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As the residential real estate market continues to experience a surge in demand, it's becoming increasingly evident that women are taking the reins in the home-buying process. The rise of women homebuyers in India is not just about their increased participation in the real estate market, but they're also bringing a unique perspective and approach to the table that is revolutionizing the real estate industry.
The latest survey by Anarock has brought to light a fascinating trend in the investment choices of women homebuyers. With at least 65% of women preferring to invest in real estate, this choice has emerged as a clear favorite, leaving behind traditional options like gold and fixed deposits.
The timing of the Maharashtra government's announcement of 1% discount in stamp duty for women homebuyers, right after International Women's Day, couldn't have been more perfect, as this move is expected to make home-buying more affordable and accessible for women in the state.
In addition to this, many banks and non-banking financial companies (NBFCs) have also joined in by offering special discounts to female home loan applicants, further encouraging women to take the leap and invest in their dream homes. This step towards recognizing and empowering women in the real estate sector is a significant move that is sure to inspire other states to follow suit, and further fuel the already thriving demand for real estate among women homebuyers.
Here are some popular banks that provide discounts to female borrowers –
HDFC bank -HDFC offers a special discount of 5 basis points on home loans to women borrowers. This means that women borrowers can avail of a lower interest rate starting at 8.95%, as compared to the regular interest rate offered by HDFC. However, the final interest rate for women borrowers can vary between 8.95% and 9.85% depending on factors such as their credit score and the loan amount.
Canara Bank - Canara Bank offers a discount of 5 basis points on home loan interest rates for eligible female borrowers. The bank's home loan interest rates start at 8.85%.
Union Bank Of India - Union Bank of India provides a 0.05% interest rate concession on home loans to female applicants who are borrowers or co-borrowers and owners or co-owners of the proposed housing property. This concession applies to eligible female applicants.
Punjab National Bank Of India - Punjab National Bank provides a diverse range of housing loans that offer advantages to women, regardless of whether they are salaried professionals, entrepreneurs, or homemakers. Eligible female borrowers can avail a 0.05% per annum reduction in interest rate. Additionally, the loan covers furnishing expenses of up to 10% of the housing loan, not exceeding a maximum amount of Rs.25 lakh. A moratorium period of up to three months from the date of advance or until the date of possession, whichever is earlier, is also available.
Benefits from home loans for women
- The ability to claim tax deductions and other tax benefits, making homeownership more affordable.
- Additionally, women are eligible for lower interest rates on home loans, which can significantly reduce the long-term cost of borrowing.
- They can also avail of schemes like the Pradhan Mantri Awas Yojana (PMAY) to further benefit from government initiatives aimed at increasing affordable housing.
- Women borrowers can also access larger loan amounts with simple eligibility criteria and can benefit from longer tenures that make repayments more manageable.
Article authored by: Team Propfynd
Date: 21st March, 2023