued a National Policy for Women Empowerment. In fact, even in the Home Loan domain, women have received loads of benefits. This National Girl Child Day, we would like to present a few of these benefits.
4 Benefits of Home Loans That Women Are Entitled To
Lower Home Loan Interest Rates
Banks provide lower home loan interest rates exclusively for women. This is to inspire more women to purchase assets in their own names and develop themselves as monetarily independent. So, if you are a woman desirous of taking a home loan in India, you may be entitled to having your home loans interest rates subsidized.
Low Stamp Duty
Stamp duty- an expenditure that is encompassed in the acquisition of a home loan. As an essential aspect of women empowerment, diverse states in India offer stamp duty discount for women availing home loans.
High Loan Amount Eligibility
Women are believed to be conscientious borrowers which gives them the suitability to get advanced loan amounts indorsed. Along with the suitability criteria, unlike the male counterparts, the procedure of applying for a home loan is much easier for women. For more details about the suitability criteria, you should contact any bank(s) that are authorized by the Indian government.
Repayment Tenure Extension
Male candidates are
typically offered a loan reimbursement tenure of 20 years as well as 65 years
age limit, so that the loan amount can be repaid. Female loan takers, on the
other hand, is offered a reimbursement tenure of, are up to 30- and 70-years
age limit. This reduces the EMI burden, assisting women to pay back on the
amount without affecting their daily expenditures. Additional assistance is
that women can avail loan foreclosure and part prepayments minus any additional
Swami Vivekananda had once said about women’s empowerment, “There is no hope of rise for that family or country where there is no estimation of women, where they live in sadness.” If we are looking for a change in the real estate market, we have to respect women’s empowerment and enable the women of our country to be aware of the benefits and the rights with which they can successfully purchase a home. The above is a small attempt on Wealth Clinic’s part to enable them to do so.