Man or women, each individual dreams of owning a home. To support them, we have the facility of Home Loans but its benefits differ to both the genders. Listed below are some of the advantages a woman gets while applying for a Home Loan as a co-borrower:

• Concession on Interest Rates: Majority of the banks and NBFCs in the country offer a concession between 1-2% in the interest rates to women borrowers.

Let’s understand this with the help of a simple example:  If a salaried woman avails a home loan of upto Rs 30 lakh from xyz bank, her interest rate can be 8.35% per annum. In case if the lady is non-salaried, her interest rate can be slightly higher, i.e. 8.40%.

Documents required to avail the concession:

a.  Duly filled in loan application
b.  3 passport size photographs
c.  Identity Proof (PAN/Passport/Driver’s License)
d.  Address & residence proof (Aadhar card, passport, driving license or telephone/electricity/water/gas bill)
e.  Salary certificate/salary slips/Form 16 copy/statement from 26 AS

• Reduction in Stamp Duty: The cost of the stamp duty plays a huge role in the overall cost of the property and has a different rate in each state of the country.

• Tax Benefits: Women borrowers seeking loans along with their husbands can avail the tax benefit in an equal proportion with their spouse..

• Increased Home Loan Eligibility – We all know that the home loan eligibility is subject to income of the applicants, their credit score & approved properties. But in case of a join home loan application, total income of both the applicants is taken into the consideration..

• Easier Loan Approval: A woman with a good credit score and sufficient property documents can quickly get the approval for loan as they are considered more responsible as compared to a man..